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Bookkeeping Office in Kelowna, BC - Canada

Small business accounting topics and discussions related to Simply Accounting Software

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Accounting Concepts

Posted By on December 3, 2010

To find out basic and simple concepts on accounting, take a look at Accounting 101.pdf located at the buttom of the main page of https://www.accompservices.ca below the heading of “Are you starting a business and need a free Bookkeeping and Accounting Tutorial”. It is a link that you can click on it to view it or right click and save it for reading in your pleasure time.

It can also be found in the left side of the main web site underneath the What’s New Heading.

On December 3, 2010 we moved our comments to WordPress and summarized as below:
Comment from: Abacus [Member]
There is a bookkeeping tips and tricks on different part of our web site. If you are looking for certain information, leave a line for me at info@accompservices.ca

12/16/09 @ 08:25
Comment from: Ears [Member]
Any Bookkeeping Taining, or something to get people ready before diving into Simply Accounting?

12/16/09 @ 08:46
Comment from: Abacus [Member]
To learn Simply Accounting program, I like to emphasize on proper bookkeeping skills and knowledge. What I am trying to say is that by learning Bookkeeping techniques, you would prepare yourself to learn Simply Accounting Software, much easier.

You may want to check out:

http://www.accompservices.ca/business_information.htm

12/16/09 @ 09:29
Comment from: Abacus [Member]
Free Bookkeeping Tutorial is here:

http://www.accompservices.ca/Accounting%20101.pdf

Business/Government related forms are in the mail page at:

http://www.accompservices.ca

look at the left hand side under What’s New heading. You see T2125 Business Activity Form, etc.

12/16/09 @ 09:33
Comment from: Ears [Member]
Twitter and Bookkeeping! Any hints?

12/16/09 @ 09:40
Comment from: Abacus [Member]
Not sure how Twitter might help our blogs!? Let me look into it.

12/16/09 @ 09:56
Comment from: Ray [Visitor]
At the bottom of your home page (http://www.accompservices.ca) there is an Opt-in form with a blue heading of “Subscribe”. It says upon sign up, you’ll get “Free Bookkeeping Tips and Video Tutorials”. Can someone tell me what topics the video clips talk about?

12/31/09 @ 12:52
Comment from: Ray [Visitor]
I forgot to ask:
Has anybody tried those free video clips? Are they any good?
Ray
12/31/09 @ 12:55
Comment from: NK [Member]
Hi Ray
There are 4 topics that the video clips talk about.
No1. Secret in saving time an money.
No2. Secret in business use of home expense.
No3. Secret in claiming vehicle expenses
No4. Secret in income tax preparation.

The videos are very informative. It gives a good idea 0f
what deductions are available at tax time and how to keep your books
and records to save money.
NK
01/05/10 @ 19:24
Comment from: Abacus [Member]
Often my bookkeeping clients ask me, “how should I organize my receipts?”
There are several ways to organize receipts for home or for your business, I will show you the easiest way and it works well for my clients.
1-When you purchase as item, circle 2 things on the receipt, the date and method of payment. to stop the guessing game for yourself and your bookkeeper, write a little blurb of what the purchase was for.
2-In your filing cabinet label folders to match the method of payment. Eg: the folders will read, visa, mastercard, cheque, etc. When you receive your monthly statements in the mail, match each receipt to its own statement.
I recently discovered an online way of organizing receipts and it’s made my life a lot easier.

http://www.accountingfordummies.net/organizing-your-receipts

07/10/10 @ 11:11

General Canadian Income Tax Topics

Posted By on December 3, 2010

Comment from: nk [Visitor]
Filing income tax deadline
The deadline for filing your Canadian income tax return is midnight April 30. If you were self-employed you have until June 30 to file your income tax but if you have a balance due it must still be paid by April 30. Now you probably are asking, “how do I know how much I owe” Well, it is easy, make an instalment payment of an approximate amount by April 30 and the balance by June30.

12/27/09 @ 16:44
Comment from: Jay [Visitor]
I was reading your comment of “Filing Income Tax Deadline”. What do you mean by “… make an instalment payment of an approximate amount ….”. Basically, I am not sure what is meant by “instalment”

Thanks,
Jay
12/27/09 @ 17:04
Comment from: nk [Visitor]
Hi Jay
When a person is employed they remit income tax from their wages. When they are self-employed, they are responsible to make that tax instalment every month,quarter, or yearly. If you now your income is high enough to generate income tax than you are responsible to pay that income tax by April 30.
12/29/09 @ 09:32
Comment from: NK [Member]
Get your refund faster by filing electronically. You can Netfile, E-file or Telefile. If you choose to Netfile you must have an access code from CRA (Canada Revenue Agency) if you don’t call CRA at 1-800-959-8281. If you choose to E-file the tax office will be registered with CRA and they will have their own access code. If you choose to Telefile simply follow the instructions via telephone.
12/29/09 @ 09:35
Comment from: Jay [Visitor]
I am trying to understand what you mean by:
“..If you choose to E-file the tax office will be registered with CRA and they will have their own access code.”

Jay
12/30/09 @ 09:18
Comment from: NK [Member]
HI Jay
What I meant is, each individual person has an access code with CRA. And each tax firm ex: H&R Block, have there own access code with CRA.
At tax time, if you are netfiling, you need to use your individual access code.
If you are Efiling, The firm, ex: H&R Block, will use their own access code.
for more information go to www.accompservices.ca, at the bottom of the home page you can sign up and we’ll send you series of tutorials and one of them will cover income tax.
nk

12/31/09 @ 09:58
Comment from: NK [Member]
If you are self-employed and registered as sole proprietorship, don’t forget to write off a portion of your vehicle expenses and a portion of your home office expense. For claiming business use of home expense you will need your household utility bills, mortgage interest, or rent paid, house insurance, and property taxes.
To claim vehicle expense you need, the total km driven in tax year and the total km driven to earn income. You also need your gas receipts, insurance, repair and maintenance costs, lease payments if you are leasing or interest on loan if you took out a loan for your vehicle. Keep a log book of where you drove and what customers you met.

03/05/10 @ 16:10
Comment from: Kelowna Bookkeeper [Member]
If you are a shareholder of a company and you make an investment into the company. Make sure the company doesn’t repay your investment more than the original amount.
Eg: if your investment is $50,000. the company should pay you back the same amount.
If you received $60,000. for your investment the extra $10,000. can become taxable income to you and be reported on your personal income tax. If you find yourself in that situation, talk to your accountant for the best way to handle that.
nk

03/12/10 @ 12:51
Comment from: NK [Member]
Why it is good to contribute every year and keep your money in RRSP.
Contributing to an RRSP is one way of reducing your annual income tax bill. For example: Say your marginal tax rate is 40%, $10,000 is sufficient to contribute to your RRSP plan and it is fully deductible from your income and reducing your taxes by up to $4,000. Plus every dollar investment income earned inside your RRSP is tax-deferred as long as it stays in the plan.
nk
08/20/10 @ 14:57
Comment from: NK [Member]
Hire family and save EI
Many small business owners know the tax benefits of paying wages to family members. However, they often forget the rules concerning employment insurance premiums (EI) on those wages. In many cases, family members would not be eligible to collect EI if they lost thei9r jobs. If they can’t collect, why pay the EI premiums? This can mean thousands of dollars in savings yearly.
NK
08/20/10 @ 15:18

Small Business Story

Posted By on December 3, 2010

These comments was transferred from b2evolution to WordPress on Dec 3, 2010.
When my position with Okanagan Restoration came to an end due to management changes and company restructure, my dreams of working through to early retirement were dashed.
With my job gone, I had no reason to ignore the opportunity fate offered me. I took the skills I had developed in the accounting field and decided to open my bookkeeping office in February of 2000.
Coming from a large family of entrepreneurs, I took my spirit with my career experience and life skills to build my own business.
My life has changed for the better. I have learned to trust myself, and my confidence in being able to make good decisions has grown. I truly enjoy being able to set my own schedule for work and family life.
Nooshin of Kelowna BC Canada
03/12/10 @ 09:57
Comment from: Kelowna Bookkeeper [Member]
There are thousands of women who have started their own businesses. While there are many reasons for becoming self-employed, most women agree that running your own business can be a life-changing experience.
NK
03/12/10 @ 10:00
Comment from: Kelowna Bookkeeper [Member]
Creating a support team for yourself
If you are like me, you want to be in business for yourself but not by yourself. Building a business can get lonely. A strong circle of support allows you to tap into the wisdom of others. Friends and advisors will be your most valuable assets, providing encouragement, feedback, contacts, and advice. For me I joined a local networking group.
NK

03/12/10 @ 10:08
Comment from: Kelowna Bookkeeper [Member]
Shift your mindset.
When I started my business I wore many hats. Than I realized if I plan to create a business that has value or can be taken over by someone else, than the business need to be able to function without me. When you decide that you are moving from doing to managing, you will need systems, processes, or operations manual – tools for running the business that will allow others to work for you. You may have to train, supervise and trust others to become de-ers on your behalf. This was a hard step for me, but after a while I began to concentrate on how to grow my clientele and get better prices for my product.
NK

03/12/10 @ 10:19
Comment from: Kelowna Bookkeeper [Member]
Create Balance.
There are a few changes that can be made to create balance. Start by crating a separate environment, especially if you are working from home or sharing a computer with the rest of the family. Invest in your own computer and set up an office for yourself.
Set boundaries and explain the rules concerning your work time to friends and family.
Be firm with yourself; plan to do housework at specific times outside your business hours. Don’t grab a minute to do the wash because you don’t have a client lined up, spend that time finding a new client. Protect your downtime.
I am telling you this because it happened to me and I ended up getting an office space in town. It was a good move for me.
NK

03/12/10 @ 10:34
Comment from: NK [Member]
Owning your own business.
I think small business is the backbone of the Canadian economy. We create more than 300,000 new jobs each year for Canadians. Many of us dream of owning our own business and one in six Canadian owns his or her own business.
In fact 52 out of 100 businesses are owned or co-owned by women.

nk
03/26/10 @ 11:57
Comment from: NK [Member]
Your Team.
Networking is an important activity for small business owners. Because you sometimes work in isolation, be sure to set up a network of people in business. How? Attend meetings, conventions, seminars. Hand out your business card to everyone you meet. Tell people what you do.
I attend a networking group once a week. There are 40 of us and we each have different businesses. Just knowing each other gives us the confidence to refer one another to potential customers.
My business has grown because of that.
nk
03/26/10 @ 12:22
Comment from: NK [Member]
Five start-up tips.
1- Drive, dedication and commitment are important qualities to make your business succeed.
2- Know your business by doing your research. No business fails because the owner knows too much.
3- Know your market.
4- creat a business plan.
5- meet your banker. Even if you don’t need to borrow money now, your relationship with your banker can be important.
nk
03/26/10 @ 13:37
Comment from: NK [Member]
Employees are the backbone of our economy. You get more bang for your buck for rewarding an employee even if their ideas don’t pan out. Employees look to employers for support, listen to their ideas and suggestions and allow them to exercise some of their reactivity. By making the employee feel like being a part of a team, it will transfer to customer service. The employee would take pride in their work and that positive energy will be released to the customers. If you want repeat customers, take a look at how your employees are being treated. Other accounting topics can be found at:

http://www.accountingfordummies.net

nk

08/06/10 @ 15:29