Blog

In our post last week, we provided the information on how to record your transactions for #GST. Now in our last step, we'll run through reports and filing your taxes. In your Cloud Accounting software, there is a section/module for Taxes. This should have been setup already in previous steps. When you run a report for the correct filing period, double check your revenue and most importantly, your Input Tax Credits (ITC's). Hundreds of dollars are missed each reporting period

In our post last week, we provided the information to setup your new GST number in your cloud accounting platform. We prefer #Quickbooks of course! Now in Step 3, record your transactions (sales and expenses) with #GST. When creating a sales invoice to customers, ensure your tax feature is turned on and the field is available for you to select. You know your business best, so choose GST for all applicable product or service sales. When entering an expense, ensure that you hav

In our post last week, we provided the information and links to register for a GST number with #CRA. Now in Step 2 after you have registered, you can setup your books appropriately. We suggest utilizing cloud based accounting software such as Quickbooks (especially as we are self-professed technology obsessed Quickbooks Pro-Advisors!). There are many other options to you for cloud accounting, so choose a platform that you are comfortable with, and one that fits your budget. O

Last month we posted some tips on GST, and since it is such a popular topic, we thought it was time to start a new series - Hot Topics! We are going to build off last month's post and continue along with #GST this month. Let's jump right in! The first piece of the elusive GST puzzle is to register for a GST number. This is the easiest step in the process and the results will be two-fold. You will have a Business Number (if you didn't already), plus your GST number. At the sa

Once you have registered for a GST number with CRA and know what your assigned reporting schedule will be, we recommend utilizing cloud based accounting software such as Quickbooks to record your monthly sales & expenses transactions. Run your reports per the schedule and file through your MyCRA Business Account or GST Netfile. And as always, we are here to help! Contact us with your questions. #bigrose #bookkeeping #entrepreneur #GST #smallbusiness