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Catagorizing Receipts

Hi All,

Need a little bit of help on organizing my company receipts so that I can enter them into the proper accounts. Just need to know if I am putting them in the right account(s).

Equipment - 2 small heaters (used in the reception area of my office both are under $40.00 each)

Office Supplies - Blinds / Curtains for Office Windows

Office Expenses / miscellaneous - Candy and for clients in waiting Room and also snacks for staff in office

Not sure where to put Renovations that were carried out at the office?

Equipment - Office Furniture, Desks, chairs, tables etc. How do I expense this? Do I have to amortize it over the years???

One other question My laptop - do I use that in equipment and claim the CCA on it? or would it be better for me to claim that on my personal tax and then claim the CCA

Thanks to all and anyone whom clarifies the above for me,

Mike E.

Reply to
Scraps
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One piece of advice for a new business is to seek an accounting/tax professional the first year to maximize the tax advantages and minimize bookkeeping time. After that, categorizing expenses such as supplies is easy but you need to know how to set it up correctly. consulting with a tax specialist now will pay off later

Reply to
Dave

"Scraps" wrote

Canadian laws may differ, but the blinds/curtains would be an asset (furniture/fixtures).

Equipment, furniture and fixtures are depreciated (because they have a useful life of many years)

As the other person said, get to a local tax accountant (don't know what they are called in the great white north) as quickly as possible.

Reply to
Paul A Thomas

Amen to the advice by others to consult an accountant. I would emphasize that it should be an ACCOUNTANT, not a bookkeeper. I would also like to say "competent professional with relevant experience", but that is very difficult to judge.

Meantime - In my opinion the heaters are "office supplies", not equipment, because the amount is so small. I withhold an opinion about the blinds and curtains without knowing the cost. I withhold an opinion about the renovations without knowing the cost AND the location of the office (at home, outside with a lease, outside with no lease?). I withhold an opinion about the computer without knowing its uses and more about the personal tax situation.

Oh !!! Here's a way to judge the competence and professionalism of a prospective accountant - I would question the competence of an accountant willing to express opinions on the above items without more information.

putting them

office?

Reply to
!-!

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