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How to Incorporate line record with DocHub

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How to incorporate line record

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hello everyone and fellow business owners and anyone who might be watching this video I am Christie van Pei and i own a company called prosperity bookkeeping and oftentimes we get questions from people who are doing their own books how do I record a line of credit on my books or if they dont ask the question we do a review of their books and we see that sometimes they put it on the books incorrectly and it works for them they dont necessarily know that its not right but when we go to reconcile the account we see that it just needs a few little tweaks here and there so I thought because were in a time right now where people are getting loans for trying to hold their businesses over through this crisis that this may may be a good time to do a video on how to properly record a line of credit on your books so that being said well dive right in Im using a sample company here and I am doing this in QuickBooks Online however you can do this in almost all accounting software so there sh

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What happens if you get audited and don t have receipts Canada?

If you cant get the records, you can discuss this with the auditor or the auditors team leader who will work with you to find ways to confirm the amounts reported on your return.

How do I deduct HST from total?

To deduct HST from the total price on a receipt, you use the following formula: (Price x HST rate) / (100 + HST rate) = HST Amount. ($400 x 13) / (100 + 13) = $46.02. Price x 12 / 112 = HST. $366 x 12 / 112 = $36.

What is line 108 on HST return?

Line 108 Total ITCs and adjustments If you file a paper return, add line 106 and line 107, and enter the result on line 108. Also, enter this amount on the return portion (Part 2) that you will send to us. Line 106 and line 107 do not appear on certain electronic GST/HST returns, such as the GST/HST NETFILE return.

What is line 12700 on CRA tax return?

Note: Line 12700 was line 127 before tax year 2019. You may have a capital gain or capital loss when you sell or transfer capital property. Some common types of capital property include land, buildings, shares, bonds, fund and trust units.

What is line 101 on HST return?

Line 101: Enter the total amount of revenue from supplies of property and services, including zero-rated and exempt supplies, and other revenue for the reporting period.

What is line 47600 CRA?

Instalments are periodic income tax payments that individuals have to pay to the Canada Revenue Agency on certain dates. These are to cover tax that they would normally have to pay in a lump sum on April 30 of the following year.

What can I claim on my HST return?

Overview business start-up costs. business-use-of-home expenses. delivery and freight charges. fuel costs. legal, accounting, and other professional fees. maintenance and repairs. meals and entertainment (allowable part only) motor vehicle expenses.

What is line 104 of HST return?

Line 104 Adjustment to be added to the net tax You are completing a paper GST/HST return. Line 104: Complete this line only if you have to make adjustments to increase the amount of your net tax for the reporting period. Enter the total of all adjustments.

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