A GST/HST return is the return every GST/HST registrant files with the Canada Revenue Agency to report the GST/HST collected from customers, claim input tax credits on business purchases, and settle the difference. You must file one for every reporting period — even when you had no sales. This guide
The accounts payable process is the workflow a business uses to receive, review, record, approve and pay the money it owes to suppliers and other vendors. For a new bookkeeper, accounts payable can seem like a simple job: receive an invoice and pay it. In practice, there are several important
Adjusting journal entries are accounting entries made near the end of an accounting period to update accounts before financial statements are prepared. They help ensure that revenue and expenses are recorded in the correct period, even when cash has not yet been received or paid. They are also used when
Chart of accounts is one of the first building blocks of an organized bookkeeping system. It gives every financial transaction a logical place to go, helping bookkeepers record income, expenses, assets, liabilities and other business activity consistently. If you are new to bookkeeping, the term may sound technical. In reality,
