What is the meaning of bookkeeping:
Bookkeeping is the recording, on a day-today basis of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of those individual financial transactions are accurate, up-to-date and comprehensive. Accuracy is therefore vital to the process.
What is the meaning of bookkeeping
Common financial transactions and tasks that are involved in bookkeeping include:
Payroll Services:
- Weekly, bi-weekly, semi-monthly, monthly payroll preparation
- Preparation of pay stubs
- Preparation of pay cheques
- Calculation of overtime and bonuses
- Record of employment for terminated employees
- Payroll source deductions and application remittance to government
- Annual T4’s, T4A’s preparation along with annual reconciliations
- T5018 Statement of Contract Payments
Accounts Payable:
- Record and post bills
- Schedule bills for payment
- Computerized and non-computerized cheque preparation
- Monthly aging reports preparation
Government reporting:
- HST (Harmonized sales tax)
- RST (Retail sales tax – Provincial)
- Payroll source deductions and application remittance to government
- W.S.I.B (Workers Safety Insurance Board)
- Annual reconciliations
- Preparation and support during government audits
Bank & Credit Card reconciliations:
- Ensures that any bank errors are caught in time
- Help manage the cash flow of the business
Yearly summary of accounts:
- Year-end adjusting journal entries
- Year-end working papers preparation and liaison with company accountant
- Preparation of reports for specialized businesses
- Audit preparation
For each transaction, there must be a document that describes the business transaction, in the terms of a simple sales invoice, sales receipt, a supplier invoice, a supplier payment, bank payments and journals.
Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit- http://quickbooks.intuit.ca/) is a low-cost bookkeeping and accounting software package that is widely used by small businesses in the North America.
For more information, visit our website at https://envolta.ca/bookkeeping-services/ where there is a comprehensive list of what is bookkeeping for ENVOLTA Inc.
Thanks
The ENVOLTA Team
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