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I have posted an article about How to Pay Yourself about a year ago during peak business fiscal year end, and this year I have been having getting feedbackand questions on how to reimburse yourself. If you search the web or asked a few accountants, you will probably get the idea that the easiest way [...]
On one hand, electronic records save a lot of trees; on the other hand, it gives a lot of people headache on record keeping. Not surprisingly, not too many people know that simply printing the record of an electronic purchase or e-invoice is not enough. According to CCRA regulation as off 2007, the electronic copy [...]
This method is the most popular request by business owners. This is because business categories make more sense to business owners and executives. For example, it is generally understood that Automobile expenses will include lease costs, parking, fuel, auto insurance, car licensing fee, and maintenance. It is general not so clear when you refer to [...]
Most professional bookkeepers who do journal entries in a daily basis like to use this method. As the date close, sales receipts, deposit slips and all the other paper received for the date will be recorded into the correct journals, and each paper will be marked with a reference number in the order of entry. [...]
The first and foremost important task in bookkeeping is keep paper trail. You need to be able to retrieve a piece of receipt, customer order, and easily find out when and where you purchased what, in a fast and efficient way. So organizing your file system is important, but often post challenges to new bookkeepers [...]
Most people understand debit and credit in their bank checking account. Simply credit means you have more money in your bank account, and debit is less. In accounting, this credit and debit is a totally different animal. If you want to learn bookkeeping, you need to forget about traditional concept of credit and debit. [...]
Last time I talked about how to do journal entry if you mix your personal and company spending. Today I am going to tell you how you should separate personal and company spending. 1. Put yourself in payroll If any of your family members also work on the business, put them to payroll as well. [...]
Wow, first buzz word! After reading all these articles in the bookkeeping beginner session, you should be able to throw some buzz words when you meet with your investors, business partners and accountants. A simple definition of Chart of account: It is a list of categories you decide to keep track of, and each of [...]
If you are asking this question, I am guessing you are either considering going into the accounting or related career, or you are a business owner or in management. Most people, especially new business owners, have a misconception that bookkeeping is to sort and organize your receipts, so at year end you can just add [...]
This is one of the most popular questions from small business owners. Most of them won’t be able to find the answer other than “you are not suppose to do that, try separate them”. Honestly, how many times do you need to make a purchase for the business, when all you have is a personal [...]
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