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We see business people using their business debit cards more and more for personal purchases.
We do not recommend this for various reasons:
- Correct bookkeeping procedures requires entry of each transaction into your books, resulting in additional time in bookkeeping and additional cost.
- As bookkeepers we would rather not know some of your personal shopping habits.
- It is frowned upon by the CCRA and opens your personal business up to audit.
What to do instead:
- Write yourself a cheque and do your personal purchasing through your personal account or take cash instead.
How is your paperwork being given to your bookkeeper?
Here's a few hints on saving money
- Organize by month if not by week.
- Open your mail before giving it to us
- Keep your bank statements together and ensure non are missing
- Make notes on receipts as to what the purchase was for (it's not always clear)
- Keep your personal receipts out
- Use detailed deposit slips so we know who the payments came from
- Make notes of any inputs by Owner/Shareholder
- Don't wait until last minute to get information to the bookkeeper
- List any automatic withdrawals from the bank and what they are for
- Give a list of Bank/Debit cards you use and what account they draw out of
- If you have more than one visa card, try to mark receipts as to which they belong
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