Bookkeeping (include GST/HST/PST return)
The building blocks of financial accounting. In it’s purist sense it is a series of debits and credits reported in various general ledger accounts. A proper double entry bookkeeping system is essential for all businesses who require annual financial statements. The benefits of having a proper bookkeeping system are in the accuracy of the financial reporting. A sole proprietorship does not technically require a double entry bookkeeping system but may choose to employ one for internal control purposes. For example, a proper bookkeeping system reconciles the banking records to the accounting records to avoid double entries, missing entries and transpositions.
The GST return is a calculation in the difference as to how much GST has been collected versus paid out in a particular reporting period. All businesses with taxable sales in excess of $30,000.00 a year must register and charge GST. Businesses with taxable sales under $30,000.00 may elect to register for GST as a small supplier. GST is generally charged on all products and services. However, due to the complexity and nature of the tax act, there are many exceptions to this rule. For example, certain goods and services are exempt from GST while others are defined as zero rated. This is an important distinction because of how input tax credits are claimed.