Entrepreneurship & Small Business

Ask me questions about bookkeeping/ Quickbooks Online

  • Last Updated:
  • May 12th, 2022 2:40 pm
[OP]
Sr. Member
Feb 23, 2005
954 posts
72 upvotes

Ask me questions about bookkeeping/ Quickbooks Online

Hi RFD, I'm a Professional Accountant with over 15 years of experience, and I have an accounting practice in Richmond Hill, Ontario. We serve clients that utilize cloud-based accounting software (including those that are interested in making the switch).

RFD has provided me with lots of help on a lot of topics and deals on shopping over the years, I would like to return the favor on what I do best: accounting/bookkeeping. I'm happy to provide help to small business owners who need help with bookkeeping/journal entries and for those using Quickbooks Online. Feel free to post your questions here.

I will not answer any taxation related questions here, as all facts needs to be gathered (difficult to do so here) before a conclusion can be made. Feel free to PM me for tax questions, I may or may not answer them depending on how complex they are.


Joseph Kwan, CPA, CA, CPA (IL), Licensed Public Accountant
12 replies
Jr. Member
Nov 2, 2017
190 posts
21 upvotes
Good Morning Joseph,

It is very kind of you to offer this service, thank you so much for your time.

I am interested in getting an entry level bookkeeping job.

I am able to prepare and pay pay cheques on Quickbooks based on the Employee Information provided.

Would this be sufficient in an entry level bookkeeping job?

How much experience does one need to be a "full cycle" bookkeeper?

Thank you.
Sr. Member
User avatar
Mar 7, 2011
684 posts
1007 upvotes
We are in process of starting a small business. Most of our employees will be registered as self-employeed and carry their own insurance (medical field). Which software do you recommend for running the bi-weekly paychecks and also keeping track of all expenses and receipts so it's easier when it's time to file taxes.
Deal Fanatic
Jan 21, 2018
7547 posts
8123 upvotes
Vancouver
yashgandhi wrote: We are in process of starting a small business. Most of our employees will be registered as self-employeed and carry their own insurance (medical field). Which software do you recommend for running the bi-weekly paychecks and also keeping track of all expenses and receipts so it's easier when it's time to file taxes.
There's a lot of advantage to consolidating all accounting in one package, which is part of the Quickbooks value proposition. But you might want to check out alternatives in some specific areas, like Payment Evolution for payroll.

Also you and your employees are missing out on a big tax advantage with medical insurance if you don't have a PHSP.
Member
Sep 12, 2013
259 posts
155 upvotes
Mississauga
I’m interested to hear about Comparison with Waveapps or similar.
No payroll component. Really a straight bookkeeping, customer management, sending invoices.

Thx
Deal Addict
Dec 6, 2012
1685 posts
855 upvotes
Regina
When I remit my PST and GST they come under as an expense in QuickBooks online which in reality it is not an expense. What category would I file these under? Thanks
Looking to buy Epson HT2150ST
Sr. Member
Nov 23, 2001
727 posts
206 upvotes
waloshin wrote: When I remit my PST and GST they come under as an expense in QuickBooks online which in reality it is not an expense. What category would I file these under? Thanks
I had the same question for my accountant. You have to use the taxes report and it will find it and categorize it correctly. In my case, since I was using the quick method, I couldn't do that. Quickbook doesn't support it. Still waiting to book a session with accountant do they can show me how to manually adjust it.
[OP]
Sr. Member
Feb 23, 2005
954 posts
72 upvotes
waloshin wrote: When I remit my PST and GST they come under as an expense in QuickBooks online which in reality it is not an expense. What category would I file these under? Thanks
You have to go to taxes -> choose the return the payment is for -> record payment

Then you can head back to banking, and match the bank withdrawal amount with the tax payment.
[OP]
Sr. Member
Feb 23, 2005
954 posts
72 upvotes
Dark wrote: I had the same question for my accountant. You have to use the taxes report and it will find it and categorize it correctly. In my case, since I was using the quick method, I couldn't do that. Quickbook doesn't support it. Still waiting to book a session with accountant do they can show me how to manually adjust it.
You need to adjust the HST collected amount when you are preparing the HST return in QBO under taxes -> sales taxes. Adjust line 103 and record the adjustment to account "other income", set up this account if it hasn't been set up already.
Sr. Member
Nov 23, 2001
727 posts
206 upvotes
jkwan18 wrote: You need to adjust the HST collected amount when you are preparing the HST return in QBO under taxes -> sales taxes. Adjust line 103 and record the adjustment to account "other income", set up this account if it hasn't been set up already.
Thanks for the guidance. I will give it a shot.
Newbie
Apr 21, 2020
26 posts
11 upvotes
I have the same question, would love to know this
winjones wrote: I’m interested to hear about Comparison with Waveapps or similar.
No payroll component. Really a straight bookkeeping, customer management, sending invoices.

Thx
Deal Addict
Dec 6, 2012
1685 posts
855 upvotes
Regina
jkwan18 wrote: You have to go to taxes -> choose the return the payment is for -> record payment

Then you can head back to banking, and match the bank withdrawal amount with the tax payment.
Thank you
Looking to buy Epson HT2150ST
Deal Addict
Dec 6, 2012
1685 posts
855 upvotes
Regina
jkwan18 wrote: You have to go to taxes -> choose the return the payment is for -> record payment

Then you can head back to banking, and match the bank withdrawal amount with the tax payment.
I already filed these for last year and last quarter is there anyway to fix this now as in moving it from an expense to a tax?
Looking to buy Epson HT2150ST

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