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Blogs on Good Bookkeeping Practices
Blogs on Good Bookkeeping Practices
Hey You ... Welcome to The Bookkeeper's Blog! Join me as I blog on good bookkeeping practices for work from home bookkeepers and business owners who do their own books.
Here is where you have the opportunity to easily keep up-to-date on new or updated blog pages being posted to the Bookkeeping Essentials web site.
It is my sincere hope that you will learn good bookkeeping practices that help you manage your business finances easily and more efficiently.
To your success! … and, of course, thank you to the readers and viewers of my blog.
Your tutor
This picture is from my day trip to Stuart Lake in 2009. Doesn't looking at this picture just make you want to exhale ... it's okay you're allowed.
Photo courtesy of B. Gale
that we see too late the one that is open.
-- Alexander Graham Bell, Inventor --
Mar 12, 2025
CRA News for Home Based Business Owners
CRA news for home based business owners doing their own bookkeeping. Keep abreast of relevant changes and announcements.
Jan 30, 2025
Payroll for a Small Business Owner | Manual For Less Than 10 Employees
Small business payroll (under 10 employees) made easy. Essential tasks, W-2/1099 compliance, and practical tips. Learn and stay compliant!
Continue reading "Payroll for a Small Business Owner | Manual For Less Than 10 Employees"
Jan 30, 2025
Payroll Tax Reporting and Compliance | Manual For Under 10 Employees
Simplify payroll compliance for your small business (under 10 employees). Avoid penalties. Part 2 of this manual covers W-2s, 1099s, year-end procedures, and...
Continue reading "Payroll Tax Reporting and Compliance | Manual For Under 10 Employees"
Jan 30, 2025
Setting Up and Managing Payroll | Manual For Fewer Than 10 Employees
Learn payroll setup and management for US small businesses with under 10 employees. Covers compliance, worker classification, documentation, and best practices.
Continue reading "Setting Up and Managing Payroll | Manual For Fewer Than 10 Employees"
Jan 05, 2025
U.S. Employment Tax Forms | Yearend Guide For Small Business Owners
U.S. employment tax forms W2, W3, W4, I-9 and year-end payroll tasks. A small business owner's guide to closing out the year right.
Continue reading "U.S. Employment Tax Forms | Yearend Guide For Small Business Owners"
Jan 03, 2025
Reminder to log your odometer reading
At the beginning of each year (January 1), you need to record your odometer reading. This figure becomes the last entry for your prior year log. It's a good idea to diarize this date so you don't forget.
Jan 02, 2025
How To Close Your Books in QBO
Closing the books is an important practice for any small business owner. Learning how to use QuickBooks Online to close your books is much simpler than some other accounting programs.
Here's the why, when, and how to close the books in QuickBooks Online (QBO).
Jan 01, 2025
5 Tips for Business Owners Looking to Organize Their Books
What will your New Year's resolution be? If you're like most small business owners, your New Year's resolution will likely have something to do with
Continue reading "5 Tips for Business Owners Looking to Organize Their Books"
Jan 01, 2025
Latest IRS News For U.S. Work From Home Business Owners
Latest IRS news about on 2025 COLA & FICA and information of interest to U.S. business owners who do their own bookkeeping or work from home bookkeepers.
Continue reading "Latest IRS News For U.S. Work From Home Business Owners"
Dec 19, 2024
2025 IRS Standard Mileage Rates Released
The 2025 standard mileage rates were increased by 3 cents to 70 cents per mile driven for business use.
The Tax Cuts and Jobs Act (TCJA) restrictions are still in place for 2025.
Dec 16, 2024
IRS Business Tax Account
The Internal Revenue Service continues to open its Business Tax Account (BTA) to a growing number of business taxpayers while expanding the features available.
New features include tax return, tax account and entity transcripts for the current tax year and some previous tax years.
Sole proprietors have full access to features and business information and can add employees to the account.
Dec 03, 2024
Do You Need a Compilation Engagement Report?
Whether you're a bookkeeper or small business owner in Canada, how do the CPA standards for compilation engagement reports affect you? NTR is now CER.
Continue reading "Do You Need a Compilation Engagement Report?"
Dec 02, 2024
Getting Ready For Yearend
One way to make sure your year-end goes smoothly is to keep an eye on your balance sheet accounts all year long.
You can reduce your yearend preparation costs if you submit a clean set of books. Learn what you need to be doing NOW to have a smooth yearend.
Nov 29, 2024
Form 1099-NEC vc Form 1099-K vs Form 1099-MISC
Explains the IRS Form 1099-NEC vs 1099-MISC vs 1099-K. Understanding the differences, how to file the forms and what the deadlines are.
Continue reading "Form 1099-NEC vc Form 1099-K vs Form 1099-MISC"
Nov 27, 2024
Comparing Regular vs. Simplified U.S. Home Office Deduction
There are two methods to calculate the home office deduction: Regular Method and Simplified Option. Let's take a look at who qualifies and how each method works.
Continue reading "Comparing Regular vs. Simplified U.S. Home Office Deduction"
Nov 27, 2024
CRA Releases Guidance on Proposed 2024 Capital Gains Inclusion Rate Changes
The CRA has issued guidance on the proposed 2024 capital gains inclusion rate change effective June 25, 2024.
Continue reading "CRA Releases Guidance on Proposed 2024 Capital Gains Inclusion Rate Changes"
Nov 26, 2024
U.S. Self-Employment Income | Self-Employment Tax
Self-employment income is subject to U.S. self-employment tax. You'll find information on estimated taxes, standard mileage rates and U.S. rules for business use of your car.
Continue reading "U.S. Self-Employment Income | Self-Employment Tax"
Nov 25, 2024
Is QuickBooks Desktop Being Discontinued?
Intuit decided that after July 31, 2024, they will no longer sell NEW subscriptions to certain desktop products in the U.S.. Starting April 15, 2025, this will also apply to NEW Canadian desktop subscribers.
Learn which products are affected.
Continue reading "Is QuickBooks Desktop Being Discontinued?"
Nov 18, 2024
Quarterly Interest Rates Announced
IRS have announced that interest rates will decrease for the first quarter of 2025.
Nov 18, 2024
Canadian Bookkeeping Compliance Resource
A Canadian bookkeeping compliance resource. Bookkeeping-Essentials.ca extends an invitation to small business owners in Canada to explore this resource.
Nov 07, 2024
2025 Self Employment Taxes | FICA & CPP
Learn about self employment taxes for business owners working from home. US self employment tax (SICA) & required CPP contributions for self employed in Canada.
Nov 07, 2024
2025 Payroll Tax Deductions | U.S. & Canada
Payroll tax deductions are mandatory for small business owners in U.S. & Canada. What are the employer's and employee's SST rate? What are the CPP and EI rates?
Continue reading "2025 Payroll Tax Deductions | U.S. & Canada"
Oct 17, 2024
How To Use QuickBooks Online | A Beginner's Guide
Learn how to use QuickBooks Online with step-by-step instructions, screenshots, and tips to help small business owners understand and effectively utilize QBO.
Continue reading "How To Use QuickBooks Online | A Beginner's Guide"
Oct 17, 2024
Learning QuickBooks® | Avoiding Common Data Entry Mistakes
For the work from home business owner who does their own bookkeeping, learning QuickBooks® tips to avoid beginner mistakes makes your life a whole lot easier!
Continue reading "Learning QuickBooks® | Avoiding Common Data Entry Mistakes"
Oct 17, 2024
Canadian QBO Conversion Issues | Problems That Aren't Really Problems
Why your balance sheet doesn't match QuickBooks Desktop after a QuickBooks Online-QBO conversion.
Continue reading "Canadian QBO Conversion Issues | Problems That Aren't Really Problems"
Oct 14, 2024
Learning How To Use QuickBooks Online | Internal Control Reports
Learning how to use QuickBooks Online to create & customize reports that assist you in risk management and making informed strategic business decisions on where
Continue reading "Learning How To Use QuickBooks Online | Internal Control Reports "
Sep 05, 2024
CRA and IRS Interest Rates | Small Business
CRA and IRS interest rates for corporate loans to shareholders, installment sales, under and over payment of taxes
Continue reading "CRA and IRS Interest Rates | Small Business"
Jul 29, 2024
Organized Record Keeping Systems For Home Based Offices
A series of chats about record keeping systems to get and stay organized so you can get rid of those drawers of stashed receipts? Simple choices and guidelines to eliminate stress and panic.
Continue reading "Organized Record Keeping Systems For Home Based Offices"
Jul 18, 2024
Current Payroll Tax Rates | Canadian Bookkeeping
Canadian payroll tax rates to help you meet your payroll compliance obligations. CPP rates are released annually in November; EI rates every September.
Continue reading "Current Payroll Tax Rates | Canadian Bookkeeping"
Jun 22, 2024
Do You Need To Download Your Paperless Statements?
Open banking could help download your paperless statements if it ever gets here! Til then, you need procedures to ensure it happens if you want audit ready ...
Continue reading "Do You Need To Download Your Paperless Statements?"
Jun 19, 2024
Sample Financial Reports Using QuickBooks® | Bookkeeping Reports
Sample financial reports because sometimes a picture is better than words ... for those who learn by seeing. These bookkeeping reports are a reference point for producing your own financial statements.
Continue reading "Sample Financial Reports Using QuickBooks® | Bookkeeping Reports"
Jun 18, 2024
Common Audit Issues | Focus On Bookkeeping
Focus on Bookkeeping takes a look at the IRS audit techniques for cash businesses, Canadian sales tax common audit issues and examines my research on U.S. and Canadian payroll tax audit issues.
Continue reading "Common Audit Issues | Focus On Bookkeeping"
Jun 18, 2024
Getting Ready For Yearend | Focus On Bookkeeping
A brief look at what you can do NOW and throughout the year to ensure a smooth yearend by having a clean set of books.
Continue reading "Getting Ready For Yearend | Focus On Bookkeeping"
Jun 17, 2024
Definition of Assets and Liabilities | Focus On Bookkeeping
A look at IASB's definition of assets and liabilities from Conceptual Framework for Financial Reporting Review. Revenue recognition criteria is also touched upon.
Continue reading "Definition of Assets and Liabilities | Focus On Bookkeeping"
Jun 17, 2024
Accounts Receivable Collection Procedures
Accounts receivable collection procedures are discussed as well as how to stop providing interest free loans to your clients and customers.
Continue reading "Accounts Receivable Collection Procedures"
Jun 14, 2024
Plooto Workflow | QBO Integration
Automate sending and receiving payments online with a Plooto workflow. Seamlessly integrates with QBO. Dual stage authorization.
Jun 14, 2024
QBO - LedgerDocs Workflow | Document Management
Gathering your bookkeeping documents in one place is easy with QBO - LedgerDocs workflow integration … making collaboration with your bookkeeper a breeze.
Continue reading "QBO - LedgerDocs Workflow | Document Management"
Jun 14, 2024
LedgerSync Workflow | How It Works
LedgerSync workflow integrates with QBO and QBD. It automatically imports financial documents then pushes them to QuickBooks after coding and approval.
Jun 14, 2024
Chrome Browser Features | QBO Workflow
Tips on how to optimize Chrome browser features for cloud accounting software like QBO (QuickBooks Online) and other cloud accounting related software. You need to know this stuff if you are using QBO!
Jun 13, 2024
Casual Labor | Casual Employment
Can I pay employees as casual labor for only a few days of work without deductions? Includes DOL & IRS views, as well as CRA's stance on casual labor.
Jun 13, 2024
FLSA vs IRS Independent Contractor Rules | DOL's Final Rule
The DOL's Final Rule and IRS have frameworks to determine whether an individual is an employee or an independent contractor, but they serve different purposes.
Continue reading "FLSA vs IRS Independent Contractor Rules | DOL's Final Rule"
Jun 13, 2024
Monthend Bookkeeping | Procedures Manual
How to perform monthend bookkeeping tasks manual. 21 simple steps for work from home business owners who manage their own set of books. You can have accurate and timely internal financial statements.
Jun 13, 2024
Bookkeeping Checklist | Accounting Checklist
Small business accounting and bookkeeping checklist ... how to package your recordkeeping information for your bookkeeper and/or accountant ... ensuring your year end will go as smoothly as possible.
Continue reading "Bookkeeping Checklist | Accounting Checklist"
Jun 10, 2024
CRA Auto Allowances | IRS Mileage Rates
What is CRA's tax free auto allowance for 2024? What is the IRS standard mileage rate for 2024? Find these and other business travel rates here.
Jun 10, 2024
Canadian Bookkeeping Resources | Basic Tax Articles For Bookkeepers
Practical, basic Canadian bookkeeping resources for work from home business owners. Three series - home business taxes, CCPC notes, tax audit information and tips.
Continue reading "Canadian Bookkeeping Resources | Basic Tax Articles For Bookkeepers"
Jun 09, 2024
Processing Debit Card Refunds | Learning QuickBooks
Marnie Stretch, CPB shows you a simple and effective way to handle a debit card refund in QuickBooks Desktop and QuickBooks Online.
Continue reading "Processing Debit Card Refunds | Learning QuickBooks"
Jun 09, 2024
Processing Supplier Refunds | Learning QuickBooks
How to handle a supplier refund in QuickBooks Online as well as a supplier credit. There is a link to a shortcut method that even handles sales tax simply and effectively!
Continue reading "Processing Supplier Refunds | Learning QuickBooks"
