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




I just found this site tonight. It's going to help me a lot as I learn how to use my Quickbooks more fully (I've only used it for payroll). Don't ask me how I've managed to keep the books this long -5 years- without knowing much more than how to balance a checkbook. I'm getting some help from a professional now, but your site will keep my pro costs down. Thank you. I will definitely donate once I begin to use it with my QuickBooks. It's [your site] easier to understand than Help in QuickBooks. QuickBooks assumes I know bookkeeping concepts. It [your site] appears to be very thorough, though I've only scratched the surface of what I can learn. I took an online bookkeeping class a couple of years ago, but this site has direct application to quickbooks and it's a searchable site!

Ruth, Dos Palos, CA USA

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 forum now

OR

Go To Learning How to Use QuickBooks®
Strictly For Beginner Questions
forum 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. Money Back Guarantee on Ask a Private Bookkeeping Question

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.

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.


What you are purchasing ...




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

Once you have asked a question in the forum using the form below, it gets categorized onto different question and answer pages. You might want to review them to see if your question is listed on one of them.

Forum Categories

Questions and Answers on Bookkeeping Basics

Canadian Home Business Taxes Questions and Answers

Learning How to Use QuickBooks® Questions and Answers

Questions and Answers about GST/HST

Operating and Capital Lease Questions and Answers
includes Q&A on equipment and vehicle purchases

Bookkeeping Question and Answer Tips

CCPC Questions and Answers

Payroll Tax Questions and Answers

Bookkeeping Answers to General Questions From the Forum

Unanswered Questions - Please Share Your Expertise




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)



Update April 26, 2011 - I am unable to answer free bookkeeping questions at this time due to other deadlines. I will post your questions and leave it to other visitors to respond to them during this time.



The questions and answers will be scattered throughout the site ... for example capital lease questions will be posted to the Capital Lease page ... or GST/HST questions will be posted to the GST/HST page ... you get the idea.

The questions you see posted on the bottom of this page are of a general nature and/or I do not have a page on my site dealing with the topic.

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 but ...

I have started a U.S. Small Business Tax Information page which holds any notes I have collected to date. I will add to the page as I research more topics.


Ask A Free Bookkeeping Question Here

Choice Two above has links to some of the more common Q&A posted on this site ... 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 learn along with you.

How does it work? I will post your free bookkeeping question so other site visitors have an opportunity to help you and 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 or as a comment on a related posting once it has been approved ... so be sure to include your email address so you can be notified of a response.

Please do not ask questions that have already been answered on the site.


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.

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 ...


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