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  • Vacation Pay - confused about expense vs liability

    Looking at an Income statement for a period, under Payroll Expenses is "Wages & Salaries" along with EI and CPP employer portions. Clicking on "Wages & Salaries" here opens its General Ledger and Vacation pay amounts are not included. Do we have something…

  • Setting up accounts to show expenses and assets

    We are in the final stages of building a house that we will rent out. I have set up a project to track expenses and revenue, but not entirely sure on the accounts to use. Would I set up an expense account for appliances 5115 and an asset account 1840…

  • Recording Purchase Receipts In Sage 50

    Hello, I am working with a client that uses the business card for a lot of small purchases and provides the receipt as an expense. Meals, Transporation, Small tools/hardware. I did not want to enter these as a "payable" individually and began compiling…

  • Owner used own funds((interact) to pay for expenses Sage 50 Canadian edition

    owner used his own personal bank account to pay(interact) for some opening expenses on new business he has opened. A account that I will not be reconciling. He did this before a seperate bank account and visa were set up. This a partnership. How would…

  • sales taxes paid for small business

    Hi, I'm a new bookkeeper and asked my bookkeeping mentor about posting receipts with GST/HST amounts in Sage which require record sales taxes business paid. Do I have to record sales taxes paid by business if I don't collect them at the end of the…

  • How to enter regular internet expenses into Sage 50 Canadian

    I am an accounting/ bookkeeping newbie so please excuse the ignorance on my part. I have a small incorporation I started up in my home and currently pay about $80 a month for home internet charges which I pay personally. I would like to apportion about…

  • RE: Gift Card for customer

    As long as these gift cards are: - not for an employee, and they are - gifted in relation to doing business with an 'unrelated' person or corporation, and they are - not one of the things that CRA does not allow your business to deduct, you probably…

  • Incorporation - Paying owner

    Hi everyone, Another newbie question from a non-accounting person. I'm a one man show incorporation and I need to pay myself. In other words, since |I am not an salaried employee, take dividends from the income the corporation generates. I…

  • Managing Duties and taxes

    Hello everyone, In my business I often have to import products that I am reselling to my customers. The shipping companies I use, such as FedEx, take care of clearing the goods through customs for which they then send me an invoice that looks like…

  • NEWBIE QUESTION: Track Exchange and Rounding Differences

    Hello All, I am new to Sage 50 and I am not an accountant so please forgive me if this sounds like a stupid question. I do business in Canada but "most" (not all) of my suppliers are in the U.S., meaning I buy 99% of what I sell in USD I want…

  • Home Stager-Assets or expenses??

    I have a client who is a home stager. She just started her business and has purchased a decent inventory of furniture and accessories that she will be using in her business. Some things are bigger like tables and chairs but the majority are things like…

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