And that’s what they would look at. So if you have a lot of these small transactions that you don’t necessarily need, um, keep as much as you can, but you don’t necessarily have to keep them, uh, yeah. If at all costs, if it will cost less to not. Yeah. Unless, um, your business is, um, doing a lot of small transactions that are very abundant in nature and you don’t necessarily have a lot of big transactions in there. Yeah. Um, so does my bookkeeper need to know, uh, how, sorry, does my bookkeeper have to have a basic knowledge of taxes?
Yeah, absolutely. So if you’re a, first of all, if your bookkeeper is, I’m doing the payroll for you, they kind of have to know, um, what are the taxes that they have to at hold? And as normally they, you would have a supplementary resources that would be able to calculate this for you, but your bookkeeper needs to know at least when to remit this stuff, especially for way to holding taxes with Edmonton Bookkeeping.
Most of us are acquired to renovate our way to holding taxes every month, or we have a deadline to 15 of the next month to remit this. Um, we don’t holding taxes and seeing which GST they should be able to know, um, which, um, supplies need to have a GSD charge on them. And, um, which are services we should be charging GST for. And again, when to admit these, uh, GSD charges.
Yeah. I think also knowing, um, when you’re looking at your bank statement, um, if some like a refund has come back from the government, you know, like your bookkeeper should know whether it’s a GST or for your corporate taxes or for personal taxes, whatever it might be, so that it can get put into the correct GL account as well. Yeah. So not just the taxes going out, but if taxes are coming in for a refund with Edmonton Bookkeeping.
Um, so what are some of the administrative jobs your bookkeeper needs to do? Um, your bookkeeper needs to at least provide you assistance on, um, organizing your receipts, organizing your expenses, and made sure that, uh, they’re sorted by dates and also, um, that your invoices are filed properly. Yeah. So file a mostly filing of the transactions that you have and also filing requirements with the corporate and meant for tax purposes. Yeah. Yeah. Um, what support can your bookkeeper provide during an audit? So your bookkeeper is usually the one that records most of the transactions. So they should be able to know, um, the nature of these transactions and provide support on, um, where does supporting documents are since they are the one who to record the transactions for you. Yeah. Yeah. Good. Yeah. And just, I, we’ve talked on lots of our videos. We’ve talked about being organized and um, you as a business owner need to be organized, but your bookkeeper needs to be organized to in case the CRA does send you out an audit for Edmonton Bookkeeping.
Cause like we’ve talked about, they give you 30 days to reply and they’re looking for very specific information. If you have a good bookkeeper, your bookkeeper is going to be able to give you the information that you need to reply to the CRA without any problems. Um, so lastly, y’all way, um, does your, your bookkeeper and your accountant need to communicate with each other? Yeah, absolutely you will love this Edmonton Bookkeeping.
So I think, um, I missed something about the shareholder loan income to a lot of bookkeepers, very common practice that anything that they don’t know they would or anything that they did don’t have receipt for, they would dump it into the shareholder loan unconscious because they think it’s personal. You don’t have the receipt for it, we can’t claim it. So, um, a lot of, uh, the stuff that happens at the end of the year, so you have this big shareholder loan balance that um, really are transactions that your account or your bookkeeper doesn’t know what to do.
So it’s very important to, uh, for the bookkeeper to communicate with your accountant to know, uh, some of the accounting treatments specially for bait item purchase. If you want a car, like would you be able to capitalize this item, any additional services that on the car? Would you be, uh, do you need to capitalize it or do you need to expense it June during the year? And most of the time your accountant wouldn’t know just by looking at your ledger at the end of the year with Edmonton Bookkeeping.
But if you are doing a lot of the transactions on a regular basis, I think it is very important for your bookkeeper to be communicating with your account. And just so, um, not everything is put at the end of the year where the accountant will do all this work just to classify all of these information and instead of actually focusing on making the reports better and give the, giving you more, uh, or a better analysis on, uh, these reports.
So I think it is very important that your bookkeeper at least needs to communicate with your accountant on a, let’s say, same way annually, at least if you’re a small business owner, I think that’s all the questions that I have. LA. Yeah. So, uh, I hope you liked this video and you find it informative. If you have any feedback or if you have any questions, please give us a shout and just do a comment below or click like and subscribe for more, um, information about Bookkeeping and yeah, we’ll see you guys next time with Edmonton Bookkeeping