thinkQuickBooks

helping right brain professionals navigate the left brain world of accounting

Archive for the month “April, 2012”

GoPayment Canada has launched!

With the new GoPayment feature – and the iPad or iPhone – you can accept credit cards wherever you go. For swiped cards, the transaction fee is only 2.7%. There are no set-up fees, no monthly fees, no monthly minimums, and no commitments. And you don’t have to have QuickBooks (or any other software) to use it! Just an iPad or iPhone and a bank account!

They send you the coolest little card reader that attaches to the top of your phone. Have a look:

www.gopayment.ca

Android will likely be added some time in the future. I haven’t personally used this technology, but it’s had great success in the US, and it’s just plain awesome! Rates are very similar in the US, with the added option of a monthly plan:

www.gopayment.com

I’m seriously considering getting an i-something just to have the ability to use this app! Please add your comments and feedback if you use the technology.

Didn’t receive a T4 or other T-slip? YOU could be the one penalized!

Still waiting for a T4? There’s more reason to be concerned than simply not knowing the exact numbers. Read this excellent article, courtesy of CBC news.

Tough tax penalty raises fairness concerns http://soc.li/2XQekNY

How do I handle a refund to a debit card?

As usual, there are a few ways to do this in QuickBooks. But here’s a way that I discovered that works beautifully, especially if you’re in Canada and dealing with GST. You’re going to be entering a BILL CREDIT:

1. Go to enter bills. Select the radio button that says CREDIT.

2. Enter the vendor information as you normally would, including the date of the refund, a descriptive memo line, and the customer/job if applicable. Enter the amount of the refund (CREDIT AMOUNT) and use the ACCOUNT you originally used for the purchase. QuickBooks will automatically calculate the sales tax.

3. Now here’s the cool part! Under the expenses tab, go to a new line. In the ACCOUNT field, enter the BANK ACCOUNT where the refund will show up. Then, tab over and enter the total amount of the refund as a NEGATIVE number. Now click RECALCULATE, and the total in the CREDIT AMOUNT will change to ZERO. Click SAVE AND CLOSE.

4. The amount of the refund will now appear in the bank account reconciliation on the right side under DEPOSITS AND OTHER CREDITS.

Simple and effective!

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