Recording deposits correctly is important. You are likely to make a variety of deposits in your account throughout the year. From loans, to sales revenue to cash transfers from your personal accounts. If you cannot account for where each of the deposits have come from you are leaving yourself open to paying taxes on money...Read more
When paying by debit or credit card, make sure that you staple a copy of the transaction slip to the actual receipt. The Interac or credit card copy itself is not a valid receipt. When paying your invoices, record on the receipt portion how it was paid and the date you paid it...Read more
Separate personal accounts from business accounts. Don’t confuse the two. Keeping personal and business bank accounts and credit cards separate will make bookkeeping much easier and save you time.