How to Reimburse Yourself

How to Reimburse Yourself

If you search the web or asked a few accountants, you will probably get the idea that the easiest way to pay yourself is to reimburse yourself.  I did not mention anything about reimbursement In the How to Pay Yourself article, it is because paying yourself involves giving money to yourself for personal expenses, while […]

A Catch in QuickBook, Dividend and Retained Earnings

A Catch in QuickBook, Dividend and Retained Earnings

Quickbook claims that you do not need to close the book, it will automatically close it for you.  It is only partially true.  A lot of my clients were shocked when they see their Retained Earnings and their Dividend Paid or Owner’s Draw account from their balance sheet to be double or triple the actual amount they paid […]

Changing GST rate in Quickbook

Changing GST rate in Quickbook

Recently GST rate has once again been decreased from 6% to 5%, which is a good news for consumers.  However technically it can be a daunting task.   The changes in 2006 from 7% to 6% had generated a lot of problems with large companies and some small businesses.  Luckily most Quickbook users are running small to medium business, even […]

Separate GST from Expenses in Quickbook

Separate GST from Expenses in Quickbook

This is a very common question from Quickbook users.  Often time small business owners face the challenge of filing GST, when they realized all those time they entered transactions into Quickbook without setting up the GST account!   It doesn’t help when setting up anything in Quickbook seems to be so complicated and required studying the […]

Report Sales Taxes and Expenses in Quickbook

Report Sales Taxes and Expenses in Quickbook

Quickbook has the ability to generate an exact report as the Sales Tax form required to file your sales tax.  In this example I will use the Ontario sales tax GST.    According to your company address when you set up your company, Quickbook detemines what tax accounts to set up, what sales taxes are […]

No bookkeeping knowledge needed for Quickbook, Really?

No bookkeeping knowledge needed for Quickbook, Really?

Are you one of those small business owners who find it difficult to use Quickbook and start looking in all these Bookkeeping 101 tutorials?  A lot of new business owners purchased Quickbook for the reason that they promote “no accounting nor bookkeeping knowledge needed”.  But is it really?  In the large part I would agree with intuit […]

Mix personal and company spending – using quickbook

Mix personal and company spending – using quickbook

This is one of the most asked questions by small business quickbook users.  Most accountants or bookkeepers will refuse to answer this common question; after all they want your business.    Quickbook made it so easy for business owners to track everything and generate financial reports without any accounting knowledge. In general, the easiest way to separate personal […]