Quicken billminder updating overdue items
In Canada this threshold is 0 for everything except hand (construction) tools, for which the threshold is 0.
Remember, these are things that are used over a long period in the business, such as fax machines, computers, desks, automobiles, other electronic equipment, buildings that are not for immediate resale (in construction and some other businesses buildings are sold as part of the regular business and are considered inventory assets), and so-forth.
This system is called double-entry (concept of duality) because each transaction is recorded in at least two accounts.
Depreciable expenses, usually called assets, are items that are used over a long term in the business that cost over a certain dollar threshold.
Many of you did just that, and we bundled your questions and ours into an email message that we sent to the 17 developers of the possible Quicken replacement packages that we listed in the article.
Nine of the developers have responded, and we have collated their responses, which we present below.
Write on the top the date it was paid and how it was paid i.e. Bank Statements — this section is self-explanatory! In between updating place all your receipts and invoices in a plastic folder so that everything is together when you come to update your system–it would be too time-consuming to add each receipt as you get it! Depending on how far you want to handle your own accounts, you can either hand your very organised bookkeeping binder over to your accountant at the end of the financial year for them to prepare your final accounts, or you can maintain your own books with the use of financial accounting software.
Either way, you’ve now got a bookkeeping system that is simple and easy-to- manage and won’t cause you to break out into a cold sweat at the very mention of the words ‘tax return’.