Ask a Bookkeeping Question

Answering Book keeping Questions

image of the webmaster of Bookkeeping-Essentials.com and bookkeeper of Lakeshore Bookkeeping Services

Do you have a bookkeeping question? I can help answer your book keeping questions.

Visitor Feedback



Thank you for your comprehensive reply to my question. I really appreciate the time you took to explain it to me.

Connie, Canada



This is an absolutely awesome site! I am not lying. I went to Chapters to try to find something just like this and they did not have what I was looking for - which your site does ... which is good definitions and explanations. I am going to book mark this page if that's okay. ... Great job and thank you. I will definitely use this resource.

PK Lethbridge, Alberta



Lake, Have you put together an information source for Year End Accounting Procedures? Your Month End Procedures are a godsend. I look forward to seeing what you put out.

K.D. Richmond, B.C.



My biggest problem in doing my books is keeping debits & credits straight in liability and equity accounts. I really liked the cheat sheet. (I think that will help me keep the debits and credits straight.)

Lisa, Williston, USA



Lake you're awesome in every way. I have had some insight about how to properly classify some accounts.

Karim, Calgary, Alberta



I love your website. Just love it.

Carolann
CPB Bookkeeping, Inc.
"The Organizer"
Lake Worth, FL



Thank you for the tips you provide on this site.

Vancouver, British Columbia



Your site is great by the way. I just came across it.

Trish, Canada



It (your site) is very helpful and thank you for your tips and advice. I am so glad I found your site.

Lee, Calgary, Alberta



This website has been very helpful. It's been too many years since school and I'm a bit rusty.

Sue, Medicine Hat, Alberta



Thank you for providing valuable information regarding home business taxes on this website.

U.C., Toronto, Canada



Wow. I'm so thankful to have stumbled across your site, with the assistance of Google. :) I love your style of writing, your approach, and your message. Thank you for your time and efforts. In a nutshell, your light humor and simple approach is refreshing and uplifting.

Kathy, Hillsdale, United States



Thanks for responding so quickly ... I really appreciate all the forum help ... I do Love the forum and have looked through other questions on it and feel it will greatly help in the future. Your site is fantastic and I will recommend it to anyone asking about bookkeeping help.

Cindy, Calgary, Canada

Small Business owners who work from their home, and who are doing their own books, will run into situations where they have a book keeping question that needs answering.

I offer three choices ... ONE- purchase a bookkeeping question (if you want to keep it private); TWO - review bookkeeping questions already asked (great for the shy person); or THREE - ask a free bookkeeping question (helps other visitors to this site).


Go to the Ask A Free Bookkeeping Question form now

OR

Go To Learning How to Use QuickBooks®
Strictly For Beginner Questions form now



one accounting bean
Choice One ...

PURCHASE A PRIVATE BOOKKEEPING QUESTION

Sometimes, you may want to ask a private question. For a small fee, I will email you a private response within two business days. The response will be tailored to your specific question. Think of me as your own virtual bookkeeper available on call.

If I can't answer your question, you will receive a full refund. If you are not satisfied with the answer to your question, you will receive a full refund.


Here's what will happen when you click on the Buy Now Button.

You will be asked for your credit card information by PayPal. PayPal does not share your personal information ... so it is safe. I will not have access to your financial information, so your purchase is completely confidential.

Your transaction will be processed under Lakeshore Bookkeeping Services. After you complete your purchase, you will be sent to the Ask Your Question page. Just fill out the form.

To get started, use the drop down box to select how many questions you are purchasing ... 1 question ... 2 questions ... or 3 questions.


Select the number of questions you want to purchase from the drop down menu ...

After you have made your purchase, PayPal shows you your purchase details. You need to click on the Return to Lakeshore Bookkeeping link. This will take you to the page where you can ask your question(s).

If you muck up ... and don't get to the "Ask Your Question" page, just send me your question(s) through my contact page. I will verify that I received your payment and then reply within 2 business days.




P.S. You must have cookies turned on for the PayPal button to work ... I discovered this the hard way. If your cookies are not turned on, you will get a "Sorry" page instead.

P.P.S. If you submit more questions than you purchased, I will respond to the questions in order ... up to the purchased amount.


one accounting bean
Choice Two ...

CHECK OUT THESE QUESTION AND ANSWER PAGES

I have different question and answer pages. You might want to review them to see if your question is listed there.

Bookkeeping Questions and Answers

Bookkeeping Question and Answer Tips

Canadian Home Business Taxes Questions and Answers

Learning How to Use QuickBooks® Questions and Answers

Bookkeeping Answers to Forum Questions




one accounting bean
Choice Three ...

ASK A FREE BOOKKEEPING QUESTION

If you want to ask a general bookkeeping question for FREE, use the contact form just a bit further down this page where site visitors can respond to your question.

Don't be shy. 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. Just remember, there are no stupid questions.

I will try to answer as many questions as time permits ... but please be aware that during my busy periods ... I may not have enough hours in a day to respond ... sooooo hopefully other site visitors will respond. :0)

It is important you understand that no client relationship can be implied from this website. I am giving only information NOT advice. The information provided is no substitute for specific advice by a bookkeeper, tax preparer, accountant or other professional.

If you are not from Canada, please keep your question of a general bookkeeping nature.

Why do I say a general bookkeeping question? That's because if you ask me a question that is not related to Canadian practice, such as anything about S Corps, FICA, FITW, FUTA, BAS, PAYG ... just to name a few ... I won't be able to help. While I know what they are, I am not qualified to assist in these areas ...


Ask A Free Bookkeeping Question Here

Choice Two above has links to some of the more common Q&A I've posted ... but maybe you didn't find your question there. If that's the case, post your free bookkeeping question here so other site visitors can help and be helped. I will weigh in.

If I can't answer your question, I will still post it so other site visitors have an opportunity to share their knowledge and experience.

Contributions to this site are moderated. They may be edited for grammar, spelling, and presentation. Your contribution will appear below once it has been approved.


Enter Your Title ... It should give readers a hint of the subject

Tip - Keep it short ... 3 or 4 words is best


Free Bookkeeping Questions & Answers

Visitor Discussions In Progress

Click below to see the questions and answers that have been contributed already. Enter the discussions. There is usually more than one right answer to a question ... so tell us what you think!

You can help make Ask A Free Bookkeeping Question better by adding your comments to one or more contributions ... especially if you disagree with my answer or there is more than one correct solution.

Businessman  When are Corporate Income Taxes and GST Statute Barred. ie
how many years from what date? Hi Gary,

D. Laurence Armstrong, of Armstrong Wellman,...

Phone and Internet Expenses  Split phone line and internet expenses for home office

I am a sole owner who works from home and am set up with a single phone line with two numbers ...

Tax on New Land Purchase  We recently purchased some land and are having it subdivided and then wish to sell each piece separately.

My question is...will we have to pay capital ...

Workshop Tax Deduction  Are workshops the same as conferences?



Started a new home business involving dance lessons. We are frequently attending ( 4 to 5 times a year)...

IFRS and ASPE  Is there any event in the Philippines that is specially made for Bookkeepers? and having a topic on IFRS? Hello David,

Thank you for question ...

CCA and Deferred Tax  How to Amortize Assets / Reconcile Statements When CCA Cannot be Claimed Due to Net Loss


For many years our family-business company's assets have ...

Multiple Business Activities  Hello,

I have a registered company that offers Technical support.

If I offer other services beside what my business definition is ... can I show ...

Different currencies  The company (corporation) is working with US and Canadian dollars. It has two bank accounts (for USD and CAD), but also very often the owner takes cash ...

Unclaimed Capital Cost Allowance  I've noticed that for income tax returns, not all of the CCA needs to be claimed. However, to dispose of assets during the year, CCA needs to be calculated ...

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 ...

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 ...

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 ...

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 ...

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 ...

Office Manager  Hi,

My husband owns a small painting company. I do all his paper work and talk to a lot of customers.

Sometimes I have to fill out papers that ask ...

Personal Money - Company Bills  Transferring personal money to pay company bills

Hi,

I have been buying material and supplies for my small business. I also got a farm loan to ...

Non-Deductible Expenses  I've read on your site about being able to claim net GST paid on a personal tax return. I am self-employed and file an annual GST return, I always pay ...

Loan Instalments to Pay Insurance  Loan paid insurance company directly, to be paid back in instalments from bank. How to record initial loan and payment of instalments?

Need to spread ...

Prepaid Income and Expenses  We are a community league, we do registrations for Outdoor soccer in March and recieve money. We also send a cheque for registrations in March as well....

Bankruptcy and Customer Deposit  A private company received an amount on deposit as an advance against their contracting work, but during the contract work, the other company went bankrupt....

Business Use of Home  Business Use of Home vs. Business Paying Rent to Me

I think the title is self explanatory. My wife is currently running a fairly profitable home ...

Transportation to the Job  I want to pay my employees part of their gas because they live a distance from the job - but it IS THEIR REGULAR JOB, we are not talking about different ...

Owner's Contributions  I am too little to have retained earnings as defined in Wikipedia, but I saved up money to "keep" in the business. Where do I record this? At the moment ...

Studying Bookkeeping  Failure to record the used portion of prepaid rent during the month has the following effect on the financial statements prepared at month's end:
a. Overstate ...

Bad Debt  Please differentiate between bad debt and provision for bad debt. Hi Treat,

Generally, bad debt refers to bad debt expense (on your income ...

Reasonable Expectation of Profit  Uniforms and Tax Deductibility

Can I deduct uniform expenses if I am self-employed? Hello there!

To answer your question I would like ...

Home Office Expense Deduction  Hello,

I qualify for the home office expense deduction. However, I am hesitant to do so as I am under the impression that when I sell my home that ...

Closing a Partnership  The question came up a while back on how to close the books of a partnership . I had to do a bit of research.

I am going to be honest here. I have ...

T4s Not Released On Time  T4s not released by the accountant on time

Who can I speak to for a company not releasing my T4s yet? And what can I do about it?

(Web master'...

Closing My Business  Hi there.

May be a silly question but I can't find the answer on the CRA site.

I have decided to close my sole propieter home based business. I have ...

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 ...

RSP Deduction   Hello,

I am thinking about buying an RSP this year.

How much should I buy to get back a refund on my income tax?

I usually do not have to pay ...


Are you finding this website to be a useful resource for your business?


Please consider donating $5.00



Go To The Bookkeeping Forum

Go To Home Page


Reminder - There is a difference between information and advice. The information provided through this feature or on this site should not be construed as advice. Please make yourself familiar with my disclaimer.

QuickBooks® is a registered trademark of Intuit Inc.


footer for bookkeeping question page