CX Top Tips: Overpayments and how to manage them using Xero
- Written by Xero
- Hits: 1995
Overpayments can be challenging at times, or even forgotten. There are some easy ways to handle overpayments within Xero.
Let’s take a look at a few ways we can record an overpayment and apply this to an invoice/bill or refund it directly. In Xero, the term “invoice” relates to a sale, and a “bill” relates to a purchase. I’ve only referred to invoices below, but these processes relate to both.
To Record an Overpayment, you can either:
- Simply enter the amount paid directly onto the invoice, and if the amount exceeds your invoice total, Xero will automatically calculate an Overpayment.
- Create an Overpayment Receive Money / Spend Money transaction in your bank account
- During reconciliation, create an Overpayment Receive Money / Spend Money transaction
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From gluten-free products to pooling donations, here are 10 lesser-known tax tips to boost your return
- Written by Financial Post
- Hits: 1886
The Easter long weekend is the time when many of us finally sit down to complete our 2016 tax returns to make sure they can be filed by the May 1 deadline. Here are 10 perhaps lesser-known quick tips that may save you some extra cash when filing your returns.
Private health service plan premiums
If you pay for private health insurance, either directly or indirectly through your work plan, the cost of your premiums will generally qualify for the medical expense tax credit (METC). These plans include most medical, dental and hospitalization plans. For the 2016 tax year, valid medical expenses qualify for a 15 per cent federal credit as well as a provincial credit, provided they exceed a minimum threshold equal to the lesser of 3 per cent of your net income or $2,237.
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How to write off business travel and not trigger red flags at Canada Revenue
- Written by Financial Post
- Hits: 2081
In his 23 years as an accountant, Frank Jasek has been asked by clients “more than once” whether they can write off gambling expenses in Las Vegas (no, even if they are with a client). And ditto for escort services, even though they’re legal in the state of Nevada.
Business travel is one expense category that attracts a second look from Canada Revenue Agency (CRA), mainly because there’s potential for personal benefit, says Jasek, a partner with tax and accounting firm Prapavessis Jasek in Toronto.
As a result, he says, in recent years, the CRA has homed in closer on those writing off business travel expenses.
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Five ways to get your clients to pay your invoices on time
- Written by Financial Post
- Hits: 1894
One of the toughest challenges of running a small business is managing money. Between payroll, loans, supplier invoices and unforeseen expenses, keeping track of finances can be difficult, but it is of course vital to a business’s success. Not having enough cash on hand is one of the main reasons small businesses fail.
Tracking finances is especially important during tax season, when small business owners need to figure out how much they may owe the Canada Revenue Agency. For self-employed individuals and spouses, the deadline to file tax returns is June 15, 2017, while the deadline to pay an outstanding balance is April 30, 2017.
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What’s Up in Apps: Solving the Receipt Problem for Your Business
- Written by Intuit
- Hits: 2069
No one goes into business to keep track of receipts. Running your own company means keeping your eye on a hundred things at once, and it’s all too easy for scraps of paper to slip through. Before cloud accounting, this was a huge problem, especially at tax time.
However, now that you can have instant visibility over your books in the cloud, capturing bills and receipts could just be the one thing keeping you from a real-time view of your business health. The technology is already there – capturing documents, extracting data from them and publishing it to the cloud is now nearly instant. Here are three ways Receipt Bank is solving that problem:
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