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E-Myth – “Why most small businesses don’t work & what to do about it”

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Vancouver Accountant | Continuing With Receivables

Vancouver accountant states that often times what happens is it can be a very convoluted system if you don’t have the access to QuickBooks, made by the company into it. What ends up happening is your Accounts Receivable, your AR aging summary, and your Accounts Payable can be quite convoluted if you don’t necessarily use that system or if you don’t talk to a charter professional accountant.

On the other hand, make sure that as a specific situation, the round numbers in the AR aging summary are necessarily sometimes estimates, accruals, or part of a journal entry. As well, not necessarily impossible but your attention should be drawn to the situation with which it can be inconsistent numbers. You’re going to have a very easy explanation if it that is all it can potentially be. If you don’t necessarily understand that, says Vancouver accountant, then sometimes it’s not necessarily an actual amount.

What ends up happening as a matter of fact, is a lot of the amounts that they owe from what the time periods have happened within the time of the contract agreed upon, can very quickly pass without any payment whatsoever. Often times the contractual payment time is going to be 30, 60, or 90 days. However, if it starts to wane after 90 days and you don’t hear any communication the chances of you getting paid for that job starts to diminish. Make sure that if it is passed the 90 day threshold of nonpayment, that you start to email and phone them every day as it is rightfully your money and you definitely should be able to be able to collect. Don’t necessarily feel guilty about it as you have honoured your part of the agreement and the contract where as they have not. You’re definitely gonna be able to update in real-time a lot of the entries from within your particular Accounts Receivable program. A lot of it is probably going to be the starting point from what most customers are going to need from there particular bookkeeping software.

It is that particular software, often QuickBooks, that are going to be used for custom messages, or to even email the invoice out to the particular customer. You’re going to be able to do a lot from that particular system it is very easily dealt with and can very easily be taught to anyone.

Vancouver accountant also wants you to understand that a lot of the round numbers in the age AR aging summary can be considered sometimes estimates and numbers that are not necessarily accurate or might bring a lot of false positives to your bank account. It are those false positives or you should see a positive number in all of the AR aging summary within the Accounts Receivable. If you are getting that Accounts Receivable and the payment in cash, at some point you’re going to have to make a particular correction to your AR aging summary and to the payable accounts.



Vancouver Accountant | Starting With Receivables

Vancouver accountant understands that a lot of the contractual arrangements don’t necessarily provide for any contracts for longer than 90 days to pay the person. A lot of the contractual arrangements start at 30 days and end at the 90 day period. As well, what can end up happening is you can do biweekly arrangements for payment as well. That is something that you should be able to talk about with the person that you are entering into the contract with. Vancouver accountant also wants you to understand that a lot of the payable liabilities as well as the particular employee expense accounts are going to be dealt with by your charter professional accountant as it is going to be from within a system that is not particularly accessible to the client.

However, it is definitely going to be separate from within your particular AR aging summary. If you’re going to see a lot of the positive numbers on the AR aging summary as well, you’re gonna have to ask yourself is that particularly accurate from within the numbers. They’ll definitely write a check as this is going to be the real number amount. Consider the fact that that is going to be collected in cash and if it isn’t, then you’re going to have to make a correction from within that check that you have received.

It is considered where you can update a lot of the real-time every time problems from within the very simple program of QuickBooks. It can use the software for a lot of custom messages or to even email the invoice out to the customer with a quick link. It is going to go dramatically down when you consider the time that has passed. If the time continues to pass past the 90 day period then you can consider that potentially the possibility of you getting paid is diminishing by the day. Make sure that you understand that you have every right to phone and to email every day so as you can get your money for a job that you have completed. It was a job completed according to the contract that you entered into and agreed upon.

You’re definitely going to have to apply a lot of the payments with up a specific invoices. Vancouver accountant also warns that you definitely gonna have to record in most of the account software that you received it and have a specific payment applied to the bill issued. A positive a negative number usually means that you’re going to have to make that payment and apply it from within the AR aging summary it is that AR aging summary that is going to be moved over to a shareholder loan account and nothing else should go into that account. Contractual terms are terms that absolutely have to be agreed upon and met at the and of the job which you have agreed to complete. If not, you should be considering litigation which you have every right to do. Reach out today!