Starting a small business from your home by providing products or services like business consulting, photography, internet sales or MLM? You are now facing tracking all the costs and revenue of your business, and you probably do not have the money to involve the accountant or accountant. If your business is a private enterprise, whether it is a Canadian-owned or an American-owned business, you will not need to submit your company financial reports (books) to the IRS (USA) or Canadian revenue. Business incomes and losses are reported as part of the annual personal income tax. For small businesses this small business will not have enough accounting software, such as Quick Books or AccPac, to track your business.
Only needed to include an accountant as part of Bizfare Enterprise Inc's 2005 insertion. My accountant insisted on using Quick Books software for business accounting. Up to now, with a simple spreadsheet template, I have been doing business accounting for over ten years. This simple accountancy accounted for multiple audits of Revenue Canada (CRA and Revenue Canada Goods and Services Tax), and Revenue Canada accepted both hardcover pillars and electronic spreadsheet versions of financial books. (BTW has introduced the controls in several ways to ask for more taxes for the last three years! This is my type check!)
It is likely that 10 to 30 account transactions will be created each month in a newly established business. such as expenditure, revenue (sales), liability (loan) type transactions and sales tax (federal + state / provincial) collection / deduction, these transactions are further broken down into different business accounts. the so-called accounts . Fixing business financial transactions (journal entries) can be done with pen and ink in a book-entry column or electronic form (MS Excel, Open Office, Star Office)
Using the electronic or printed media, you must create a simple log template Business Synoptic Journal . This Synoptic Journal format has the advantage of providing a full overview of all log entry transactions across all business accounts. Creating this synoptic page is easier than you think and does not require prior accounting or accounting knowledge.
TIP # 1: Billing items (journal entries) "Total sales of the month" and "Total parking for the month" .
identifies the different business accounts required for the Synoptic Journal?
If you are currently working for a company or government, you will be responsible for one of your staff costs. Look at the areas identified by spending – food, miles, hotel accommodations, taxis, car rentals, telephone and mobile phones, air transport, office equipment, etc. This is an excellent place for various business cost accounts to set up your business accounting books. To complete your business account, fill in your business bank account, sales, COGS (sales of goods), sales tax revenue, marketing costs, and others as needed. Each account is listed at the top of every column in the Synoptic Journal. Each row (line) will be the unique log reports you have entered. Logs are grouped and summarized for each business month; usually from January to December.
So the appearance of the Synoptic Journal would be similar to the Sample Synoptic Page http://picasaweb.google.com/carl.chesal/BookkeepingTemplate .
The column headings can be in this order (from left to right):
DATE | DESCRIPTION | BANK DEPOSITS | BANK DEROGATIONS SALES REVENUE COGS | MANUFACTURED AND SUPPORTED SALES TAX OFFICE SUPPLIES EXPENSE | EXPLANATION 2 EXPLANATION 3 ETC
TIP # 2: Unless your business is registered or LLC, you do not have to go over at the expense of opening your bank account. Generally, business accounts charge a higher monthly fee, check prints (check), and do not interest you in your monthly balance. Instead, open a separate bank account (maybe save). This will show the "taxman" to keep the deal separate from your personal banking activities. Keep in mind that you are a sole contractor and all business revenue (and loss) is directly applicable to your personal income tax (according to the IRS and the CRA).
Time and savings are very simple, you've created a simple spreadsheet for the Synoptic Journal Template, which performs all the calculations every month and wraps your 12 business months so you can easily put it into your annual personal income tax preparation. This Synoptic Journal template has debit / credit checks and balances, track sales taxes, mileage and all invoices for the whole financial year. To get this FREE billing template, you can reach Communicate Innovate. With some of the key moves to help you identify yourself, I'm happy to send you this FREE Synoptic Journal Template and all future Small Business Tips.
TIP 3: An Accounting Policy when recording a journal entry (a line using the corresponding business accounts), the FEEs and the BILLS ARE EVEN EVERYTHING. This Debit Equals Credit calculator is incorporated into the FREE Bookkeeping Template. When you have finished entering the rows (logout), check the amount of Debit Cell in the Loan Cell. If they are not equal, they did not properly match the amounts in the journal transaction. Fix the issue before entering the next log entry
You are now prepared to record your business books with simple accounting software. Happy bookkeeping! Happy sale!
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