We see beyond the numbers. You profit by our knowledge.
Wednesday December 25 2013, Thursday December 26 2013 and Wednesday January 1 2014 are all statutory holidays to be paid to all Ontario employees (barring, of course, those who are in industries with exceptions). If your business is one of those who has exceptions, follow the guidelines for your industry as outlined in the Act (Employment Standards Act, 2000). You can locate the Act simply by clicking the link on our Links page.
Some employers may choose to be open for business on the statutory holidays, and therefore they can assign a different day as the statutory holiday, however, that assigned day cannot be more than 3 months after the actual holiday, unless it has been agreed in writing by the employee and in that case the assigned day can be any time within the following 12 months. On our links page you will also find the link for the Statutory Holiday Pay Calculator. This is an invaluable tool and if you are not using it, I would encourage you to start.
If you decide to "close" for the holiday week, please remember that the other days within the week are not statutory holidays and do not need to be paid. Some employers choose to use this time as their annual company shutdown and in that case staff will be taking vacation time (Remember that they must also be paid their accrued minimum 4% vacation allotment in addition to the time off). Other employers will allow their employees to use any unused vacation days they have left for 2013 and for still others it will be unpaid days off.
This time of year can be very confusing for employers in respect of payroll and employment requirements. Please call us if you would like our advice in this area.
Installments: If you are required to pay either GST or Income Tax in instalments, your next payment is due on Dec 15th.
Payroll remittance: For all those who pay their source deductions monthly, the payment for November's liability is Dec 15th.
Finally, if you are one of those people who has all year long thought "I must get my papers in order", time is running short! BCD Accounting knows how hectic this month can be, and all too quickly 2014 will be here and the T4s, T5018s and other information slips need to be filed and then it is tax time. We are here for you...we can take the shoe box, the crumpled up pile of receipts, the paperwork that defines what you did this past year...we can take it all and make it into a complete set of financial records for you. Do not feel overwhelmed, give the whole kit and caboodle to us and we will get you set straight.
I know it is too early for most of you, but ...... Don't forget..... we also now do taxes!
In case I do not get a chance to personally say it to YOU: Merry Christmas and Happy New Year.
Welcome to our website. We are glad you “popped by”. I would like to take this opportunity to send a “thank you” to Debra and Greg of Pixels and Print Design who have designed for us this wonderful website.They worked tirelessly with us to get this just right and I am proud of the outcome!
December is a busy month for most of us and I thought in our inaugural newsletter it would be a good idea to talk about the newest version of QuickBooks as that is what is on the store shelves now.
***By the way, if you are a BCD client, you may be able to take advantage of a discounted price when upgrading to 2014. Ask me how!
In our office we are already using the newest QB version. It allows us a chance to critique it and find workarounds for any area that tech support has yet to work out the kinks in. As most of our own clients know, I was very unhappy with last year’s version. Even now there are some glitches that have not been fixed in 2013 so I was happy to put my oar in and check out ’14. I am pleased to say, that so far, having used it for 2 months now, I am happier with this version than with 2013! Most of the glitches that appeared in 2013 have been ironed out in this new version and there have been a couple of great new features added as well. The one I like best is the new Recording an NSF cheque feature.
In the past when a customer would give you a cheque which subsequently bounced, it was necessary to create a journal entry that placed the amount owing back into that customer’s account receivable sub ledger and allowed you to record the amount that went back out of your bank account. In 2014, that has been made easier by virtue of an icon that now appears on the top of the Customer Receive Payment screen called “Record Bounced Cheque”. In 2014’s version, when the notice from the bank is received, you only need to go back to the customer payment record, click the icon and three things happen:
All of that happens within the function once you click the Record Bounced Cheque icon. Here is what the window looks like: (Click on the image for a larger view).
There are lots of other nice things about 2014…perhaps in another newsletter I will detail others for you.