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Sole Propetorship with GST/HST Management | Canada | Incomes and Expenses Accounting
Canada
Income & Expense Accounting with vat/sales tax
Business
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Sole proprietorship
Basic Currency: CAD
Income & Expense accounting with VAT/Sales tax
| Group | Account | Description | Sum In |
|---|---|---|---|
| Financial position | |||
| Assets | 1 | ||
| Cash | Cash | 1 | |
| Bank | Bank assets | 1 | |
| Visa | Credit card Visa | 1 | |
| 1 | Total Assets | 1-2 | |
| Liabilities | 2 | ||
| Suppliers | Suppliers | 2 | |
| Loan | Bank loan | 2 | |
| ST | Sales Tax owned | 2 | |
| STA | Sales Tax (automatic account) | 2 | |
| 2 | Total Liabilities | 1-2 | |
| 1-2 | Net Assets |
| Group | Category | Description | Sum In |
|---|---|---|---|
| CASH FLOW | |||
| INCOME | 4 | ||
| Sales | Cash sales | 4 | |
| Miscellaneous income | Miscellaneous cash receipts | 4 | |
| Interest income | Interest income | 4 | |
| Tax refund | Income tax refund | 4 | |
| 4 | TOTAL INCOME | 0 | |
| EXPENSES | 3 | ||
| Product costs | Direct product/service costs | 3 | |
| Salaries | Salaries direct | 3 | |
| Payroll taxes | Payroll taxes and benefits direct | 3 | |
| Supplies | Supplies | 3 | |
| Advertising | Advertising and promotion | 3 | |
| Automobile | Automobile/Transportation | 3 | |
| Bank charges | Bank service charges | 3 | |
| Licenses | Business licenses and permits | 3 | |
| Charity | Charitable contributions | 3 | |
| Computer | Computer and internet | 3 | |
| Education | Continuing education | 3 | |
| Subscriptions | Dues and subscriptions | 3 | |
| Insurance | Insurance | 3 | |
| Meals | Meals and entertainment | 3 | |
| Merchant fees | Merchant account fees | 3 | |
| Office supplies | Office supplies | 3 | |
| Postage | Postage and delivery | 3 | |
| Printing | Printing and reproduction | 3 | |
| Legal services | Professional and Legal services | 3 | |
| Rent | Rental payments | 3 | |
| Subcontractor | Subcontractor | 3 | |
| Telephone | Telephone | 3 | |
| Travel | Travel | 3 | |
| Utilities | Utilities | 3 | |
| Website | Website development | 3 | |
| Other costs | Other costs | 3 | |
| Interest expense | Interest expense | 3 | |
| Tax expense | Income tax expense | 3 | |
| 3 | TOTAL EXPENSES | 0 | |
| 0 | OPERATING RESULT | 00 | |
| CAPITAL IN | 6 | ||
| Loan injections | Loan injections | 6 | |
| Owners injections | Cash injections by owners | 6 | |
| Sales fixed assets | Sales of fixed assets | 6 | |
| 6 | TOTAL CAPITAL IN | 5-6 | |
| CAPITAL OUT | 5 | ||
| Loan reimbursements | Loan reimbursements | 5 | |
| Owners disbursements | Cash disbursements to owners | 5 | |
| Purchases fixed assets | Purchases of fixed assets | 5 | |
| 5 | TOTAL CAPITAL OUT | 5-6 | |
| 5-6 | CHANGE IN CAPITAL | 00 | |
| 00 | NET CASH CHANGE - Inflow(+) Outflow(-) | ||
| VAT Code | Description | %VAT |
|---|---|---|
| Last update: Jan 14, 2016 | ||
| HST/GST Charged | ||
| 7 | HST charged on sales (included) | 13.00 |
| 8 | GST charged on sales (included) | 5.00 |
| 17 | HST charged on sales (tax entry only) | |
| 18 | GST charged on sales (tax entry only) | |
| Total HST/GST charged on Sales | ||
| Total HST/GST Charged | ||
| HST Paid | ||
| 1 | HST paid on purchases (included) | 13.00 |
| 2 | HST paid on meals (included) | 6.50 |
| 3 | GST paid on purchases (included) | 5.00 |
| 4 | GST paid on meals (included) | 2.50 |
| 11 | HST paid on purchases (tax entry only) | |
| 12 | GST paid on purchases (tax entry only) | |
| Total HST/GST paid on purchases | ||
| Total HST/GST (payable) or recoverable | ||
| Final total for control | ||
| GST & QST Charged | ||
| 9 | GST & QST charged on sales (included) | 14.98 |
| 19 | GST & QST charged on sales (tax entry only) | |
| Total GST/QST charged on sales | ||
| Total GST/QST Charged | ||
| GST & QST Paid | ||
| 5 | GST & QST paid on purchases (included) | 14.98 |
| 6 | GST & QST paid on meals (included) | 7.49 |
| 15 | GST & QST paid on purchases (tax entry only) | |
| Total GST & QST paid on purchases | ||
| Total GST & QST (payable) or recoverable | ||
| Final total for control | ||