What are the correct accounts for remitting EI, CPP and Tax?
Nigel had paid vet fees of £500 for his daughter's horse and these had been debited to office expenses account and credited to bank.
What is the correct entry?
Work done during a week in June 2009 had been:-
Net £4000
VAT £700
Gross £4700
The gross and the net had been correctly posted to the accounts in the sales and general ledgers; but the VAT account had been excluded.
What is the correct entry?
Yearly escrow fees for a rental condo are booked into a current asset acct. At year end the actual taxes paid from the escrow acct are reclassed to an expense acct - Property Taxes. In 2009 we failed to reclass the taxes paid to the exepnse acct. Our accounting software will not allow us to go back into a prior year once the year has been closed. Is it possible to correct the entry in 2010(2010 is still open on our books) using a susepnse acct or something?
Click here to read or post comments
Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.