helping right brain professionals navigate the left brain world of accounting
I'm in a GST only province, so I'm going to set this up with the 5% GST in mind. You can easily modify this to work in different provinces by adjusting the percentages. Here’s how to set this up. We’re going to add two new tax rates, then a new tax group.
The CRA has issued a news release for those people affected by the recent fires in Alberta. I called the CRA this afternoon to get a bit more information for one of my customers who has lost her home in Fort McMurray. I found out that the CRA has set up a Fort McMurray help… Continue reading CRA info for businesses and individuals affected by the Fort McMurray and north-east fires
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… Continue reading How do I enter the Small Business Job Credit refund into QuickBooks or QBO?
THE PROBLEM: I wrote a bonus paycheque using QBO Payroll and the calculations are wrong. A NOTE: Intuit payroll engineers are aware of this issue and are working on a resolution. THE SCENARIO: It’s December, a time for staff parties, office treats, and hopefully… bonuses! Today I sat down to issue one such paycheque in… Continue reading Holiday bonus? What you must know if you’re issuing bonus cheques using QBO Payroll.
The R6 update for QuickBooks 2013 is now available for Canadian versions of QuickBooks. If you've selected the option for AUTOMATIC UPDATE*, you should be prompted to install the update when you open the program. If not, you can go to HELP > UPDATE QUICKBOOKS > UPDATE NOW and select GET UPDATES. The other option… Continue reading Holy Colour, Batman! QuickBooks 2013 R6 update released in Canada
When you use the FILE SALES TAX feature of QuickBooks and your from and to dates don't coincide with your actual filing dates, you haven't indicated the correct date range. It's fairly simple to manually change the date range for the period that you're filing, but you can set this up so that the correct date… Continue reading How do I get the correct date range to show when “Filing Sales Tax?”
Great question. And it has a very simple solution! Go to Enter Bills > Select Vendor > Fill out top portion as usual > Choose expense account (I use the one associated with the original transaction) and use G for tax code > Enter $0 for the amount > Enter the amount of the GST… Continue reading I received a bill for GST only. How do I enter it?
You're a small business owner, and you've just sent your QuickBooks data file off to your accountant to complete your tax return for the year ended June 30, 2012. For the next 12 months, your staff unknowingly make changes prior to that date - they delete a few invoices, add a few receipts, add a… Continue reading Why you MUST set a closing date in QuickBooks!
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