Remove tag invoicing-receivables
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Should You Transition to a Paperless Office (and What CRA Has to Say about It)

Ronika Khanna CPA,CA

While accounting records and bank statements are a good starting point, if you do undergo an audit, CRA and RQ will almost always want to see the underlying receipt, bill or invoice that accompanies a specific transaction. According to CRA acceptable documents include a) paper format, b) a document (bill, receipt, invoice etc.)

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A sneak peek into what’s next for reports in Xero

Xero

Don’t forget to replace your favourites in the report centre with the new version of that report, as you’ll only be able to favourite new reports in the months ahead.

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Latest product news — February 2023

Xero

Send direct debit mandates in Xero We’ve updated GoCardless in Xero so you can send direct debit agreements (mandates) to customers directly from Xero, without the need to send an invoice. You can still manually code individual items if you prefer.

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Why email makes accountants’ lives difficult: Collaboration

Lockstep

Email is designed to send and receive communications from an internal or external source. Your activity stream goes far beyond your email thread, yet email today can’t capture, track or even tag activities to profiles. There’s a better way to manage accounts receivable (AR). Email tools today are inefficient.

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More Email Blunders That Cost Accountants Time and Money

Lockstep

Not only will you have to spend time correcting the issue, but you may also damage your relationship with the person who received the sensitive information. Enough clients whose names start with “Jo” and you’re liable to send an invoice meant for Joel at Customer 1 to Joanna at Customer 2.

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Things to Consider when you Convert from QuickBooks Online to QuickBooks Desktop

SchoolofBookkeeping

For example: If the reference number on an invoice is 15 characters in QuickBooks Online, when you export it to QuickBooks Desktop it is shortened to 11. A category converts to a service item when the sub-product/service item is tagged as a service item. When you save an invoice, the COGS line is fully paid by the asset.

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B2B Fraudsters Find New Twists In Old Scam Favorites

PYMNTS

According to reports, there are allegations that a handful of managers within SEPTA cooperated in a fraud scheme with one of SEPTA’s vendors, which is facing claims that it submitted false invoices along with legitimate bills. “VEC is the next evolution of business email compromise. Smaller Lenders Fall Victim.

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