Hello

I am wondering how to do a Month-End Reports?

The second thing I would like to know is, I have started a Bookkeeping Business and I am using Simply Accounting for the first time. I just got my first client and trying to set-up his Business and basically all he has is receiving a Sales Commission and paid the GST to that. He actually doesn't have any Customers or Vendors and basically is Expenses are Gas for Vehicle, Office Supplies, Meals, Rent of Office, Telephone, Car Maintenance and GST Paid for these Purchases and pays for PST on theses Expenses.

So how would I set-up is Chart of Accounts and when I finish the Year End will it tell me what he owes for GST and his Business Income Tax will be?

Hope this is understandable for what I am looking for here. Hope someone is able to help me with this. I will appreciate all the help and support I can get with this.

Sincerely,

Scott Bell

 Hi there:  What kind of month end reports do you want to see?   I am not sure how you can be setting up a Bookkeeping business and acquiring clients when you have no knowledge of using the Simply program.  Do you have the required bookkeeping/accounting background and experience to provide your clients with a knowledgeable service?   If so, perhaps you should take one of the Simply Seminars for learning the Basics of Simply Accounting before acquiring clients.  It would be very helpful to you so that you can get off on the right foot when starting up the books for any clients you may acquire. 

If you use the Help feature in your Simply program to read all the information that is provided there it should walk you through setting up a new company, as well as pretty much anything else you need to know about using the various modules, etc. 

There is also information on how to "pick" a Chart of Accounts to use based on a normal scenario for the type of business that is being operated.  You should look through those choices for a Chart of Accounts.   You need to know whether you are dealing with a Limited Company or a Sole Proprietorship before picking your Chart  of Accounts as well.

When you finish a year end, the system does not "tell" you what his Business Income Tax will be.  It will tell you his income and expenses and an Accountant familiar with preparing business tax returns generally is given the task of figuring out what the tax amount will be based on the net income. 

As for the GST, those amounts get inputted throughout the course of the year to the proper accounts as you record the income and expenses.  Depending on whether the business is required to file a return quarterly or yearly,  the bookkeeper needs to know what they are looking at in the respective accounts and how to fill out the GST return.   Again, the system doesn't really "tell" you what is owed.  It produces numbers and you will need to know the correct way to put those onto the GST return and to be sure that they are correct etc. before filing the return.  Rita Deering