Unanswered Bookkeeping Questions

Share YOUR Bookkeeping Expertise!

Sometimes bookkeeping questions are asked that I don't know the answer to ... say whaaat!

(A good bookkeeper usually doesn't pretend to know it all ... but does know how to research the topic or has resources they can access to find an answer.)


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I have been falling behind in answering some questions because they require research on my part ... or they are outside the subject area of this site ...

... which is basic bookkeeping for small business owners working from home and doing their own bookkeeping.

Questions now come in from not for profit bookkeepers or perhaps from the United States ... just as an example.

Rather than simply not post the question, I decided to post the questions to provide the opportunity for my site visitors to share their knowledge and expertise ... and allow my site visitor to get an answer to their question.

If you use this site as a resource, I'm thrilled!

If you could consider sharing some of your bookkeeping expertise with readers ... I would be delighted!

If you could add source references when you respond ... I'd be over the top!!

Thank you for supporting this site by sharing your bookkeeping expertise.


Unanswered Bookkeeping Questions

Please Share Your Expertise

The list of unanswered bookkeeping questions follows. There are 3 simple steps ...

1. Click on one of the links below to see the details of unanswered question that needs an reply.

2. Read the question.

3. If you know the answer, click on "click here to post comments" to post your response.

I sincerely thank you for sharing your expertise.




Correct for mistakes from a decade ago 
I'm helping to clean up the balance sheet of a small non-profit. The Paypal bank account has never been reconciled (!) and is about $10,000 off (!!!) showing …

Bookkeeping for a Real Estate Agent 
I am not familiar with doing bookkeeping for a real estate agent. Can you tell me if there are any special rules for this industry I should be aware of? …

PST and Preschool, BC Canada 
Hi, Could you please help me to find out how PST works for a preschool. (Does a preschool have to pay PST or not?) Hi Nina, Your best bet …

Per Diem Expense 
I am self-employed and I get paid an all inclusive rate. Can I claim non-taxable per diem as per the published Joint National Council allowances, without …

Sources of Income on T4s 
I am using Simply Accounting and have some employees that are reimbursed for mileage and supplies. On their 'income' tab for each of them, I have allowed/used …

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 …

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 …

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 …

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 …

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?

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 …

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 …

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%? …

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 …

Quickbooks vs. AccountingEdge vs. Sage? 
I am presently using QuickBooks, but am exploring the program AccountingEdge (used to be "MYOB"). Anybody tried both? What are your thoughts, please? …

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, …

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 …

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 …

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 …

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 …



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