the government can be so frustrating

[spit.fire]

ALL I WANT TO DO IS SCAN ALL MY EXPENSE RECEIPTS AND GET RID OF THE BOXES OF PAPER


so i looked into it....

apparently its ok
unless you look into it further
then its no ok
until you look into it even further
then it is and isnt ok

looks like im gonna have to buy more shoes so i can get more shoe boxes

[Scythanith]

I won't lie, I chuck my receipts after I add them to quickbooks.

[spit.fire]

I won't lie, I chuck my receipts after I add them to quickbooks.

Still trying to figure out how to do that

[Scythanith]

I use the Quickbooks online app. Super easy to balance everything and when you add an expense it prompts you to take a picture of the receipt with your device. It then attaches it to the expense. Wham bam thank you mam!

Makes balancing the books pretty simple. I think my accountant may have charged me about $350 to set up my paper books into quickbooks the first time and now it's super easy for them to do my year end taxes. Saves money. I think I pay ~$9/month for the quickbooks.

[spit.fire]

I’ve got the desktop version, not sure if it does that

[Scythanith]

I think you can switch to the online version fairly easily. Then you simply log in on the website from a PC or through the app on your mobile device.

[Myka]

I use the Quickbooks online app. Super easy to balance everything and when you add an expense it prompts you to take a picture of the receipt with your device. It then attaches it to the expense. Wham bam thank you mam!

There's an app for that?? I just switched to Sage...I'll have to check if there is a similar option!

EDIT: There is! Except you have to have a cloud subscription on both Office365 and Sage. Neither of which I have. Sounds expensive!

[604reefer]

About a year ago I tried Quickbooks online... quickly discovered you couldn't export your data and nixed that stat. Locked in forever at that point.

There's an app for that?? I just switched to Sage...I'll have to check if there is a similar option!

EDIT: There is! Except you have to have a cloud subscription on both Office365 and Sage. Neither of which I have. Sounds expensive!

[gmann]

date an accountant already. We just gotta hit up happy hr DT on a Friday, we bound to find you something.

[Myka]

Hahaha

[Scythanith]

About a year ago I tried Quickbooks online... quickly discovered you couldn't export your data and nixed that stat. Locked in forever at that point.

What are you looking to export? I can export directly to excel if I want.

https://photos.smugmug.com/photos/i-KKSczhk/0/47076885/Th/i-KKSczhk-Th.png

https://photos.smugmug.com/photos/i-7tqr6r8/0/c8f28938/M/i-7tqr6r8-M.png

[e46er]

Quickbooks online reports are always a little iffy
I’ve switched to sage and it’s been much better.
I think the version I got is ~$600 a year

[Scythanith]

I pay $10/month and my accountant loves it.

[Myka]

Quickbooks online reports are always a little iffy
I’ve switched to sage and it’s been much better.
I think the version I got is ~$600 a yearYou have the payroll version then. I work that out myself and save $600 /yr. They do a promo where you can try out the payroll add-on for 90 days so I messed around with it and figured out the formulas it was using. Easy peasy.

[spit.fire]

You have the payroll version then. I work that out myself and save $600 /yr. They do a promo where you can try out the payroll add-on for 90 days so I messed around with it and figured out the formulas it was using. Easy peasy.

Lol care to share the formulas haha, haven’t found an accountant to date yet

[Myka]

Lol care to share the formulas haha, haven’t found an accountant to date yetSign up for the 90-day promo. Then plug in some numbers. It does CPP and all that, which being self employed, you don't pay into. So essentially all you have to do is figure out your tax bracket for provincial and federal taxes and deduct that. I simply plugged in numbers like $500, 1000, 1500, 2000, 2500, and so on. If you only paying yourself then as long as you're close and you put those taxes aside, you're good to go. If you're paying employees, it's probably worth the $600/yr for payroll, or pay a book keeper to do your books for you.

[604reefer]

What are you looking to export? I can export directly to excel if I want.

https://photos.smugmug.com/photos/i-KKSczhk/0/47076885/Th/i-KKSczhk-Th.png

https://photos.smugmug.com/photos/i-7tqr6r8/0/c8f28938/M/i-7tqr6r8-M.png
Interesting, you always could with the USA version, I wonder if they finally got enough complaints and added it in the 18 months since I tried it.

Lol care to share the formulas haha, haven’t found an accountant to date yet

If you're running simple payroll you can use the government's payroll deductions calculator here: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll-deductions-online-calculator.html

For your year end T4s and what not you may find it helpful to get an accountant. But send me a PM with questions if you have any and I might be able to help... I do bookkeeping and almost a CPA.

Sign up for the 90-day promo. Then plug in some numbers. It does CPP and all that, which being self employed, you don't pay into. So essentially all you have to do is figure out your tax bracket for provincial and federal taxes and deduct that. I simply plugged in numbers like $500, 1000, 1500, 2000, 2500, and so on. If you only paying yourself then as long as you're close and you put those taxes aside, you're good to go. If you're paying employees, it's probably worth the $600/yr for payroll, or pay a book keeper to do your books for you.

Yep, a missed deduction = you pay employer + employee portion at end of year plus possible interest and penalties, which can easily be more than the software or a bookkeeper/accountant depending on the size of your business.