Afterwards, withdrawal or dividend accounts are also closed to the capital account. The trial balance, after the closing entries are completed, is now ready for the new year to begin. We call this trial balance the post-closing trial balance. The fou... Read more
Current liabilities are due within one year and are listed in order of their due date. Long-term liabilities, on the other hand, are due at any point after one year. Fixed assets include land, machinery, equipment, buildings, and other durable, gener... Read more
Personal Finance Insider named H&R Block the best value tax software of 2021. Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. In my opinion, the Deluxe tiers are the worst value fo... Read more
Mark Suster suspects that most startups will spend any VC money within 12 – 18 months of investment. Burn rate will vary significantly depending on company stage, pricing model, and industry.... Read more
This provision is meant to trigger PE treatment for one-owner professional service providers or self-employed consultants providing services in Canada for a significant time. The Canadian treaty creates a PE, and thus a filing requirement, in certain... Read more
When you balance your accounts, make sure there are no extra charges on there that you didn't authorize. If your debit card goes missing, make sure to contact your bank immediately so they can put a hold on your account.... Read more
If an employee tries to cash an expired paycheck, their bank can choose whether to cash it or not. Individuals can reduce surprise withdrawals in personal accounts by using online bill payment instead of issuing paper checks. The payment goes on the ... Read more
However, to manage a flexible budget, you’ll need a good grasp on the relationship between your revenue and spending. And don’t forget to set aside time to keep your budget up to date, as it’s more labor-intensive than a static budg... Read more
Of course, it’s easy to look at a gross amount of income on a cheque and think it all belongs to you, but if you go about it that way, come tax season, you’ll be in for quite a shock. The CRA actually has a pretty good tip sheet for how m... Read more
A company uses a cash over and short account to show a discrepancy between the company's sales records and other reported figures and its audited accounts. For example, if the cash in the register is less than the amount on your sales receipts, then ... Read more
