Blogs on Good Bookkeeping Practices |
|
Hey You ... Welcome to The Bookkeeper's Blog! Join me as I blog on good bookkeeping practices for work from home bookkeepers and business owners who do their own books.
Here is where you have the opportunity to easily keep up-to-date on new blog pages being posted to the Bookkeeping Essentials web site.
To subscribe to The Bookkeeper's Blog, right click on the orange RSS button at the top left hand side ... then copy and paste the URL link into your RSS reader (your browser) ... hit enter and you should be ready to go ... I saved my feed to MY Favorites. ;-)
Now every time I update this site, your RSS feed will get updated. Presto, it's magic (to me anyways)!
Not familiar with blogging and RSS feeds? Then click on the [?] above the orange RSS feed button for more information. Try it. It's fun!
It is my sincere hope that you will learn good bookkeeping practices that help you manage your business finances easily and more efficiently.
To your success! ... and thank you for visiting my site.
Life is good here at the lake. It took twenty six years to get here ... and tenacity over the past twelve years to stay ... being creative about solving the problems life throws at you is a necessity. The way to reach your goal is not always a straight line.
Photo courtesy of B. Gale
Mar 10, 2010, Initial entry for car purchase
My wife started a small house-cleaning business in partership with our daughter. Annoyed at the hassles of trying to use our much-in-demand personal vehicle
Permalink -- click for full blog post "Initial entry for car purchase"
Mar 3, 2010, Business Use of Home
Greetings, I saw your online article and then dare to ask you a question. I hope that you will give me a few minutes to answer it. I am an RN (registered
Permalink -- click for full blog post "Business Use of Home"
Mar 2, 2010, The Bookkeeping Forum ... The Bookkeeper's Meeting Place
This is where the site is opened up to readers to contribute and participate. Help and be helped on the bookkeeping forum ... for bookkeepers of small business.
Permalink -- click for full blog post "The Bookkeeping Forum ... The Bookkeeper's Meeting Place"
Mar 1, 2010, Tax Compliance in Canada - Tax Filing Due Dates
Important Canadian tax compliance due dates for GST/HST, PST, payroll source deductions, T4 and T4A information returns, WCB, business income tax returns. Updated for March 2010
Permalink -- click for full blog post "Tax Compliance in Canada - Tax Filing Due Dates"
Feb 28, 2010, The Free Library
I discovered this marvelous resource after reading an AIPB monthly newsletter ... okay I'll admit what I was really doing was ... procrastinating studying
Permalink -- click for full blog post "The Free Library"
Feb 28, 2010, Customer Deposits
Hi, We run a small B&B. If I receive a payment in 2009 for a 2010 booking - do I report the payment as income in 2009 or 2010? After all the guest
Permalink -- click for full blog post "Customer Deposits"
Feb 27, 2010, Management Fee Bonus
Management Fee Bonus accrued in 2008, paid in 2009. Is a T-slip required? Hi, I'm fairly new at bookkeeping for corporations and deal mainly with small
Permalink -- click for full blog post "Management Fee Bonus "
Feb 26, 2010, GST Filing in QuickBooks
I am new to QB (QuickBooks). I would like to know how to clear the last report from filing GST on line. The last person did not clear the report and
Permalink -- click for full blog post "GST Filing in QuickBooks"
Feb 25, 2010, When Should You Incorporate in Canada?
You operate a business as a sole proprietor or a partnership. Is it the right time to incorporate your business?
This chat gives YOU talking points to discuss with your accountant ... because incorporation isn't right for every business.
Permalink -- click for full blog post "When Should You Incorporate in Canada?"
Feb 23, 2010, Asset Purchase With Trade-In
I am currently studying to take my Certified Professional Bookkeeping exam (March 2010). One of the study materials I am using is John Day's Real Life
Permalink -- click for full blog post "Asset Purchase With Trade-In"
Feb 22, 2010, HST and Recapture of Input Tax Credits (RITC)
Both the BC and Ontario governments have issued HST Notices 4 and 5 respectively on the temporary recapture of input tax credits for large businesses.
This will not be an issue for most small businesses and I present it for informational purposes for bookkeepers.
Permalink -- click for full blog post "HST and Recapture of Input Tax Credits (RITC)"
Feb 21, 2010, Capital Lease versus Operating Lease
Small business accounting has a lot of rules. Be on the lookout for capital lease transactions that are treated differently than you would be inclined to think ...
Permalink -- click for full blog post "Capital Lease versus Operating Lease"
Feb 20, 2010, What About Internal Controls? Small Business Accounting Decisions
Internal controls help protect you and your business against the possibility of fraud. They also reduce the likelihood of a bad tax audit. Here are some simple internal controls to implement.
Feb 19, 2010, Interest Received in a Deposit
How do you show interest received in a deposit using QuickBooks? I'm not sure exactly what you are asking ... so I'll answer in two parts. Part One
Permalink -- click for full blog post "Interest Received in a Deposit"
Feb 18, 2010, Learning QuickBooks - How to Use Quickbooks
For the work from home business owner who does their own bookkeeping, learning QuickBooks tips to avoid beginner mistakes makes your life a whole lot easier! Ask your beginner QuickBooks question.
Permalink -- click for full blog post "Learning QuickBooks - How to Use Quickbooks"
Feb 17, 2010, HST Transitioning - Ontario Dates
The Ontario government website has an excellent page on what businesses need to do to get ready for HST.
The Small Business Transition Credit of up to $1000 is mentioned.
This is a one time credit for Ontario (not BC) HST GST registrants. Businesses with annual taxable sales of under two million will receive:
- less than $15,000 - $300 credit
- $15,000 to $25,000 - 2% of taxable revenue for the quarter
- $50,000 to $500,000 - $1,000
- greater than $500,000 - nil ... nada ... zilch
You will claim it on your first HST filing (July to September 2010).
PST vendor compensation ends March 31, 2010 with your final RST return due July 23, 2010.
Permalink -- click for full blog post "HST Transitioning - Ontario Dates"
Feb 13, 2010, Customer Deposits
What account should I use for deposits (received) in advance from clients? I am using QuickBooks. I need to know where I should deposit the payment in
Permalink -- click for full blog post "Customer Deposits"
Feb 13, 2010, Cost of Goods Sold In a Resale Printing Corporation
How can I use this account in my business if I do resale of the printing jobs like ... ... business cards, flyers and more? Is it right to use Cost of
Permalink -- click for full blog post "Cost of Goods Sold In a Resale Printing Corporation"
Feb 12, 2010, 5 Tips to Manage Your Books Yourself
See my article Managing the Books YOURSELF on page 18 in the current issue (January/February 2010) of The Mompreneur magazine.
In addition to 5 tips for the unincorporated small business owner, I discuss:
- when to outsource your bookkeeping work;
- the difference between a bookkeeper and an accountant;
- when it's time to hire a professional bookkeeper; and
- some things to consider when hiring a bookkeeper or accountant.
The magazine is available online or at Chapters and Indigo stores.
Permalink -- click for full blog post "5 Tips to Manage Your Books Yourself"
Feb 12, 2010, Home Office Organization
If you are looking for advice or ideas on getting your home office ready for business, you may be interested in a series of articles in The Mompreneur
Permalink -- click for full blog post "Home Office Organization"
Feb 10, 2010, Vehicle Operating Leases
Hello! Thank you for posting your bookkeeping tips. I have found your topics and solutions to be very helpful. I do have a question though and I know
Permalink -- click for full blog post "Vehicle Operating Leases"
Feb 10, 2010, Corporate Tax Expense
The Question(s): Perhaps a silly question - but how do I enter the corporate tax expense? Is it a business expense at all? Which two accounts do I
Permalink -- click for full blog post "Corporate Tax Expense"
Feb 10, 2010, Report a Materiality
Where is a materiality reported? Hi Jill, I'm going to give you a link on my site where I talk about the concept of materiality. The Materiality Principle
Permalink -- click for full blog post "Report a Materiality"
Feb 10, 2010, GST Exempt Services
First off, I'd like to thank you for all the wonderful information found on your website! Here is my question: I'm planning on starting my own fitness
Permalink -- click for full blog post "GST Exempt Services"
Feb 1, 2010, Claiming Medical Expenses
In The Tax Detective's latest newsletter (January 31, 2009) ... Elaine Reppenhagan, CGA provides a CRA link for authorized medical practitioners by province
Permalink -- click for full blog post "Claiming Medical Expenses"
Jan 31, 2010, Ontario and BC GST/HST Info Sheets Released
CRA has released GST/HST Info Sheets GI-053 through to GI-059 dealing with the Ontario and BC transitioning to HST in July.
Permalink -- click for full blog post "Ontario and BC GST/HST Info Sheets Released"
Jan 29, 2010, From Shoebox To Quickbooks
Any tips on where to start ... I have a year's worth of receipts, cheques, and statements. Where do you suggest I start? Hi! I'm going to give you
Permalink -- click for full blog post "From Shoebox To Quickbooks"
Jan 27, 2010, Online Training
I am wondering what time (editor's note: I think this is supposed to read kind) of online training is available for bookkeeping training? I am new to
Permalink -- click for full blog post "Online Training"
Jan 27, 2010, Who Should Receive a 1099-MISC?
For my U.S. readers, I just thought I'd let you know about Wayne Davies's blog - Self Employed Tax Deductions Today. His newsletter links to his blog.
Permalink -- click for full blog post "Who Should Receive a 1099-MISC?"
Jan 26, 2010, Becoming a Bookkeeper
I am interested in becoming a bookkeeper and would like to know the best way to get training? I would like to get my training online and would like
Permalink -- click for full blog post "Becoming a Bookkeeper"
Jan 21, 2010, GST on Mileage
When charging mileage as a disbursement to a client I have to collect GST. I charge the current treasury board rate. To calculate the GST to be
Permalink -- click for full blog post "GST on Mileage"
Jan 19, 2010, Ask A Bookkeeping Question
I've added a new feature to this site. You now have the ability to submit a question that will be posted to its own page on this site.
This features allows visitors to answer and / or comment on your question. It's your chance to participate.
Don't be shy about trying out this new feature. Chances are if you are asking the question, so are others ... or they've already encountered a similar situation and know the answer already. This creates a WIN WIN for everyone. Help and be helped.
Permalink -- click for full blog post "Ask A Bookkeeping Question"
Jan 6, 2010, New GST/HST Reporting Requirements
The CRA released new GST/HST reporting requirements this week along with the publication Notice 249 Questions and Answers on the New Reporting Requirements for GST/HST Registrants. The proposed changes go into effect July 1, 2010 ... the same date Ontario and BC are scheduled to switch to HST.
Permalink -- click for full blog post "New GST/HST Reporting Requirements"
Jan 1, 2010, 2010 Employee Auto Travel Mileage Allowance Rate
The Department of Finance Canada released an announcement on December 31, 2009 stating all 2009 automobile deduction limits and expense benefit rates for business will remain in effect for 2010. They are:
- $30,000 CCA ceiling on passenger vehicles;
- $300/month maximum interest deduction on auto loans;
- $800/month plus allowable taxes leasing limit deduction;
- 24 cents/kilometre for general prescribed rate used to determine taxable benefit of personal portion of auto operating expenses;
- 52 cents/kilometre (first 5000 kilometres) for tax exempt employee auto travel mileage allowance; 46 cents for each additional kilometre;
You can find more information on the Department of Finance Canada website under News.
Permalink -- click for full blog post "2010 Employee Auto Travel Mileage Allowance Rate"
Dec 18, 2009, Electronic ROE Changes
Two changes were made to the EI regulations back in March, 2009 that affect users who file ROEs (record of employment) electronically using ROE Web. The changes do NOT apply to employers still filing paper ROEs.
Permalink -- click for full blog post "Electronic ROE Changes"
Dec 14, 2009, 2010 Canadian Payroll Tax Tables
I have posted information on CRA and QuickBooks 2010 payroll tax tables.
Permalink -- click for full blog post "2010 Canadian Payroll Tax Tables"
Dec 3, 2009, Management Fees and Salaries for CCPCs
If you are a small owner managed corporation, before you book your management fees or bonuses this year end, check to make sure the circumstances meet CRA criteria.
Permalink -- click for full blog post "Management Fees and Salaries for CCPCs"
Nov 21, 2009, 2010 Payroll Deductions Formulas for Computer Programs
T4127-JAN Draft payroll deduction formulas for computer programs effective January 1, 2010 have been released by CRA.
The publication includes 2010 federal tax rates, income thresholds, and personal amounts in addition to CPP and EI amounts.
I have also posted HST notices released this week by the BC and Ontario governments.
Ontario HST Notice#4 - Additional Information for Homebuyers and the Housing Industry under Ontario HST
BC HST Notice#2 - Point of Sale Rebates for BC HST
Permalink -- click for full blog post "2010 Payroll Deductions Formulas for Computer Programs"
Nov 21, 2009, Treatment of Bad Debt - GAAP versus Tax
The difference between the accounting treatment of bad debts and tax treatment ... can be confusing.
I have updated my original posting to include sales tax.
Journal entries covered are:
- How to reverse a bad debt write-off in GAAP
- How to write-off bad debt on a tax basis
- How to record a bad debt recovery on a tax basis
The GAAP journal entries that can be found by following the link "recording bad debt expense" are:
- How to record bad allowance
- How to write off bad debt
Permalink -- click for full blog post "Treatment of Bad Debt - GAAP versus Tax"
Nov 10, 2009, Basic Ratio Analysis
Go beyond the basics of learning to read and understand your financial statements. Learn what ratio analysis can tell you about your business and how to act on what is uncovered.
In September, I discussed working capital and current ratio.
This month, I've added two accounts receivable ratios ... plus I listed the 5 types of ratios.
I'll continue to discuss more ratios over the coming months.
Permalink -- click for full blog post "Basic Ratio Analysis"
Nov 10, 2009, Small Business Accounting and Bookkeeping Tasks --- What To Do and When
Do you want your year-ends to be a breeze?
This is a quick article, an overview really, on some small business accounting and bookkeeping tasks that should be done daily, weekly, monthly, quarterly, and annually ... ensuring your year end will go as smoothly as possible.
I put this together fairly quickly in August, and I've added a few more items since then ... so if you think I've missed something ... please write me a note ...
Nov 5, 2009, Canadian Home Business Taxes Help, Questions and Answers
Home business taxes help ... some frequently asked questions and answers for the home based business owner who does their own bookkeeping ...
Permalink -- click for full blog post "Canadian Home Business Taxes Help, Questions and Answers"
Nov 5, 2009, Small Business Bookkeeping Help, Questions and Answers
Small business bookkeeping help ... some frequently asked questions and answers from home based business owners who do their own bookkeeping ... with links to practical "how to" bookkeeping articles.
Permalink -- click for full blog post "Small Business Bookkeeping Help, Questions and Answers"
Nov 1, 2009, Bookkeeping and Accounting Systems - Small Business Bookkeeping Systems
Small business accounting systems are numerous nowadays. How do you choose the one that is right for your business? I used three different ones in my practice ... then selected the one I liked best.
Oct 29, 2009, HST for Ontario and BC - More Transitional Information
CRA released Notice 247 Harmonized Sales Tax for Ontario and British Columbia - Questions and Answers on General Transitional Rules for Personal Property and Services.
This notice provides general information pertaining to Ontario HST Notice #3 and BC HST Notice #1 released last week.
Permalink -- click for full blog post "HST for Ontario and BC - More Transitional Information"
Oct 29, 2009, Intuit QuickBooks Security Alert
Intuit announced an advisory warning for 2007- 2009 versions of QuickBooks that could allow hackers to access a user's computer through 2 activex files. Their latest updates fix the problem.
Permalink -- click for full blog post "Intuit QuickBooks Security Alert"
Oct 22, 2009, Transitional Rules for HST in Ontario Announced
On October 14, 2009, the Ontario Ministry of Revenue released HST Information Notice 3 General Transitional Rules for Ontario HST.
Yesterday, the CRA revised Ontario's HST Notice 244 to include information on non-residential real property.
Permalink -- click for full blog post "Transitional Rules for HST in Ontario Announced"
Oct 22, 2009, Transitional Rules for HST in BC Announced
The CRA has released Notice 246 Harmonized Sales Tax for British Columbia - Questions and Answers on Transitional Rules for Non-Residential Real Property Situated in British Columbia
On October 14, 2009, the BC Ministry of Finance released HST Notice 1 General Transitional Rules for British Columbia HST.
Permalink -- click for full blog post "Transitional Rules for HST in BC Announced"
Oct 18, 2009, Pay Taxes Online at CRA Website
CRA has introduced My Payment. Instant, secure payments without sharing your banking information. What a time saver this will be!
Permalink -- click for full blog post "Pay Taxes Online at CRA Website"
