Small Business Accounting using QuickBooks session 2

SMALLBUSINESSACCOUNTING
USINGQUICKBOOKS
Session2
PresentedbyPeggySeville
PowerOFFICESoftwareSystemsInc.

Overview–Session1
_________________________________________________________________________
QuickbooksOnlineorDesktop
SetupQuickbooks
Sales&Payments
Vendors&Bills
DebitCard&CreditCard
Purchases

Overview–Session2
_________________________________________________________________________
TypesofExpenses
Banking&Reconciling
StrategiestoSaveforHST&Income
Tax
HSTReporting
Reporting

Meals&Entertainment
_________________________________________________________________________
$15.10x13/113=$1.74HST
$1.74x50%=$0.87
TotalExpense=$17.36-$0.87
=$16.49
HST=$0.87

VehicleExpenses
_________________________________________________________________________
DirectMethod:
%BusinessUsexFuel,Insurance,R&M,
Depreciation
SimplifiedMethod:
#kmsdrivenforbusinessxmileagerate
2015-$0.55/kmfirst5,000kms
$0.49/kmafter

HomeOfficeExpenses
_________________________________________________________________________
Squarefootageofyouroffice
Dividedby
Squarefootageofyourhome
=%businessuse
Claim%businessusexexpense&HST

QUIZ!______________________________________________________________________________________________
_______
Whatisusedtorecordaninteracdebitpurchasefromyourbank?
WRITECHEQUES
WhatkindofanaccountdoyouneedtosetuptorecordVisaor
Mastercardpurchases?
CREDITCARDACCOUNT
Wheredoyoufindtransactionsyouhavememorized?
LISTS/MEMORIZEDTRANSACTIONLIST
HowmuchHSTcanyouclaimonMeals&Entertainment?
50%

MOREQUIZ!______________________________________________________________________________________________
_______
Whatmethodoftrackingvehicleexpensesclaimsthebusiness
portionoffuel,insurance,andrepairs?
DIRECTMETHOD
Whatmethodoftrackingvehicleexpensesclaimsthe#of
businesskmsdrivenxmileagerate?
SIMPLIFIEDMETHOD
Howdoyoucalculatethebusinessuseofhome%?
SQUAREFT.OFFICE/SQUAREFT.HOME
Youpayfornextyear’sinsurance.Whatkindofexpenseisthis
called?
PREPAIDEXPENSE

SavingforHST
_________________________________________________________________________
Setupaseparatebankaccounttosetaside
moneyforHSTandTaxes
Determinenet%HSTyounormallyoweie.10%
Whenyoudeposit,transfer10%intoSavings
Ie.Invoiced$10,000,HSTis$1,300
ITCsare$300,NET$1,000

SavingforTAX
_________________________________________________________________________
Useyourpastincometaxreturnasaguide
Assumingnomajorchanges
Dividenettaxpaidbygrossincome
Ie.GrossIncome$100,000
Paid$15,000intax
Setaside15%fortax

YUP-QUIZ!______________________________________________________________________________________________
_______
Whatdoyouusetorecordmovingmoneyfromonebankaccount
toanother?
TRANSFERFUNDS
Whatdoyouusetocheckthatalldepositsandpaymentsare
postedtoyourbankaccount?
BANKING/RECONCILE
Whatkindofaccountispettycashsetupas?
BANKACCOUNT
Whatreportwouldyouruntoseehowmuchnetincomeyoumade
fromacustomer?
REPORTS/COMPANY&FINANCIAL/
PROFIT&LOSSBYCUSTOMER

QUIZ______________________________________________________________________________________________
_______
WhatreportwouldyouruntofileyourHST?
SALESTAX/TAXAGENCYREPORT
Whatreportwouldyoulookattoseenetincomebrokendownby
businesssegmentorproject?
REPORTS/COMPANY&FINANCIAL/
PROFIT&LOSSBYCLASS
Howwouldyoujustshowoneclass?
CUSTOMIZEREPORT/FILTERS/CLASS
Howdoperformanadvancedsearchfortransactions?
EDIT/FIND/ADVANCED

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