Bookkeeping and Accounting

• Do you want to do the Bookkeeping yourself? Scroll down for our 12 steps on Do-it-yourself Bookkeeping using Quickbooks Online.

• If you want a complete solution check out our Subscription Plans

SOLE PROPRIETORSHIP TAX RETURN FILING

Do it yourself - Bookkeeping in 12 Steps (32 minutes)

If you are a small to medium-sized business looking to complete your own Bookkeeping in the most efficient way then Quickbooks Online is the perfect fit for you. Quickbooks Online is cloud-based accounting software that will make bookkeeping simple and easy. Linking your bank and credit card accounts will automatically create transactions and place them in appropriate categorized accounts. The software has a monthly subscription which we can get for you at a discounted rate through our Proadvisor benefits. Please contact us and we’ll set up a discounted subscription for you.

• Once you have your bookkeeping completed please review our Annual Tax Plans here https://capexcpa.com/annualplans

• If you need our other Quickbooks resources they are saved on our Client Hub which is saved here Client Hub - Quickbooks Resources

Ready? let’s get started. You can get trained in 32 minutes.

Step 1: Sign up for Quickbooks Online

1. You can set up your Quickbooks Online account through Intuit directly using the following link —> https://quickbooks.intuit.com/ca/
   *Below Subscription prices are based on 2022 and subject to change as per Quickbooks pricing policies.

2. You can contact us and we’ll get you Quickbooks Online at a discounted monthly rate from our preferred rates —> Book your Call

3. Let’s slide into Step 2.

Step 2: Setting up your Chart of Accounts

• Let’s talk about your Chart of Accounts. This is a listing of the categories QuickBooks Online uses to summarize money movement for your company’s financial statements.

• Let’s move into Step 3

Step 3: Connect Bank account to QuickBooks online

• Connecting your bank and credit card accounts to QuickBooks Online eliminates tons of data entry and keeps your business’s books up to date all the time. Let’s get started!

• Scroll into Step 4

Step 4: Add Customers to Quickbooks online

• A great way to start working in QuickBooks online is to add your customers’ contact info. You can import a spreadsheet all at once or add customers one at a time.

• Slide into Step 5

Step 5: Create an Invoice in Quickbooks online

• Do you do work for your clients, then invoice them later? Learn the ins and outs of creating and sending out invoices in QuickBooks Online.

• Your doing great move into Step 6

Step 6: How to manage Bills in Quickbooks online

• You’ve diligently entered expenses and checks, and added and paid bills in QuickBooks so you can generate reports that show you how money flows out of your business. Here’s how.

• You are a rockstar jump into Step 7

Step 7: How to manage expenses in Quickbooks online

• Learn how to manage your expenses in QuickBooks — you’ll be able to easily connect your bank accounts and credit cards, download transactions and view profit and loss statements.

• Let’s slide into Step 8

Step 8: Bank deposits and Undeposited Funds

• You have to choose where to deposit customer payments in Quickbooks Online. This choice depends on how you deposit the money in the real world. If you deposit more than one check or cash payment at a time, Undeposited Funds helps you keep your checking account accurate.

• Almost there go to Step 9.

Step 9: Categorize bank and credit card statements

• Okay, so you’ve connected your bank accounts to QuickBooks and downloaded 90 days’ worth of transactions. Now what?

• Let’s move into Step 10

Step 10: Reconcile your accounts in Quickbooks Online

• Whether you connect your bank accounts or do it the old-fashioned way, here’s how you reconcile an account in QuickBooks.

• Scroll into Step 11

Step 11: Reporting & customizing in Quickbooks Online

• QuickBooks has lots of pre-created reports you can customize to show you the information you need the way you want to see it. You can email your custom reports automatically too. Learn how to edit them in this video.

• You made it one more slide into the final base Step 12.

Step 12: Invite your accountant for Tax time

• Learn how to invite your accountant to collaborate with you on QuickBooks.

• You are done with the Bookkeeping side and now we’ll take over the Tax work required (Corporate Tax, Business Tax, Personal Tax etc)

• Did you know we have great monthly plans where we do all the Bookkeeping for you? Check them out here Monthly Subscription Plans

Optional: Self-help support

If you are looking for some self-help support we have compiled great resources available here.

https://capexcpa.ourclienthub.com/quickbooks-resources/

Mandatory: Tax Filing requirement

If you have a Corporation then you must do a Corporate tax filing and HST tax filing.
if you have a Sole Proprietorship you must do a T2125 Business Return and HST Tax filing.

If you want to make your life easy…See our Monthly Plans.

FAQ’s - Bookkeeping EDITION