Many companies fail to set up their charts of accounts correctly in QuickBooks. Over the years Jackson Accountants have seen charts of accountants that look like a collage of accounts in helter skelter format without any logical order, containing duplicate if not triplicate accounts, inconsistent protocols, and even inappropriate, if not undecipherable, names.
At tax time, when their Jackson Accountant receives either a backup or Accountants copy of the file like OR reports that have been created from the file, it becomes an even bigger mess. The trial balance that must be created by the tax preparer requires countless hours of reclassifications and groupings to mesh and coordinate the amounts within the file to the cl...
Posted : September 13, 2010 | 
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Jackson Accountant Tax Tips
Before the March 1st RRSP deadline, tax payers are asking themselves important tax related questions; Should I put my money in a Tax Free Savings Account (TFSA) or in my RRSP?, When is the right time to move from a province to province?, Should I file my taxes even though I have not made much money in the 2009 tax year?, Can I get any tax deductions for my medical costs in the 2009 tax year?, Can I claim my elderly parents or grandparents as my dependents and get tax deductions in the 2009 tax year?, Can I use my children's university tuition credits to reduce my tax obligations?
Should I put my money in a Tax Free Savings Account (TFSA) or in my Registered R...Posted : September 13, 2010 | Comments : 0 |
Big changes are coming to the Certified Professional Accountant Exam next year! Are you ready for the new exam? It's important to keep up to date on the latest changes on the exam and what topics will be covered. So why is it changing? First and foremost, the American Institute of Certified Public Accountants wants to ensure that material covered in the exam mirrors industry skills and practices. The new exam will facilitate faster score reporting. The test will continue to be offered 8 months out of the year.
Many of the changes were made because of the globalization of accounting and international business expansion. International ethics and standards will come more into focus and you will need to know the key differences between the International Fin...Posted : September 11, 2010 | Comments : 0 |
Jackson Accountant
I am going to confine myself with the various Debits & Credits which are published on the Balance Sheet.
The reader is most probably going to ask "What about the Income Statement & the Cash Flow Statement?" Well, these documents merely reflect more detail as to what already appears on the Balance Sheet... that is why I have chosen not to dwell on them to a greater extent!
So, taking the Balance Sheet:-
DEBIT : Means - Anything Owed to the enterprise/business (expressed in money terms).
CREDIT: Means - Anything Owed by the enterprise/business (expressed in money terms).
It is as simple as that!
"Hmm!...", you might say,...Posted : September 11, 2010 | Comments : 0 |
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Jackson Accountant - Big Changes to CPA Exam in ...
