Bookkeeping For Canadians For Dummies

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John Wiley & Sons, Nov 25, 2010 - Business & Economics - 384 pages

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


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Table of Contents
Basic Bookkeeping Why You Need
Recognizing the Importance of an Accurate
Handling payroll
Getting a Business Number BN
Getting Down to Bookkeeping Basics
Pedalling through the Accounting Cycle
Recording by using accrual
Ledgers A OneStop Summary of Your
Adjusting Entries and Accrual Accounting
Keeping Journals
Managing Sales Like a
Dealing with Transactions that Dont
Dealing with Sales Taxes
Setting Up Your Computerized Books
Controlling Your Books Your Records

Differentiating Debits and Credits
Tackling assets
Laying out your liabilities
Setting Up Your Chart of Accounts
Protecting Your Business Against Internal
Balancing control costs
Buying and Tracking Your Purchases

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About the author (2010)

Lita Epstein, MBA, designs and teaches online courses in investing, finance, and taxes. She is the co-author of Reading Financial Reports For Dummies.

CÚcile Laurin teaches at Algonquin College and is the co-author of Accounting For Canadians For Dummies.

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