How to Add Conversion Balances in Xero

By |2022-09-30T20:27:09+00:00September 30th, 2022|Uncategorized|

So you’ve decided you’re going to use Xero to record all of your business transactions. Adding conversion balances is an important part of getting started with Xero. However, if you’ve just started your business and you have not done any bookkeeping yet, you don’t need to worry about conversion balances.  What are conversion balances? These are the balances on your trial balance at the date you convert from another accounting app or software program to Xero. It’s important that these are accurate so your books and records can continue on from where you left off. Entering Conversion Balances  In order to [...]

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How to Reconcile Your Bank Account Using the Xero Accounting App

By |2022-09-26T15:02:46+00:00September 26th, 2022|Uncategorized|

If you're using the Xero accounting app to manage your finances, then you'll need to know how to reconcile your bank account. This process ensures that the transactions in your bank account are accurately reflected in Xero. In this blog post and accompanying YouTube video, we will walk you through the steps of reconciling your bank account in Xero. Confirm Bank Statement Transactions From within the bank account you want to reconcile, go to the bank statements tab. Check to make sure the unreconciled transactions that have been imported are from your current statement. While in this screen, you can also [...]

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The Top 5 Benefits of Entrepreneurship

By |2022-09-22T18:12:39+00:00September 22nd, 2022|Business|

Every October, the Business Development Bank of Canada (BDC) celebrates small business week. This is a time where Canadians can learn more about the benefits of entrepreneurship and how to start and grow their own businesses. As the largest provider of financing, insurance, and advisory services to small businesses, BDC has a lot to offer. In this blog post, we will discuss the top five benefits of entrepreneurship, as well as some of resources that BDC offers to help small businesses succeed! What is BDC small business week? Small business week is a national event that takes place every October. During [...]

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Dividends or Wages: Which is Better?

By |2022-09-12T03:40:04+00:00September 12th, 2022|Accounting, Taxes|

Did you know the tax treatment of dividends and shareholder wages differs? In Canada, dividends are considered investment income, whereas wages are employment income and subject to payroll taxes. There are advantages and disadvantages to both. In this blog post, we'll explore the differences between dividends and wages, and help you decide which is better for you. Dividends are payments made to shareholders of a company out of its profits. The amount you receive depends on the number of shares you own. Wages, as you are probably already aware, are payments made to employees for their work. As a shareholder, you [...]

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