Author : Lita Epstein
Publisher : John Wiley & Sons
Page : 428 pages
File Size : 34,76 MB
Release : 2010-11-25
Category : Business & Economics
ISBN : 0470677376
Book Description
Manage your own finances to save money and grow your business! If you're a small business owner who manages your own finances, Bookkeeping For Canadians For Dummies is for you. This friendly guide covers all the basics of bookkeeping in Canada – from recording transactions to producing balance sheets and year-end reports. With detailed information on how to manage your company's payroll and collect and remit taxes, this book offers the easy way to keep track of your business's financial well-being. Get started with the basics – understand the accounting cycle, figure out double-entry bookkeeping, and learn how to differentiate debits and credits Set up and use journals – keep track of incoming and outgoing cash, post journal information in the General Ledger, and simplify everything with computer software Protect your business – put controls on your company's cash, create a paper or electronic filing system, and safeguard your business from financial fraud Keep track of inventory – stay on top of your business's purchases, determine which cost formula works for you, and pay your bills accurately and on time Manage employee payroll – collect EI, CPP/QPP, and federal and provincial income taxes, explore benefit options, and factor in commissions and gratuities Prepare the books for year-end – investigate how to verify your business's cash, depreciate assets, and adjust the books Open the book and find: How to keep track of transactions The top software packages and how to make them work for you What records to keep and for how long Whether or not to offer credit and how to record it How to record sales, returns, and allowances What you can and can't depreciate How to calculate interest and handle interest income and expenses Everything you need to know about collecting GST/HST