Quantifier Inc.

Hello all,

I have a sales tax refund to record. The deposit amount does not match the filing amount due to penalties and interest.
Record Refund does not have an "add interest/penalty" button.

Any suggestions on how to handle this transaction?

Bookkeeping vs Accounting

While they may carry out some of the same functions, a bookkeeper is not the same as an accountant, so it’s helpful to know which one is right for your business.

Bookkeepers

As the name implies, a bookkeeper is someone who keeps the books. They are good at managing day-to-day transactions in a way that sales can be tracked by product or department to give the owner proper data to evaluate business performance. Properly track purchases and expenses and enter them into the accounting system. Produce PST/GST/HST returns and payroll DAS. Books that are in order to help owners make good business decisions and facilitate dealing with banks for lines of credit or business loans. Running a successful business is about allocating resources efficiently and your time is gold.

Accountants

An accountant might do some bookkeeping, but given their higher rates, this isn’t the best use of their time. Accountants typically take over when the bookkeeper has entered all the transactions, and they prepare year-end corporate income tax returns. They also advise on tax strategies and should be able to offer more business advice too. We work closely with several CPA account professionals if you need one.