http://www.bookkeeping-essentials.com/bookkeeping-blog.html Hey You ... Welcome to The Bookkeeper's Blog! ... blogs designed for the home based business owner who does their own books ... easily keep up-to-date with the Bookkeeping-Essentials.com web site. en-us bookkeeping Sat, 04 Feb 2012 04:12:36 GMT Sat, 04 Feb 2012 04:12:36 GMT bookkeeping-essentials.com http://www.bookkeeping-essentials.com/excel-bookkeeping.html 10 Excel bookkeeping lessons on how to use Excel 2010 to create workpapers which assist in analyzing your business data. Sample Canadian bookkeeping templates are included. Sat, 04 Feb 2012 01:07:28 GMT http://www.bookkeeping-essentials.com/transaction-date.html Enter invoice date or the date the cheque is cashed? Hi all, I have run across a purchase invoice which is dated on July 25, while the date the cheque Fri, 03 Feb 2012 04:38:10 GMT http://www.bookkeeping-essentials.com/gsthst-itcs-for-mlm-business.html 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 Thu, 02 Feb 2012 01:07:56 GMT http://www.bookkeeping-essentials.com/how-to-track-customer-deposits.html I need a program that will let me track cash deposits made in advance of purchase even when no final amount has been determined. There is no time limit Wed, 01 Feb 2012 03:55:28 GMT http://www.bookkeeping-essentials.com/tax-compliance.html Canadian tax compliance due dates updated to February, 2012. Also notes and references for 2011/2012 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB. Tue, 31 Jan 2012 23:24:19 GMT http://www.bookkeeping-essentials.com/yearend-trial-balance-report.html Our company year-end date is Nov 19th. I did not enter a Closing Date in the Accounting Preferences. However, in Company Information, I had to enter a Tue, 31 Jan 2012 02:49:51 GMT http://www.bookkeeping-essentials.com/gst-on-meals-adjustment.html What account would you debit to adjust the GST/HST for the amount that is not eligible for the ITC (50%) on meals? I think GST would be credited for the Mon, 30 Jan 2012 00:56:38 GMT http://www.bookkeeping-essentials.com/direct-selling-bookkeeping.html 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 to Fri, 27 Jan 2012 17:13:25 GMT http://www.bookkeeping-essentials.com/expense-cell-phone-ticket.html Can I expense my client's $167 using electronic device while driving ticket? In Part 1 of my article on Limitations and Non-Deductible Expenses I Thu, 26 Jan 2012 21:58:52 GMT http://www.bookkeeping-essentials.com/wave-accounting.html I attended a webinar this past week about the free cloud application Wave Accounting. It is a Canadian based company. Their target market is early stage Sat, 21 Jan 2012 18:37:33 GMT http://www.bookkeeping-essentials.com/basic-bookkeeping.html Learn basic bookkeeping. Two online courses designed for small business owners who are non-accountants. One course is four hours long, the other 20 hours long. Sat, 21 Jan 2012 16:39:40 GMT http://www.bookkeeping-essentials.com/reimbursement-of-business-mileage.html I have just started running a small eBay business from home in Canada. I mail in the US. Can I claim the 52 cents per km for my trips to mail my sales Thu, 19 Jan 2012 18:32:30 GMT http://www.bookkeeping-essentials.com/buying-antiques-at-yard-sales.html How do you account for cash inventory purchases made at yard/garage sales without receipts? Philip, I would keep a business journal / log of your Tue, 17 Jan 2012 21:58:48 GMT http://www.bookkeeping-essentials.com/starting-a-career-as-a-bookkeeper.html 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 Mon, 16 Jan 2012 13:48:09 GMT http://www.bookkeeping-essentials.com/irs-news.html#1099K IRS introduced new regulations for Form 1099-MISC and a new form 1099-K. Some payments that were previously included on the 1099-MISC are now reported on 1099-K and must be excluded from Wed, 11 Jan 2012 17:41:54 GMT http://www.bookkeeping-essentials.com/irs-news.html#IRSwebinar2 -- Reminder -- The IRS are holding a free webinar on January 11, 2012 11:00 AM Pacific Time to explain their Small Business/Self-Employed Division top compliance priorities (i.e. what they will be looking in audits) in 2012 . Wed, 11 Jan 2012 16:53:01 GMT http://www.bookkeeping-essentials.com/bookkeeper.html#break7 As we start the new year, I thought you might like to take a teabreak and get inspired all over again. Mon, 09 Jan 2012 01:10:23 GMT http://www.bookkeeping-essentials.com/online-bookkeeper.html A professional bookkeeper shares her secrets on how to become an online bookkeeper. She shows you how to start a bookkeeping business virtually, step by step, in as little as 30 days. Sat, 07 Jan 2012 17:49:25 GMT http://www.bookkeeping-essentials.com/payroll-advances.html I am doing bookkeeping for an incorporated business, no employees, but the owner draws salary cheques for herself. She would like to make them semi-monthly, Fri, 06 Jan 2012 23:44:09 GMT http://www.bookkeeping-essentials.com/quickbooks-and-pd7a.html It is year end and pp26 ran Dec. 4-17/2011 and was paid Dec. 22/2011. As the tax return is on a cash basis this makes me understand that the last pay Wed, 04 Jan 2012 20:11:39 GMT http://www.bookkeeping-essentials.com/simplified-travel-mileage-rates.html I am incorporated in Canada and am confused by the lack of information on the web for the simplified vehicle travel rates. I am glad I've found more information Wed, 04 Jan 2012 12:49:49 GMT http://www.bookkeeping-essentials.com/husband-and-wife-home-business.html 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 Tue, 03 Jan 2012 01:55:19 GMT http://www.bookkeeping-essentials.com/starting-a-set-of-books.html I am just starting out bookkeeping on my own. I am currently a full time accounting student working towards my bachelors degree and designation. I have Tue, 03 Jan 2012 01:42:48 GMT http://www.bookkeeping-essentials.com/ccpc.html#sploan Reminder to repay any spousal loans including interest prior to January 30 if you do not want the loan included in your income. It must be a physical bank transaction, not a journal entry. Mon, 02 Jan 2012 14:28:36 GMT http://www.bookkeeping-essentials.com/book-keeping-system.html Whether you are just starting out or have been in business awhile, how do you know if your book keeping system is the right one for your business? It’s best to keep it as simple as possible for ... Sat, 31 Dec 2011 19:39:45 GMT http://www.bookkeeping-essentials.com/yearend-bookkeeping.html What's your biggest fear when it comes to doing yearend bookkeeping procedures? Fri, 30 Dec 2011 19:15:55 GMT http://www.bookkeeping-essentials.com/bookkeeping-blog.html#Yearend-Reminder---Odometer-Reading Just a reminder to those who use their personal vehicle for business ... remember to take your odometer reading tomorrow or on Sunday. Wishing you a healthy and prosperous New Year! Fri, 30 Dec 2011 19:13:57 GMT http://www.bookkeeping-essentials.com/cra-news.html#autorates The Finance Minister released the automobile deduction limits and taxable benefit rates for 2012. I have updated my tables accordingly. See Thu, 29 Dec 2011 22:25:05 GMT http://www.bookkeeping-essentials.com/cleanup-for-yearend.html Are there any blogs for these topics: 1) What account are holiday decorations for the office put into such as Xmas tree, Xmas and New Years banners, Xmas Thu, 29 Dec 2011 05:46:47 GMT http://www.bookkeeping-essentials.com/transferring-from-proprietorship-to-ltd.html#ahmahn I'm going to be paying myself the reasonable allowance per /km since the business use of my car is over 90% to run the incorporated business. Mon, 26 Dec 2011 19:38:09 GMT http://www.bookkeeping-essentials.com/hst-and-private-sale-of-vehicle.html As a sole proprietor in Ontario do I collect HST as part of the sale when I sell a vehicle (used both personally and in the business) to a private citizen? Sat, 24 Dec 2011 04:10:38 GMT http://www.bookkeeping-essentials.com/accounting-estimates.html 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 Sat, 24 Dec 2011 03:54:25 GMT http://www.bookkeeping-essentials.com/irs-news.html#2012prtax IRS announced today the extension of the reduced payroll tax rate that has been in effect for 2011. It includes a new recapture provision negotiated by Congress. Fri, 23 Dec 2011 21:11:05 GMT http://www.bookkeeping-essentials.com/when-to-charge-gsthst.html I am a sales estimator sub-contractor. I've been invoicing my boss for my work this current year. I have made over the $30,000 mark and I have obtained Thu, 22 Dec 2011 04:01:30 GMT http://www.bookkeeping-essentials.com/imputing-hst-on-receipts.html I have several receipts (for a course, insurance (car and teaching) and for memberships) that do not state the HST I've paid but only the final amount Wed, 21 Dec 2011 22:51:16 GMT http://www.bookkeeping-essentials.com/company-cheque-personal-expense.html We purchased an ATV and my husband wrote it on the company account but it should have been a personal cheque. How can I fix this? If this is an Mon, 19 Dec 2011 15:31:25 GMT http://www.bookkeeping-essentials.com/irs-news.html#IRSwebinar2 Mark this one on your calendar. The IRS are holding a free webinar on January 11, 2012 11:00 AM Pacific Time to explain their Small Business/Self-Employed Division top compliance priorities (i.e. what they will be looking in audits) in 2012 . Fri, 16 Dec 2011 19:37:04 GMT http://www.bookkeeping-essentials.com/yearend-tax-planning-in-canada.html Here are some blogs that are carrying year end tax planning tips: PWC Canada - Year-end tax planner – 2011 What individuals and owner-managed businesses Fri, 16 Dec 2011 18:50:30 GMT http://www.bookkeeping-essentials.com/yearend-bookkeeping-research.html I am doing yearend bookkeeping research. What questions do you have about year-end or year-end procedures that you would like me to answer? Thu, 15 Dec 2011 18:10:03 GMT http://www.bookkeeping-essentials.com/ccpc-and-unremitted-source-deductions.html I have a new client. It is a corporation with only one director/shareholder. This is the first year of operation. The year end is September 30. I have Thu, 15 Dec 2011 02:27:54 GMT http://www.bookkeeping-essentials.com/bank-reconciliation-and-cashing-of-stale-dated-cheque.html Recently, one of our vendors deposited our cheque in bank which was dated last year and the bank cleared it. Assuming the bank would consider the cheque Wed, 14 Dec 2011 19:03:41 GMT http://www.bookkeeping-essentials.com/running-a-daycare-business-in-your-home.html My wife is starting a day home and has one child for now. I’ll be looking after organizing all the receipts, etc. Would you know a good accountant in Wed, 14 Dec 2011 18:38:09 GMT http://www.bookkeeping-essentials.com/third-party-civil-penalties.html 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 does Mon, 12 Dec 2011 15:31:36 GMT http://www.bookkeeping-essentials.com/irs-news.html#mileage2012 The IRS announced today that most rates will be staying the same as in July. Note to Self re: 2011 tax preparation - get my odometer readings as close to June 30 AND December 31 as possible. Sat, 10 Dec 2011 01:03:44 GMT http://www.bookkeeping-essentials.com/hst-on-intercompany-transactions.html My question is about HST on inter-company transactions. I have recently been hired to do the books for an owner who has several companies, all in entirely Thu, 08 Dec 2011 21:11:29 GMT http://www.bookkeeping-essentials.com/cash-or-accrual-basis.html#accruals If I completed the bookkeeping for year end Dec 31, 2008 for my client and their accountant wants me to put in an accrual for my bookkeeping fee of $700, how should I Wed, 07 Dec 2011 21:38:42 GMT http://www.bookkeeping-essentials.com/ar-reconciliation-mess.html Hello, I enjoy this site very much. It's very helpful and practical. What I can't find however is a practical solution to an AR problem I run into from Thu, 01 Dec 2011 16:46:06 GMT http://www.bookkeeping-essentials.com/bookkeeping-blog.html#Where-and-how-to-record-it?? Martin had four questions that I responded to ... but he didn't provide an email address so he could not be notified of the response I provided. As the questions were diverse, I split them up and responded to them in four different posts. Martin you can find responses to your questions here: Q1. If a company purchased a client list from another company and the company that purchased the list is paying $0.35 on the billings to the seller company. How should I record this? http://www.bookkeeping-essentials.com/recording-client-list-purchase.html Q2. If a company has for one month personal expenses on their bank statement of 40% and the other percentage or the rest is all business. Do I need to prorate that month's $25 bank charge by 40% as personal and 60% as business? http://www.bookkeeping-essentials.com/owners-draw-and-personal-consumption.html Q3. If prepaid office insurance is $45 and is prepaid over 12 months, do I need to set up prepaid insurance or can it be expensed? http://www.bookkeeping-essentials.com/loan-instalments-to-pay-insurance.html Q4. How do I record the change in use of an asset from personal to business such as an electric appliance. Can I claim GST when it changes in use? How does it go? http://www.bookkeeping-essentials.com/closing-my-business.html Tue, 29 Nov 2011 17:36:44 GMT http://www.bookkeeping-essentials.com/canadian-payroll-deductions.html The Bookkeeper's Notes on Canadian payroll deductions; includes employee taxable benefits, gifts and awards, automobile benefits calculator; also links to 2012 payroll rates & subcontracting payments Sun, 27 Nov 2011 04:11:44 GMT http://www.bookkeeping-essentials.com/T4A.html Discusses CRA's T4A requirements for Canadian subcontracting . You'll also find a chat on what constitutes an employee vs. a self-employed contractor. Sun, 27 Nov 2011 03:36:00 GMT