By Lita Epstein
Bookkeeping For Canadians For Dummies comprises details on maintaining a tally of transactions, knowing stability sheets, and retaining ledgers or journals. It covers tips to create monetary statements and in addition exhibits find out how to function bills for businesses. Small company vendors and staff will locate that Bookkeeping For Canadians For Dummies additionally contains proper, updated tax information. additionally, the e-book teaches the best way to realize the assets and liabilities to the enterprise.
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Extra resources for Bookkeeping For Canadians For Dummies (For Dummies (Business & Personal Finance))
If you choose to use cash-basis accounting, don’t panic: You can still find most of the bookkeeping information in here useful, but you don’t need to maintain some of the accounts we list, such as Accounts Receivable and Accounts Payable, because you don’t record transactions until cash actually changes hands. If you’re using a cash-basis accounting system and sell things on credit, though, you need to have a way to track what people owe you — particularly for tax-reporting purposes. Chapter 2: Getting Down to Bookkeeping Basics Recording by using accrual accounting With accrual accounting, you record all transactions in the books when those transactions occur, even if no cash changes hands.
Financial Statements Figure 2-1: The accounting cycle. 3. Posting 6. Adjusting Journal Entries 4. Trial Balance 5. Worksheet Here’s a breakdown of each step in this cycle: 1. Transactions: Financial transactions start the process. Transactions can include the sale or return of a product, the purchase of supplies for business activities, or any other financial activity that involves the exchange of the business’s assets, the establishment or payoff of a debt, or the deposit from or payout of money to the business’s owners.
In Chapter 17, we explain common adjustments that you may need to make while you prove out your books at the end of an accounting period, and we also explain how to make the necessary corrections. Finally Showing Off Your Financial Success Proving out your books and ensuring their balance means you finally get to show what your business has accomplished financially by developing reports to present to others. It’s almost like putting your business on a stage and taking a bow — well . . at least, you hope you’ve done well enough to take a bow.