BVA Blog

November 2015 - Bookkeeping Tips and Guidelines

Friday, November 27, 2015

Bookkeeping Tips

Here are some bookkeeping tips along with a list of information to provide to our bookkeeping department to receive accurate monthly/quarterly or annual bookkeeping in a timely matter.

  • If you are new to our bookkeeping department you will be required to sign a copy of our Bookkeeping Engagement letter (available from our administrative staff). This gives Burns Valkenburg & Associates permission to have access to your bookkeeping information to prepare your financial statements.
  • Next you will need to sign a RC-59 form provided by Canada Revenue Agency (also available from our administrative staff). This authorizes Burns Valkenburg & Associates to contact Canada Revenue Agency on your behalf regarding your Corporate Tax (RC account), GST (RT account) and Payroll (RP account) accounts.


What Information Do I Need to Provide For Bookkeeping?

When you are compiling your information for our bookkeeping department please include the following:

Bank statements

  • Please include statements for the entire time frame of your bookkeeping period for each bank account you hold. These could be printed by you if you have online banking access. If you have provided us with online access to printing your accounts, we could print these.
  • Returned cheque images or cheque stubs. These could also be printed by whoever has online banking access
  • Deposit slips with backup (Cheque stubs, invoices, sales receipts, surface lease income)
  • Purchase invoices (indicate if they are personal or business expenses)
  • Donations Receipts


Credit Card Statements

  • Please make sure you have statements for the entire time frame of your bookkeeping period for each credit card number you hold. These could be printed by you if you have online access.
  • Purchase invoices (indicate if they are personal or business expenses)
  • Donation Receipts


Loan/Lease Statements

  • Please provide statements for the entire time frame of your bookkeeping period for each loan/lease you hold. These may be printed by you if you have online access.
  • New loan/lease information
  • New loan/lease agreements
  • Finance Contracts


Vendor Statements (Charge Accounts e.g. Medicine Hat Co-op, UFA, GMAC)

  • Please make sure you have statements for the entire time frame of your bookkeeping period for each Vendor
  • Purchase invoices (indicate if they are personal or business expenses)


Capital Assets (e.g. land, buildings, vehicles and equipment)

  • Purchase receipts
  • Sales receipts


Cash Purchases

  • Any business related receipts for purchases or expenses paid for with personal funds (not shown on your statements provided)


Government Correspondence

  • Provincial Income Tax Notice of Assessments
  • CRA Corporate Tax (RC) Notice of Assessments
  • GST Notice of Assessments
  • Payroll remittance form (PD7)



Payroll

  • For new employees please provide the following information:
    • Employees name (legal first and last name as well as the name to be printed on the cheque, if different from the legal name)
    • Employees current address (complete mailing address)
    • Employees Social Insurance Number
    • Employees Date of Birth
    • Completed and Signed TD1 (Alberta & Federal)
    • Rate of Pay
    • Payroll Schedule (Bi-weekly, semi-monthly, monthly)
    • Vacation Pay policy
  • A copy of each paystub for each employee
  • Current Source Deductions Voucher (payroll liabilities voucher for the remittance period showing the payment amounts)


Additional Year End Information to Provide

  • Outstanding Accounts Receivable (amounts owed to you on your year-end date)
  • Outstanding Accounts Payable (payments owed by you on your year-end date)
  • Inventory Listing


Do you need assistance with GST remittances?

If you wish to provide Burns Valkenburg & Associates with a signed cheque payable to Receiver General, once our bookkeeping department has filed your GST for you our administration staff can mail the cheque to Canada Revenue Agency on your behalf or deliver it, for an extra fee, to the bank for you

Paperless Bookkeeping Packages and the Client Portal

Since September 1, Burns Valkenburg & Associates has decided to go paperless with regards to the bookkeeping packages. Instead of printing the packages, we now load the electronic copies to the Client Portal. We still will be printing packages for clients who prefer having a paper copy. When the quarterly bookkeeping is complete, a paperless package will be uploaded to the client portal. At this time you will receive a notification in your email that we have uploaded your package. The quarterly packages will remain on the portal until your year-end is complete. At this time we will remove the quarterly bookkeeping packages and replace it with the annual bookkeeping package.

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Head Office

101-2248 13th Ave SE
Medicine Hat, AB T1A 8G6

Phone: 403‑527‑8114

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MEDICINE HAT HEAD OFFICE

Burns Valkenburg & Associates LLP

#101‑2248 13th Avenue SE

Medicine Hat, AB Canada

T1A 8G6

Phone: 403‑527‑8114

Fax: 403‑526‑0908

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Medicine Hat
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