Reimbursements to Owner

Q:  Sometimes stock or one off goods are purchased on the credit card of my partner, then the money for the sale is inputted into the business account, then the amount credited on my partners account is then repaid from out account how do we account for this? A: There...

Reversing a Bill From a Locked Period

   To clear an old bill from accounts payable that shouldn’t still be there, and is dated in a Closed period, do the following:   STEP 1:    Do a journal entry to reverse them. Date the journal the 1st day of the quarter that is NOT CLOSED. The journal entry would be:...

Zero Dollar Clients in Accounts Receivable

Question: I have got two customers on the accounts receivable list that has nothing owing. I have marked both inactive and they still come up. Any suggestions? Answer: If you double click the amount in the Receivables report you will see there is an amount owing + an...

How Much Do I Put Away For GST?

HOW DO WE CALCULATE FOR GST? The GST is not just 10% of sales. Tt is 10% of sales, less 10% of the purchases you make that have GST on them. The easiest way and the way I do it for myself, is just see how much GST you end up paying this first quarter, and divide it by...