Learn how to read a bank reconciliation. Make sure you understand why the bank’s balance may be different from the balance in your books.
The annual T3010 Charities Return is due within 180 days (6 months) of your fiscal year-end.
In Excel, Ctrl + A selects the entire worksheet. Click on any cell to unselect.
Your purchasing policies should establish who is authorized to make and approve purchases, to help you manage your activities within budget.
In Excel, Ctrl + Spacebar selects an entire column. Shift + Spacebar selects an entire row.
Make sure that your charitable donation receipting is up to date at your fiscal year-end, so that you’re prepared to report on donations for the year in your T3010 Charities Return.
Deferred revenue is payment received before the work has been done, e.g. a grant advance, or an early-bird subscription sale. It sits as a liability in your statements. See our Glossary for more definitions.
Taxable benefits are items above and beyond payroll that have a value for employees, and that the CRA considers taxable income. Check the CRA website for information about cell phones, parking, transit passes, insurance, gifts and other benefits.
Use a regular supplier but don't want to use petty cash around the office or don't have a company credit card? Try using a prepaid gift card in a low amount and treating it in the books like petty cash.
Keep multiple, redundant backups of your accounting software. Better safe than sorry! In fact – when was your last backup? Check now!
Generally Accepted Accounting Principles (GAAP) are the set of principles that govern the accounting profession and, by extension, the preparation of financial statements. See our Glossary for more definitions.
You only charge GST/HST if you are registered to do so. If you’re not sure, contact the Canada Revenue Agency Business Window at 1-800-959-5525.
Many charities require two authorizing signatures on cheques– but there is no limit no the number of signing officers you can appoint. Give yourself a couple of extras!
In Excel 2010 (and other Office 2010 applications), Ctrl + F1 hides or shows the ribbon.
Deposit cash regularly. The less you keep on your premises the better. Investigate after-hours deposit arrangements with your bank.
In Excel, use the combination Ctrl - (Control + Minus) to delete single cells, highlighted blocks of cells or entire rows.
Charities are not obliged to issue charitable donation . Some charities use a minimum threshold, e.g. donations above $20 are receipted.
In Excel, use the combination Ctrl + (Control + Plus) to insert single cells, highlighted blocks of cells or entire rows.