22 of the Best Reasons to Engage a See Clearly Accountant

Introducing See Clearly Accounting

See Clearly Accounting was started by Edward Wear, a Chartered Accountant, with more than 36 years of successful experience operating his own accounting practice. 

He believes that small businesses and individuals are not well served by the accounting community, and he envisions a solution that will see accountants with different competencies or expertise working to provide excellent solutions for small businesses and individuals.

Read more: 22 of the Best Reasons to Engage a See Clearly Accountant

22 of the Best Tips for Small Businesses and Individuals

What a See Clearly Accountant Can do for You

Small Businesses

Design a comprehensive chart of accounts

  1. We have a comprehensive chart of accounts for QuickBooks that we can modify so that it is specifically adapted to your business. We can restructure your past transactions so that they are reported using the new chart.

22 of the Best QuickBooks Tips for Accounting for Prepaids

(And for Tenants Deposits)

In these 22 tips we will:

Define prepaids and review an ideal report (1)

Explain an effective and efficient way to account for prepaids and to memorize transactions to save you time. (2)

Demonstrate how to create a memorized report that will provide all the information you need to manage your Prepaids each month, quarter or year, (3)

Explain why and how you should reconcile the prepaids (4)

Read more: 22 of the Best QuickBooks Tips for Accounting for Prepaids

22 of the Best Tax Tips for Individuals

Individuals

  1. RRSP - you should not pass up this great interest-free loan from CRA. RRSP limits are 18% of prior year earned income less any PA (Pension Adjustment) or PSPA (Past Service Pension Adjustment), to a maximum of $24,270 in 2014 and $23,820 in 2013.
  2. Over-contribute to your RRSP - you can over-contribute up to $2,000 to your RRSP without penalty. The earnings on this over-contribution will accumulate tax-free, and it can be deducted in future years. However, if the excess contribution exceeds $2,000, a penalty of 1% per month applies.

    Read more: 22 of the Best Tax Tips for Individuals

22 of the Best Tips for Accounting for Your Investments

Definitions

  1. Benchmarks – you and your financial advisor will have set your goals and set the benchmarks against which you will measure these goals. If your plan is to beat the market, your benchmarks will be the stock exchange index.

When and how

  1. When – as soon as possible, process the transactions so that you know how you stand to your benchmarks. Repeat monthly.

Read more: 22 of the Best Tips for Accounting for Your Investments

22 of the Best Tips for Using the QuickBooks Accountant’s Copy

What is an Accountant’s copy

The QuickBooks Accountant’s copy allows an accountant to review and edit a client’s company file, while at the same time the client can continue using the file at their office. When your accountant has made the necessary adjusting and other entries, you can then import his or her changes into your company file.

This is a summary of how to use this feature with the QuickBooks Canadian 2013 version.

Read more: 22 of the Best Tips for Using the QuickBooks Accountant’s Copy

22 of the Best Tax Tips for Non-Residents Owning Rental Property in Canada

The following tips are for the benefit of non-resident individuals, corporations or trusts that own rental property in Canada. These tips would also be beneficial to those who serve as agents or professional advisors for non-resident owners. Because of the complexity of this subject, property owners and their agents should seek professional tax and accounting advice so as to minimize their tax liability under Canadian law.

Read more: 22 of the Best Tax Tips for Non-Residents Owning Rental Property in Canada

22 of the Best Tips for Your Chart of Accounts

How to start

  1. Usually that will not be a problem. There are probably some very good charts available from the internet. And very good charts for your industry.
  2. A good place to start is with a See Clearly Accounting standard chart and to modify it according to what you need. There is one attached to these 22 Tips.
  3. The chart of accounts is something that you have to put some thought into because it is the infrastructure of your enterprise: all the recording of transactions and reporting of assets, liabilities, revenues, and expenses are dependent upon your chart.

    Read more: 22 of the Best Tips for Your Chart of Accounts

22 of the Best QuickBooks Tips for Creating Reports

In these 22 tips we will:

Show you how to create reports in Quickbooks of the current status of different aspects of your company and present that information in an easily readable format.

While there are many preinstalled reports, some users may find that they need to create a report that more specifically meets their needs. To help. we have created a series of 6 videos to make it easy to create and memorize reports to provide the current and focused information you are seeking about your company.

Scroll down to see and play all of the videos.

 Video 1

 Video 2

  Video 3

  Video 4

  Video 5

  Video 6