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Transaction categorization
Recording and categorization of business transactions using the accounting information and supporting records provided for the engagement.
CPA Firm Online provides online bookkeeping support for businesses across Canada. We help organize accounting records, reconcile bank and credit card accounts, maintain transaction records and prepare bookkeeping information for tax and year-end reporting.
The scope of bookkeeping work depends on your accounting system, transaction volume, existing records and reporting requirements. The required work and professional fees are confirmed before the engagement begins.
Recording and categorization of business transactions using the accounting information and supporting records provided for the engagement.
Reconciliation of bookkeeping records to available business bank statements to identify differences and outstanding items.
Reconciliation of business credit card activity and accounting records where included in the agreed scope.
Assistance bringing prior months or periods up to date when bookkeeping has fallen behind and sufficient records are available.
Ongoing bookkeeping support for businesses requiring regular maintenance of their accounting records.
Organization and review of bookkeeping records to help prepare the accounting file for applicable year-end accounting and tax work.
Our remote bookkeeping workflow is designed for business owners who want organized accounting records without relying on routine in-person meetings.
The exact workflow depends on your accounting system and the condition of your existing records, but a typical bookkeeping engagement follows these stages.
We review your bookkeeping needs, accounting system, transaction volume and reporting periods.
You receive a written proposal outlining the expected bookkeeping scope and professional fees.
Required accounting records, statements and supporting information are collected through the agreed digital process.
Transactions are reviewed and categorized based on the information available.
Applicable bank and credit card accounts are reconciled to the bookkeeping records.
Items requiring clarification are identified and communicated before the period is finalized.
Bookkeeping information is reviewed for completeness within the scope of the engagement.
The completed bookkeeping period is prepared for the next required accounting or tax step.
CPA Firm Online can assist businesses using QuickBooks Online with bookkeeping setup, maintenance and clean-up work where included in the engagement.
Required records vary by business. Common information may include:
Business bank statements for the bookkeeping periods included in the engagement.
Statements for business credit cards used during the applicable bookkeeping period.
Sales reports, invoices or other revenue information relevant to the accounting records.
Supporting information for business expenses where required to determine proper accounting treatment.
Sales tax information where registered accounts form part of the bookkeeping engagement.
Payroll reports or related information where relevant to maintaining the accounting records.
For official information about business records, consult the Canada Revenue Agency’s record-keeping guidance.
Keeping accounting records current can make year-end accounting and tax preparation more efficient by reducing unresolved transactions and reconciliation differences.
Where applicable, bookkeeping work can be coordinated with corporate tax, GST/HST, QST or other accounting services included in your engagement.
Contact CPA Firm Online to discuss your bookkeeping, QuickBooks Online and year-end accounting needs and receive a written proposal based on the scope of your file.
The information on this page is general in nature and does not constitute accounting, tax or legal advice. Bookkeeping requirements and accounting treatment depend on the specific facts and circumstances of each business.