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Privacy Regulations On Record Retention  Can you clarify what you meant when you wrote - Re: record retention:

"Pay attention to these record retention requirements and remember to factor in ...

Home Bookkeeping Illegal!  I was told I should stop doing bookkeeping out of my home because it was against the Laws of Accountancy and I can be turned in! I was told this last ...

Bank's Perspective in Bookkeeping Deposits  How does a bank bookkeep a customer's deposit? Dear Wise & Intelligent,

Customer deposits on the bank's balance sheet are shown as a liability....

Trial Balance Reclass Entries  If a chartered accountant firm has returned the year end trial balance & it shows entries in the Reclass column, what does this mean?

Since the bookkeeper ...

Learning Debits and Credits  OK having read the section on debits and credits I am totally confused. Is there another explanation somewhere that sets it out more logically?

I know ...

Third Party Civil Penalties  What is the bookkeeper's responsiblity and liability if a client is audited by CRA?


I work part-time on contract for a small numbered company that ...

Honorarium  Bookkeeping work that was previously unpaid volunteer work is now receiving a monthly honorarium.

This is for a soccer assoc. so I guess they aren't ...

Undelivered Invoices of Creditors  Hi,

How to treat undelivered invoices of suppliers in the accounts payable?

Assume that we close the accounts at 31/12/2010 for the year. Supplier ...

2011 Goal Setting Challenge  I'm introducing a challenge to my visitors for the new year, using the S.M.A.R.T system of goal setting ... or management by objective instead of seat ...

Gift Voucher Sales  Business is a Hair Salon.

Customer buys a gift voucher ... total Gift Voucher sales for the week is £100.

I am recording - Credit in Gift Voucher ...

Barter Transactions and the IRS  Received vehicle in payment for work done


I need to know how to record the following transaction:

We are a painting business and have painted ...

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,...

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 ...

IFRS and ASPE  This posting includes discussion of Canada's new Accounting Standards for Private Enterprise ... and some differences between U.S. GAAP and IFRS. References ...

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 ...

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 ...

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 ...

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 ...

Starting a Career as a Bookkeeper  I am 56 years old and have worked in food service management for over 20 years. I have, and still do, handle a host of things such as payroll, AP, AR and ...

Accounting Estimates  Is there any place on your site that talks about how to do estimates and how to tell if something is reasonable or not? - I tried to do site search but ...

Start-Up Information  I am starting a home-based bookkeeping service. Can I use a mail box service for the bookkeeping service?

Also, is there any permits or licenses required ...

Payroll Tax Deposit DE 88  Paying State of California Employment Development Department (EDD) for Payroll Tax Deposit (DE 88), does it go under Payroll Liabilities or Gross Wages?...

Accounts Receivables   I am an accountant, but I am disappointed as I am not responsible for specific work that I am interested in performing.

I take the invoices from the ...

How to Record and Track Deposits  I charge an initial deposit for new clients which is an advance payment for services. This deposit is applied against hours charged based on an hourly ...

How to Record Cost Recoveries  I have a consulting client who prepays for training workshops for his clients. He is charged by the training institute then he turns around and charges ...

Claiming ITC  Collecting HST paid prior to getting business number?

Hello,

A business I am working for just got its business number in July, and has been paying ...

Employee Automobile Allowance  I run a small cleaning service and I need a formula to calculate gas, wear and tear on staff vehicles.

I want to be fair, but I also want to keep it ...

Does Downloading Replace Data Entry  People have said that I am wasting all my time entering data into Quickbooks and that I should just download my statements from the bank and that would ...

CICA I and CICA V  Differences between CICA I and CICA V of the CICA Handbook? Hi Liza,

As I understand it, Part I is the new IFRS GAAP standards and Part V is ...

Customer gifts as expenses  What is the best account to post customer gifts to?

Should it be considered marketing and promotion or a type of miscellaneous expense? Hi ...

Accumulated Surplus  Non profit organization.

Moving money from an investment to bank acct using $'s in a non restricted "building fund". Have Dr Bank, Cr investment acct....

Actuals to Budget Analysis  I am hoping someone can help me please.

I have been asked to do a comparison spreadsheet between actual revenue and net profit figures against budgeted ...

Refundable Deposits  I purchase building permit for $100.00. $20.00 of it is a deposit that I will recieve it back in a couple of months.

How do I enter the orginal purchase ...

Cost of Good Sold with Taxes?  I sell Avon and am doing 2009 taxes (late). I put my net sales in without taxes.

So, now for the purchases made during the year; do I include GST/PST ...

Recording Bookkeeping Fees  What is the correct account to record fees paid to a bookkeeper? Professional fees or miscellaneous expenses? Hello,

Generally, the expense ...

Software Purchases  Shoud I expense the purchase of software purchases or capitalize them eg QuickBooks or Simply Accounting? Hi Murray,

Software purchases other ...

Manual Bookkeeping
Synoptic Journal  My husband and I are starting a very small home business. Is it too old school to keep manual records? Hi Rebecca,

Yes you can keep manual ...

Bookkeeping for an Electrician  I kept the books for a furnace cleaning company that I owned for 8 years but I am no longer in that now. I am helping my son-in-law to set up books for ...

Net Income / Tax Calculation  Hi

Love your website - I've just started out my own business as a sole proprietor and trying to get my books in order and so many helpful tips!!

One ...

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 ...

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 ...