Receipt Tracking for Small Businesses 🧾 | Best Ways to Keep Track of Your Receipts in Canada

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In this video, Joe helps us discover practical, actionable tips and tools to easily and quickly manage your business receipts.
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🎥 CONTENTS OF THIS VIDEO
00:55 - Understanding CRA's Record-Keeping Requirements
01:48 - When CRA Knocks On Your Door
02:46 - Use Google Drive to Organize Photos of Receipts
05:02 - Level-up Your Receipt Management with Dext
06:40 - Use Your Accounting Software's Built-In Receipt Management
07:54 - Accounting Software Plus Dext
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❓ FAQs
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Опубликовано:

1 окт 2024

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Комментарии : 11

@badiro5956 12 дней назад

Hello Joe, Question please: most CPA firms rely exclusively on bank statements to import transactions into accounting software. The reason is, if we scan the receipts into the accounting software, it will create numerous duplicates that we’ll have to be reconcile afterwards. Making the bookkeeping process twice as complicated and time consuming. Could you please share your own experience with the process? Thanks a lot for all the great videos.

@Paul-fk8qy 6 месяцев назад

If a video is longer than 2 minutes I become suicidal. Great quality graphics mic etc tho, I just sped it up

@adammoore7930 Год назад

Hey Joe! Do you have any videos on how to set up a CRA payroll account so that my corp can begin paying me a salary? I have seen your video on the difference between salary and dividends and am going with salary because of the pros and cons you outlined!

@AvalonAccounting Год назад

Hi Adam - if you have a business number, you can just add a payroll program account to it. For example, if your BN is 888999111RC0001, your payroll account would be 888999111RP0001. You can give the CRA on their business line to open that account. We don't have a video on this, but have a guide on our blog: www.avalonaccounting.ca/blog/how-to-run-payroll-in-canada

@fanglu1623 Год назад

I was in this scenario and was the emoloyee

@rawalpinditocanada 9 месяцев назад

how to get a course

@armanRad-b7m 8 месяцев назад

Thanks for the video, one question once we scan the receipt and save it, do we have to hold on to the hard copy still? Can it be shredded or archived?

@xxsam0917xx 7 месяцев назад

I would only do that if the app allows you to receive a copy of it either via email or saved from a cloud backup. I read some apps will only save it locally, so if change phones then you lose them.

@TheRealMercyofGod Год назад

So none of this applies if your business is new and makes under thirty thousand a year correct?

@HEATHERMWARKENTIN Год назад

From my understanding, if you want to deduct any of those expenses on your tax return, yes it applies.

@AvalonAccounting Год назад

I think you might be referring to GST registration. You are not required to register for GST/HST until you hit $30,000 in sales (in the preceding 4 quarters). For receipts and record-keeping, these rules apply to all businesses regardless of size. Hope this helps!