This is a simple reimbursement form. You can edit it when submitting your own expense claims or when setting up a reimbursement form for other departments within your company.
Foreign Exchange Rate Website: https://fx.sauder.ubc.ca/ If your company uses multiple currencies, you must convert all foreign currencies to Canadian dollars as the home currency when posting journal entries or when evaluating asset and liability balances at the end of the month or fiscal year This website can be used to search for multi-currency exchange rates. 1. Go to the Pacific Exchange Rate Service website, then click on 'Database Retrieval' 2. Select the base currency and Target currencies -> set the desired date range, and then -> Click 'Retireve Data' 3. See the result: When you set the base currency to 'Canadian Dollars' and the target currency to 'U.S. Dollars,' it shows that 1 Canadian Dollar equals 0.69358 USD (as of January 2, 2025). If you reverse the setup, it shows that 1 U.S. Dollar equals 1.4418 Canadian Dollars (as of January 2, 2025)
#1 Template - Credit Card I am sharing a credit card report template to support the reconciliation and month-end closing process. Before beginning the credit card reconciliation or finalizing the monthly credit card closing , please use this template to ensure the report is properly reconciled with both the credit card payable ledger and the credit card statement . For further details, please refer to the information below and the “#1 Template – Credit Card” shared above for your reference. 1. Credit Card Report by User Once you have entered the credit card transactions from the statement , you can reconcile the accounting codes with the general ledger (e.g., credit card payable). If there are multiple credit card users , you can summarize the total amount by user at the bottom of the report. This allows management to easily see how much each person is spending per month. I have set up SUMIF and VLOOKUP formulas to help generate this report, including both the accoun...
Steps to Track the 2.5% input tax credit on meals & entertainment & How to set up 2.5% input tax credit on meals & entertainment in QB . To properly track the 2.5% Input Tax Credit (ITC) for meals and entertainment expenses in Canada, follow these structured steps, aligned with CRA guidelines: 1. Understand the 50% ITC Limitation In Canada, meals and entertainment expenses are generally only 50% deductible for both income tax and GST/HST input tax credits. However, CRA allows a 2.5% ITC on eligible 50% meals/entertainment under the simplified method. 2. Choose the ITC Claiming Method You must choose one method per reporting period: Regular Method: Calculate ITC based on actual eligible GST/HST paid (only 50% of ITC claimable). Simplified Method: Multiply 50% of meal/entertainment expenses by 5%, then claim 50% of that (i.e., 2.5%). 3. Track Meals & Entertainment Separately Set up a dedicated GL account or sub-account: Label as: Meals & Ente...
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