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    Double entry accounting for business in Canada with GST/HST | Account numbers

    Canada
    Double-Entry Accounting with vat/sales tax
    Business

    Professional Double entry template for financial planning and accounting in Canada, inclusive of GST/HST codes.

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    Template documentation

    These double entry accounting template has been prepared by a CPA operating in Ontario for their internal accounting and financial planning. Following is a quote why is using Banana Accounting next to their other accounting solution.

    "Here are some benefits that I see for your software:

    • Works well without requiring an internet connection – work can usually be completed faster without such delays.
    • It allows very high customization.
    • It allows easy and complete collaboration between an outside accountant and users.
    • Time saving – accounting records can be partially entered and completed later by the same person or the accountant.
    • The spreadsheet interface is easy to understand.
    • Every transaction can be entered in one form, as opposed to not knowing in what screen in which to enter something.
    • Data can be easily copied and pasted into a spreadsheet for further analysis.
    • Setup of a new data file is relatively easy with the appropriate template.
    • Your program can run on many platforms.
    • Tasks can be automated using internal application programs.
    • One can purchase an upgrade when it makes sense, as opposed to paying every day for the use of the software.
    • The purchase and upgrade prices are affordable."

    There is also:

    Template preview

    Starter Company Banana

    Basic Currency: CAD

    Double-entry with VAT/Sales tax

    Table: Accounts
    Group Description Sum In Gr1
             
        BALANCE SHEET    
             
        ASSETS    
      11200 Bank Account 12  
      11201 Bank Account USD 12  
      11202 Bank Account EUR 12  
      11300 Petty Cash 12  
    120   Accounts Receivable 12 1
      12200 Allowance for Bad Debts 12  
      12400 Accounts Receivable - Other 12  
      12500 Due from Shareholder 12  
      12600 Due from Employees 12  
      12700 Investments 12  
      12800 Income Taxes Recoverable 12  
      12850 Sales Taxes Recoverable 12  
      13000 Inventory 12  
      14000 Prepaid Expenses 12  
      14100 Prepaid Deposits 12  
    12   Total Current Assets 100  
             
      15110 Furniture and Equipment 15  
      15120 Furn. & Equip. - Acc. Am. 15  
      15210 Computer Equipment 15  
      15220 Computer Equip. - Acc. Am. 15  
      15310 Vehicle 15  
      15320 Vehicle - Acc. Am. 15  
    15   Total Long Term Assets 100  
    100   TOTAL ASSETS 00 1
             
        LIABILITIES & EQUITY    
        LIABILITIES    
    220   Accounts Payable 22 1
      22200 Accrued Liabilities 22  
      22300 Accounts Payable - Other 22  
      22400 Visa payable 22  
      23500 HST Charged on Sales 22  
      23510 HST Paid on Purchases 22  
      23520 HST Instalments 22  
      23530 HST Payable 22  
      23600 PST Payable 22  
      23700 GST & QST Payable 22  
      23800 Accrued Payroll 22  
      23900 Source Deductions Payable 22  
      24000 Corporate Tax Payable - Fed. 22  
      24100 Corporate Tax Payable - Prov. 22  
      25300 Line of Credit 22  
      25400 Due to Shareholder 22  
      25900 Current Portion of Debt - ST 22  
    22   Total Current Liabilities 2  
             
      26200 Term Loan 26  
      26300 Current Portion of Debt - LT 26  
    26   Total Long Term Liabilities 2  
    2   Total Liabilities 2-3  
             
        EQUITY    
      31000 Common Shares 3  
      38000 Retained Earnings 3  
    3800   (Profit)/Loss for the period 3 1
      39000 Dividends 3  
    3   Total Equity 2-3  
    2-3   TOTAL LIABILITIES & EQUITY 00 1
             
             
        INCOME STATEMENT    
             
        REVENUE    
      41100 Sales 4  
      41900 Other Income 4  
      44000 Exchange Gain/Loss 4  
    4   TOTAL REVENUE L01 1
             
        COST OF SALES    
      51100 Inventory - Opening 5  
      51200 Purchases 5  
      52000 Freight 5  
      52200 Inventory - Closing 5  
      52300 Direct Materials 5  
      52400 Subcontractors 5  
      55100 Salaries and Wages 5  
      55200 CPP Expense 5  
      55300 EI Expense 5  
      55400 WSIB Expense 5  
      55500 Benefit Plan 5  
      55600 EHT Premiums 5  
    5   Total COST OF SALES L01  
    L01   GROSS MARGIN L02 1
        EXPENSES    
      61050 Accounting 6  
      61100 Advertising & Marketing 6  
      61200 Amortization 6  
      61400 Bad Debts 6  
      61500 Bank Charges & Interest 6  
      61550 Business Tax & Licences 6  
      61600 Courier 6  
      61620 Computing expenses 6  
      61650 Consulting Fees 6  
      61700 Dues & Subscriptions 6  
      61800 Education & Training 6  
      61900 Equipment Rental 6  
      62000 Insurance 6  
      62100 Interest on Debt 6  
      62200 Legal Fees 6  
      62250 Management Salaries 6  
      62300 Meals & Entertainment 6  
      62400 Miscellaneous 6  
      62500 Office Supplies 6  
      62600 Rent 6  
      62700 Repairs & Maintenance 6  
      63100 Supplies 6  
      63200 Telephone & Internet 6  
      63300 Travel & Parking 6  
      63400 Utilities 6  
      63500 Vehicle Expenses 6  
    6   Total EXPENSES L02 1
    L02   Income Before Income Taxes L03  
      90000 Income Tax Provision 9  
    9   Total Income Taxes L03 1
             
    L03   NET (INCOME)/LOSS 3800 1
             
    00   Total Debit/Credit Balance should be 0    
             
             
        Customers/Debtors    
      C0001 Customer A 120A  
      C0002 Customer B 120A  
      C0003 Customer C 120A  
      C0004 Customer D 120A  
      C0005 Test client 120A  
      C0006 R J Sample Co 120A  
    120A   Total Customers 120 1
             
             
        Suppliers/Creditors    
      S0001 Supplier A 220A  
      S0002 Supplier B 220A  
      S0003 Supplier C 220A  
      S0004 Supplier D 220A  
      S0005 Supplier E 220A  
    220A   Total Suppliers 220 1
             
        Cost and profit centers    
        Departments (CC1)    
      .OTT Department 1 TDE  
      .TOR Department 2 TDE  
    TDE   Total Department Expenses    
             
        Projects (CC2)    
      ,JOB1 Project 1 TPR  
      ,JOB2 Project 2 TPR  
    TPR   Total Projects    
             
        Other (CC3)    
      ;OT-1 Other 1 TOT  
      ;OT-2 Other 2 TOT  
    TOT   Total Other    
             
        Segments    
      : Branch TS1  
      :01 Ottawa TS1  
      :02 Wancouver TS1  
    TS1   Total Branch    
             
      :: Sectors TS2  
      ::01 Sales TS2  
      ::02 Reasearch TS2  
    TS2   Total sectors    
    Table: GST/HST codes
    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  
         
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