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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 --
Jul 22, 2024
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.
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"
Jul 18, 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"
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 the 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"
Jun 09, 2024
Inventory Returns | Learning QuickBooks
How to book the inventory return of damaged goods and make them available for resale AS IS using the QuickBooks Online platform.
Jun 09, 2024
CBSA Duties and GST Payable | Learning QuickBooks
Learn how to record Canada Border Services Agency amounts due -- CBSA duties and CBSA GST -- in QuickBooks Online.
Continue reading "CBSA Duties and GST Payable | Learning QuickBooks"
Jun 08, 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"
Jun 08, 2024
Hiring Independent Contractors | Canada vs US
Hiring independent contractors requires some tax reporting. In the U.S., you must issue a 1099NEC. In Canada, a T4A or T4A-NR is issued.
Continue reading "Hiring Independent Contractors | Canada vs US"
Jun 07, 2024
Payroll Tax Deposits | 7 Steps To Meet Your Requirements
This chat discusses IRS payroll tax deposits ... and withholding requirements. To help you meet your compliance obligations, you'll also find current tax remitting and filing due dates too!
Continue reading "Payroll Tax Deposits | 7 Steps To Meet Your Requirements"
Jun 07, 2024
2024 Payroll Tax Deductions | U.S. & Canada
Payroll tax deductions are mandatory for small business owners in U.S. & Canada. What is the employer's and employee's SST rate? What are the CPP and EI rates?
Continue reading "2024 Payroll Tax Deductions | U.S. & Canada"
Jun 06, 2024
2024 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.
Jun 06, 2024
Independent Contractor Rules | The IRS Checklist
Independent contractor rules are used as an IRS checklist to determine if you have misclassified employees. Learn why this is a frequently audited area.
Continue reading "Independent Contractor Rules | The IRS Checklist"
Jun 06, 2024
Bookkeeping Certification and Training
Bookkeeping certification information for Canadian & American bookkeepers - memberships that help professionalize & increase the quality of your bookkeeping.
Jun 06, 2024
Where To Find Online Bookkeeping Courses
Where to find online bookkeeping courses and bookkeeping training ... just the bookkeeping basics for the home-based small business doing their own books ... and bookkeepers wanting certification.
Jun 05, 2024
Learn How To Use QuickBooks | Learning QuickBooks
Learning how to use QuickBooks to create & customize reports such as cheques issued, customer deposits, holdbacks will help you make sound business decisions.
Continue reading "Learn How To Use QuickBooks | Learning QuickBooks"
Jun 05, 2024
Compliance Tax Rates Index
Canadian and U.S. compliance tax rates for small business owners who work from home. Prescribed interest rates, mileage, auto allowance, EI, CPP, FICA, FUTA and more ...
Jun 04, 2024
Basic Accounting Concepts and Principles - GAAP and ASPE
Overview of the basic accounting concepts and principles around which Canadian GAAP and ASPE was developed. FRF for SMEs is a U.S. alternative to GAAP.
Continue reading "Basic Accounting Concepts and Principles - GAAP and ASPE"
Jun 04, 2024
Month-End Preparation | Before Performing Month-End Procedures
An overview of month-end preparation work before you begin month-end. These monthly procedures are for home based business owners doing their own bookkeeping.
Continue reading "Month-End Preparation | Before Performing Month-End Procedures "
Jun 04, 2024
About Adjusting Entries | Month End and Year End
What about adjusting entries used by bookkeepers and accountants when doing month end or year end procedures? Let's help you understand them.
Continue reading "About Adjusting Entries | Month End and Year End"
Jun 04, 2024
Basic Bookkeeping Entries | Accounting Journal Entry Examples
Examples of and links to basic bookkeeping entries and accounting journal entries ... for the work from home business owner who does their own books.
Continue reading "Basic Bookkeeping Entries | Accounting Journal Entry Examples"
Jun 03, 2024
Common Bookkeeping Entries - Journal Entry Examples
How to record some common bookkeeping entries requiring special treatment with examples for the home based business owner doing their own bookkeeping.
Continue reading "Common Bookkeeping Entries - Journal Entry Examples"
Jun 03, 2024
Index of Common Bookkeeping Entries
Index of basic bookkeeping entries and accounting journal entries ... for the business owner working from home who does their own books.
Jun 03, 2024
Just Starting Your Own Business?
When you are just starting your own business, the number of decisions to be made can be overwhelming. Your accounting system is just one of them.
Jun 03, 2024
Preparing A Financial Plan is Essential for the Home Based Business
Preparing a financial plan is essential for a small home based business. Without a plan, how do you know where you are going … and when you get there?
Continue reading "Preparing A Financial Plan is Essential for the Home Based Business"
Jun 03, 2024
Developing Management Skills - How to Supervise Your Bookkeeper
Developing management skills in the art of supervising your bookkeeper lets you stay in control of your money.
Continue reading "Developing Management Skills - How to Supervise Your Bookkeeper"
Jun 03, 2024
Free Accounting Training | Small Business Financial Statements
Free accounting training for home-based business owners on how to read your internal financial statements. Non-accountants only! Learn, understand, get comforta
Continue reading "Free Accounting Training | Small Business Financial Statements"
Jun 02, 2024
Reading Financial Statements-A Tool for the Home Based Business Owner
An introduction to learning how to read your financial statements and evaluate the information to uncover your business's financial health, problems, and potential outlook.
Continue reading "Reading Financial Statements-A Tool for the Home Based Business Owner"
Jun 02, 2024
Basic Cash Management | Quick Accounting Training
Basic cash management is a barometer of your business’ health. If you have cash flowing in and out of your business, you can keep the doors open for business.
Continue reading "Basic Cash Management | Quick Accounting Training "
Jun 02, 2024
Where Did All My Cash Go? | Focus On Bookkeeping
This article on how to read your cash flow statement was first published in August 2011 in The Bookkeeper's Notes. I present it here as a handy reference.
Continue reading "Where Did All My Cash Go? | Focus On Bookkeeping"
Jun 02, 2024
The Income Statement - You Want to Understand Profitability
Learn why it matters that you understand your income statement. Then discover what it reveals about your business finances. The mystery unfolds!
Continue reading "The Income Statement - You Want to Understand Profitability"
Jun 02, 2024
Confused About the Balance Sheet?
Learn why it matters that you understand your balance sheet. Then discover what it reveals about your business finances. The mystery is about to unfold!
