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Archive for the month “March, 2016”

Vote For the Top 100 ProAdvisors of 2016

Customers, friends, and fellow bookkeepers, it’s that time again! I need your vote to become an Insightful Accountant Top 100 ProAdvisor for 2016. It’s one vote per person, and filling out the entire survey is optional. What’s required is your first name, last name, email, and a check-mark next to my name (alphabetical by last name, look for Marnie Stretch, I’m a ways down).

Voting is only one part of the process, so it’s not strictly a popularity contest (thank goodness!). It’s based on several other criteria including certifications, social media presence, relationships with third-party apps, and more.

I love helping people become knowledgeable in QuickBooks and business finances. And hopefully, I’ve helped you somewhere along the line, so you won’t mind taking a moment to cast a vote in my favor!

Thanks in advance, it would great to have this honor three years in a row.

VOTE HERE

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How do I enter the Small Business Job Credit refund into QuickBooks or QBO?

This week, I’ve been noticing that the Job Credits for Small Business have been appearing in many of my customers’ CRA online accounts. I haven’t seen any refund cheques or deposits yet, but those should be starting to roll in soon.

You might remember the Hiring Credit for Small Business (HCSB) that was around for several years and ended in 2013. This is similar. One notable different is that the CRA will be sending out the refunds rather than having small businesses apply the credits to an upcoming payment.

What’s the Small Business Job Credit?

The Small Business Job Credit will effectively lower small businesses’ Employment Insurance (EI) premiums from the current legislated rate of $1.88 to $1.60 per $100 of insurable earnings in 2015 and 2016. Any firm that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit. Almost 90% of all EI premium-paying businesses in Canada will receive the credit, reducing their EI payroll taxes by nearly 15%.

Source: http://www.fin.gc.ca/n14/14-120-eng.asp

How will I get the credit?

No action necessary. The Canada Revenue Agency will automatically calculate the credit, meaning no paperwork for you.

The credit will not be carried forward. You will receive a refund by direct deposit (if you’ve signed up for it) or mailed cheque less any outstanding amounts on your account.

This credit can be entered as income or as a reduction in your EI expense.

How do I enter this into QuickBooks?

Banking > Make Deposits

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How do I enter this into QBO?

Plus Sign > Bank Deposit

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For more information about the Small Business Job Credit, check out http://www.cra-arc.gc.ca/whtsnw/tms/sbjc-eng.html

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