Hello Joe, Question please: most CPA firms rely exclusively on bank statements to import transactions into accounting software. The reason is, if we scan the receipts into the accounting software, it will create numerous duplicates that we’ll have to be reconcile afterwards. Making the bookkeeping process twice as complicated and time consuming. Could you please share your own experience with the process? Thanks a lot for all the great videos.
I would only do that if the app allows you to receive a copy of it either via email or saved from a cloud backup. I read some apps will only save it locally, so if change phones then you lose them.
Hey Joe! Do you have any videos on how to set up a CRA payroll account so that my corp can begin paying me a salary? I have seen your video on the difference between salary and dividends and am going with salary because of the pros and cons you outlined!
Hi Adam - if you have a business number, you can just add a payroll program account to it. For example, if your BN is 888999111RC0001, your payroll account would be 888999111RP0001. You can give the CRA on their business line to open that account. We don't have a video on this, but have a guide on our blog: www.avalonaccounting.ca/blog/how-to-run-payroll-in-canada
I think you might be referring to GST registration. You are not required to register for GST/HST until you hit $30,000 in sales (in the preceding 4 quarters). For receipts and record-keeping, these rules apply to all businesses regardless of size. Hope this helps!
Hello Joe,
Question please: most CPA firms rely exclusively on bank statements to import transactions into accounting software. The reason is, if we scan the receipts into the accounting software, it will create numerous duplicates that we’ll have to be reconcile afterwards. Making the bookkeeping process twice as complicated and time consuming.
Could you please share your own experience with the process?
Thanks a lot for all the great videos.
I was in this scenario and was the emoloyee
Thanks for the video, one question once we scan the receipt and save it, do we have to hold on to the hard copy still? Can it be shredded or archived?
I would only do that if the app allows you to receive a copy of it either via email or saved from a cloud backup. I read some apps will only save it locally, so if change phones then you lose them.
Hey Joe! Do you have any videos on how to set up a CRA payroll account so that my corp can begin paying me a salary? I have seen your video on the difference between salary and dividends and am going with salary because of the pros and cons you outlined!
Hi Adam - if you have a business number, you can just add a payroll program account to it. For example, if your BN is 888999111RC0001, your payroll account would be 888999111RP0001. You can give the CRA on their business line to open that account. We don't have a video on this, but have a guide on our blog: www.avalonaccounting.ca/blog/how-to-run-payroll-in-canada
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So none of this applies if your business is new and makes under thirty thousand a year correct?
From my understanding, if you want to deduct any of those expenses on your tax return, yes it applies.
I think you might be referring to GST registration. You are not required to register for GST/HST until you hit $30,000 in sales (in the preceding 4 quarters). For receipts and record-keeping, these rules apply to all businesses regardless of size. Hope this helps!
If a video is longer than 2 minutes I become suicidal. Great quality graphics mic etc tho, I just sped it up