Mixing personal and business expenses This means using your personal accounts and credit cards to pay for business expenses or vice versa. Even if you

They are both QuickBooks, so what’s the difference? The most obvious difference between QuickBooks Online and QuickBooks Desktop is that QuickBooks Desktop is downloaded and

1. Quickbooks Online (QBO) This can be used as the central app for your companies’ books. All of your sales, expenses, assets and liabilities can

The Combination Journal, or the Combined Journal, can be used in the place of the Special Journals (Sales Journal, Purchases Journal, Cash Receipts Journal, and

Being contacted by the CRA can be intimidating. For many of us it can leave our hearts racing at the thought of what could possibly

A Balance Sheet, sometimes called a Statement of Condition, is a report comparing your business’ total Assets to its total Liabilities and total Equity. By

When setting up your QuickBooks Online account for your business, you may have noticed the option to turn the multicurrency feature on. The only reason

An Income Statement is the same as a Profit and Loss (P&L) Statement. These financial reports compare a company’s total revenue and total expenses, the

It can be frustrating when you have completed work and you have to wait for your client or customer to pay. It is even worse

A General Ledger and a General Journal sound very similar and can be easy to mix up if you are new to bookkeeping. Both are

It is inevitable that at some point in time your business will receive some type of audit from the CRA. This is because we live

A Trial Balance is a financial report which lists all the Accounts from the General Ledger at a certain point in time. Trial Balances have

If you are making enough profit in your business, a great way to give back is by donating to a charity. To encourage charitable giving,

Why transition? Cloud-Based Accounting is easy to use and allows for seamless collaboration between members of your financial team. Transitioning to the cloud allows your

You may have heard of depreciation in your personal life, particularly when discussing vehicles and how they depreciate (lose value) so quickly. In business, depreciation

A contra account is an account that has a balance opposite to what the normal balance is for its category within the Chart of Accounts.

When to hire an accountant: As you start your business you may feel the need to get advice from an accountant for things like business

In this article we talk about the five most important things to consider when choosing a new bookkeeper to join your team.

A Chart of Accounts is a list of all the business’ financial accounts as found in the General Ledger. The Chart of Accounts features both

A lot of people think bookkeepers and accountants complete the same tasks, however that is not the case. A bookkeeper records your day-to-day transactions including