Recording Sale of Real Estate  I need to make a journal entry to record the sale of an asset (Real Estate). The particulars are as follows:

-Real Estate asset has a book value of ...

GST/HST ITCs for MLM Business  I have a debate going on with a few ladies about GST/HST input tax credits for MLM business owners.

Most of the sales are conducted online by consumers ...

Direct Selling Bookkeeping  My question is simply this:

Do you need to record instances where your customer pays for their order with their own personal credit card, as opposed ...

Husband and Wife Home Business  My husband and I are building a home based business together.

Some income coming in is in his name and some is in my name. For example ... from various ...

Company Vehicle and the Individual  I have a client that is the sole shareholder. His company owns his vehicle. He has a large credit balance in his shareholder loan account.

He would ...

Cash or Accrual Basis  This is an airheaded question:

Do we do bookkeeping on the cash basis or the accrual basis? This is my reason for asking:

I am starting work on a ...

Expensed or Capitalized  How to know if something should be expensed or capitalized?

I'm doing my own bookkeeping for my small office outside my home. I'm confused about ...

Credit Cards Accepted from Clients  Would you please explain the process as to how credit cards accepted from a client would work between you and the card company?

1.Does each transaction ...

Do bookkeepers charge HST?  I live in Ontario and am wondering do bookkeepers and accountants charge HST on their services? And if they do, do they charge 5% or the full 13%? Hi ...

Quickbooks vs. AccountingEdge?  I am presently using QuickBooks, but am exploring the program AccountingEdge (used to be "MYOB").

Anybody tried both? What are your thoughts, please?...

Employee Vehicle Allowance  How low is unreasonable per Km for vehicle allowance?

The CRA 2011 reasonable per kilometre vehicle allowance is 52 cents a km for the first 5,000 ...

Recommended Tax Software  I am a new home based bookkeeping service provider looking to offer my clients tax preparation.

Is there a tax software that could help support this ...

Recording Long Term Liability  I am new to the bookkeeping processes and working through the challenges of QuickBooks® as well.

My task is to invoice and receive Maintenance Revenues ...

GST on Self Supply JE  How do you record GST for self-supply of a rental property?

I owe GST on a property that I built and originally intended to sell, but then decided ...

Paying Employee Commissions  This question needs an answer. Do you know the answer? Please share your knowledge!


Hi Lake!

I really need your help! Payroll is driving me ...

Corporation Dissolution - Final Transactions  Hopefully visitors to the site who have experience with dissolving a corporation will be able to respond to this post.

I probably could find ...

Research and Devlopment Cost  Is research and development cost considered an asset or an expense? Karen,

It depends on the individual circumstances ... it can be either ...

Input Tax Credit Rebate  Is the Input Tax Credit Rebate (HST/GST Rebate) considered taxable farm income? David, I'm not up on farming except to know you do it on a cash ...

Pension? Do Employers Match?  I know this may seem like a stupid question but if money is deducted every pay period from employees' pay cheques ... then doesn't the employer just pass ...

Business Use of Home & Ontario Property Tax Credit  If you claim a portion of your rent or property tax as a business-use-of-home expense, is it necessary to deduct that amount from the total before claiming ...

Outstanding Transactions After Reconciling  Why does my general ledger bank balance not match my bank reconciliation report?

I made a few adjustments after the reconciliation was done. I do see ...

Gift in Kind for Charities  What is the best way to record (from both sides) a gift given when it involves both services and product?

Standby Charges  Unanswered Question - How do you book standby charges in an accounting program?

[Moderator: For clarification, assume the question is about personal ...

Renting Assets to Company  I have a client that would prefer to rent his personal tools to the corporation versus transferring them into the corporation.

I explained if he choose ...

Customer Appreciation Gifts  I have a client who purchased gifts for his customers during the Christmas holidays.

Currently there is no expense account this would really fit under ...

WCB Expense in Quickbooks Payroll  Does QuickBooks have a setup feature in payroll where you can enter the WCB rate for the year and it then automatically calculates the expense for each ...

Doing Business in the US  We are a Canadian company currently with US customers.

Would you know what type of complications we would face if we had a storage yard in the US and ...

HST & QST  Can you help with this question on Quebec sales tax?

Hi There,

Can we claim input tax credit on QST (TPS & TVQ) if business is in Ontario? If yes,...

Capital Tax on Paid up Capital   How do I enter an amount for capital tax on paid up capital? Do I expense it? Thanks. Hi Katherine,

Hmmm, I don't think BC (where I live)...

Cost of Painting New Vehicle  Hi Madam,

I work for an operational lease company. The company bought 5 brand new vehicles. Those 5 vehicles were painted as per customer request (the ...

Administrative Fees  Administrative charges on consulting projects


I am looking at a guide for how much to charge for administration on a consulting project.

Are ...