The Bookkeeper's Blog ... Blogs on Good Bookkeeping Practices

May 12, Minimum Wage Rates in Canada

Sat, 12 May 2012 17:39:17 GMT

Canadian minimum wage rates and links to provincial and territorial employment standards

May 6, Canadian Eligible Capital Deduction Pool Accounting

Sun, 06 May 2012 05:58:38 GMT

How do you make the 25% non-deductible portion of an intangible asset purchase disappear without expensing it so it is shown on the balance sheet and tracked?

Apr 29, Tax Compliance in Canada - Tax Filing Due Dates

Sun, 29 Apr 2012 17:01:38 GMT

Canadian tax compliance due dates updated to May, 2012. Also notes and references for 2011/2012 tax season deadlines, GST/HST, payroll source deductions, T4 and T4A information returns, WCB.

Apr 23, Salary or Dividends?

Mon, 23 Apr 2012 14:18:00 GMT

Article reprinted with permission Part three in this series by Jeff MacFarlane, CA has now been published. Enjoy! Small business owners often ask me

Apr 19, CANADA FPT

Thu, 19 Apr 2012 02:34:43 GMT

I need to know about Canada FPT and how to apply? Please feel free to add your comment, Warm Regards Hey Bedi, I believe Canada FPT (Federal-Provincial-Territorial)

Apr 11, Learn How To Organize Files - Office Filing System

Wed, 11 Apr 2012 03:10:06 GMT

An eBook that teaches you how to organize files in under 30 minutes using this easy filing system. It also offers practical and easy to implement advice on managing your cash flow.

Apr 2, Claiming Home Office Expenses Tax Deduction - Canadian Business Use of Home

Mon, 02 Apr 2012 03:01:21 GMT

Your home office expenses tax deduction has strict criteria you must meet to claim the work space expenses on your T1 return. Here's how to claim the business use of home tax deduction.

Mar 25, Canadian Bookkeeping Resources ... Tax Information For Bookkeepers in Canada

Sun, 25 Mar 2012 01:46:51 GMT

Practical, basic Canadian bookkeeping resources for work from home business owners. Bookkeeper due dates, CRA tax rates, GST/HST Guide, home business tax deductions, audits ... at your fingertips.

Mar 24, Adjusting Trial Balance and Adjusting Entries

Sat, 24 Mar 2012 19:55:40 GMT

I just finished a file in QuickBooks Pro 2011 for 2011 for a client. I created this file as a brand new company file when I started working for this client.

Mar 24, Research and Devlopment Cost

Sat, 24 Mar 2012 15:57:34 GMT

Is research and development cost considered an asset or an expense? Karen, It depends on the individual circumstances ... it can be either one.

Mar 24, Tame That Paperwork

Sat, 24 Mar 2012 15:50:09 GMT

What can I say, I'm guilty of not filing some paperwork when I should. Some paperwork has piled up on various surfaces, in this or that file, placed in

Mar 24, New Bookkeeping Client Checklist

Sat, 24 Mar 2012 15:30:27 GMT

I am looking for a better Private Bookkeeping New Client Checklist. Any suggestions??? Nicole, Nice picture. Is that your business logo? You need

Mar 21, Canadian Sales Tax Help

Wed, 21 Mar 2012 21:50:57 GMT

I use Quickbooks. When recording expenses do I include the HST paid? It was already reported as an ITC for my fiscal quarter. It almost seems like reporting

Mar 10, Input Tax Credit Rebate

Sat, 10 Mar 2012 23:02:48 GMT

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 basis,

Mar 10, Business or Hobby

Sat, 10 Mar 2012 22:49:38 GMT

I have started as an independent consultant with a direct sales company as a hobby. I have made no income. When must I start claiming as a business

Mar 1, Recording Sale of Real Estate

Thu, 01 Mar 2012 14:09:18 GMT

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 $33,135.53

Feb 29, Cost of Goods Sold

Wed, 29 Feb 2012 16:11:26 GMT

I recently took a job cleaning up books for a Canadian corporation. And cleaning is an understatement! However in good spirit and in a desire to learn,

Feb 25, Tax Filing Deadlines in Canada

Sat, 25 Feb 2012 23:49:16 GMT

Updated for May 2012, Canadian tax filing deadlines and due dates for GST/HST, PST, payroll source deductions, T4 and T4A information returns, WCB, business income tax returns.

Feb 23, The Middle Class Tax Relief and Job Creation Act of 2012

Thu, 23 Feb 2012 21:54:01 GMT

IRS released a revised Form 941 which will enable reporting for the extended payroll tax cut under The Middle Class Tax Relief and Job Creation Act of 2012.

Feb 22, Casual Labour

Wed, 22 Feb 2012 20:17:56 GMT

Can I pay employees as casual labour for only a few days of work without deductions? Casual labour no longer applies as a category when doing payroll

Feb 22, Paperless Action Plan Class Series Begins Tomorrow

Wed, 22 Feb 2012 13:12:25 GMT

Class Registration Ends Today Brooks Duncan from DocumentSnap.com is offering classes on going paperless. Classes are Thursdays at 5 PM Pacific Time between February 23 to April 12. After each class, you will receive action assignments. Brooks will hold scheduled office hours to answer your questions. You will also have access to a members-only forum. If you can't make the scheduled times, you can listen to the recorded classes, as well as submit your questions ahead of time.

Feb 20, My Easy Filing System

Mon, 20 Feb 2012 22:43:27 GMT

If you have a home-based business, I suggest you spend $6 at Walmart, and buy yourself a portable accordion file (has a handle on it). Office supply stores

Feb 18, Recording Maintenance Plans and Warranties

Sat, 18 Feb 2012 19:33:18 GMT

What would the entry be to record payments received from customers for providing a one year, product maintenance plan/warranties? Hi Angela, I haven't

Feb 18, Transitional Rules To Eliminate BC HST Announced

Sat, 18 Feb 2012 03:41:45 GMT

The Department of Finance, along with the B.C. government, released "the proposed transitional rules [that] specify how and when the BC component of the HST would cease to apply to

Feb 18, How to record AgriInvest contributions?

Sat, 18 Feb 2012 03:04:47 GMT

I was just wondering how to record the matching government contributions portion of the AgriInvest account. The Producer deposits are easy enough as I

Feb 17, Virtual Online Bookkeeper - How To Take Your Practice Virtual

Fri, 17 Feb 2012 15:50:20 GMT

A professional bookkeeper shares her secrets on how to become an online bookkeeper. Learn how to start a bookkeeping business virtually, step by step, in as little as 30 days.

Feb 7, T4 with Box 24 and 26

Tue, 07 Feb 2012 13:58:59 GMT

NEW RULES effective January 2012 for boxes 24 and 26. Please note that CRA introduced new rules as a result of the changes to CPP. Boxes 24 and 26 must

Feb 6, Petty Cash

Mon, 06 Feb 2012 23:58:01 GMT

Petty cash has been set up. Let's say I paid Cindy (employee) $10.50 (includes GST only) from Petty Cash for Parking Expense. In QuickBooks, how do

Feb 6, Another Look at Management Fees

Mon, 06 Feb 2012 16:04:16 GMT

Ernst&Young's latest TaxMatters@EY issue has an excellent article that shares CRA's views on "establishing a reasonable basis for computing a management fee between a professional practice and its related holding company".

Feb 4, Excel Bookkeeping Workpaper Templates

Sat, 04 Feb 2012 01:07:28 GMT

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.

Feb 3, Transaction Date

Fri, 03 Feb 2012 04:38:10 GMT

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

Feb 2, GST/HST ITCs for MLM Business

Thu, 02 Feb 2012 01:07:56 GMT

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

Feb 1, How To Track Customer Deposits

Wed, 01 Feb 2012 03:55:28 GMT

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

Jan 31, Year-end Trial Balance Report

Tue, 31 Jan 2012 02:49:51 GMT

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

Jan 30, GST on Meals Adjustment

Mon, 30 Jan 2012 00:56:38 GMT

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

Jan 27, Direct Selling Bookkeeping

Fri, 27 Jan 2012 17:13:25 GMT

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

Jan 26, Expense Cell Phone Ticket

Thu, 26 Jan 2012 21:58:52 GMT

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

Jan 21, Wave Accounting

Sat, 21 Jan 2012 18:37:33 GMT

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

Jan 21, Learn Basic Bookkeeping - Online Training

Sat, 21 Jan 2012 16:39:40 GMT

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.

Jan 19, Reimbursement of Business Mileage

Thu, 19 Jan 2012 18:32:30 GMT

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

Jan 17, Buying Antiques at Yard Sales

Tue, 17 Jan 2012 21:58:48 GMT

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

Jan 16, Starting a Career as a Bookkeeper

Mon, 16 Jan 2012 13:48:09 GMT

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

Jan 11, 1099-Misc and New 1099-K Form

Wed, 11 Jan 2012 17:41:54 GMT

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

Jan 11, IRS Webinar January 11, 2012

Wed, 11 Jan 2012 16:53:01 GMT

-- 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 .

Jan 9, This Is Worth Worth Dusting Off

Mon, 09 Jan 2012 01:10:23 GMT

As we start the new year, I thought you might like to take a teabreak and get inspired all over again.

Jan 6, Payroll Advances

Fri, 06 Jan 2012 23:44:09 GMT

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,

Jan 4, QuickBooks and PD7A

Wed, 04 Jan 2012 20:11:39 GMT

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

Jan 4, Simplified Travel Mileage Rates

Wed, 04 Jan 2012 12:49:49 GMT

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

Jan 3, Husband and Wife Home Business

Tue, 03 Jan 2012 01:55:19 GMT

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

Jan 2, Yearend Reminder - Spousal Loans

Mon, 02 Jan 2012 14:28:36 GMT

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.