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I use these 8 stamps almost every day in my business

I’ve been busy inputting a lot of source documents and my stamps are starting to fade .. I need to replenish my office supplies soon! And, then I thought ..

.. I wonder if it is interesting to anybody .. that I always use these same 8 stamps over and over …

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I was standing over the shoulder watching somebody add up some sport statistics … and I said … “Don’t forget to Cross-Foot it!”

He looked at me like I was nuts .. It was then that I remembered that not everybody is familiar with HART’s Tickmark Terminology

(okay .. did you look? That phrase is not part of wikipedia.org ~ YET ~ but one day! Some day! lol)

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According to Canada Revenue Agency:
IT-417R2 Prepaid Expenses and Deferred Charges

¶ 2. A prepaid expense occurs where an outlay or expense has been made or incurred by a taxpayer in a particular taxation year and it represents, for example, all or part of the cost of services which will be provided to the taxpayer after the fiscal year end. For example, a premium paid in advance to obtain a fire insurance policy, which provides protection for a period extending beyond the year in which the expenditure was made, is one type of prepaid expense.

Prepaid expenses usually play part-in-parcel with the “Accrual Accounting” concept of accounting and bookkeeping. Expenses are deductible in the business - made in anticipation of profit. Profit would normally be taxed on a fiscal or calendar year basis. The government doesn’t want you to deduct next year’s expenses against this year’s income. It’s common sense.

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I have complete filing system in my basement. It holds all of my client’s Personal Tax Files and all the Corporate Files. I call this shelf my “Current” files. Last year, I took the time to pull out all of the older files and previous years’ files and place them in a banker box. Naturally, I documented each box by adding its contents into an Excel file, and numbering the box. I have 42 banker boxes stacked up in the corner of my basement, and this is what I call my “Archive” files. The boxes are stored on raised two-by-fours in case there might be accidental flooding in my basement. I have kept all of the archive files for exising clients because you just never know when you need to find information. Some clients and files date back to 1971 and I have one client that started in 1959. I just went on my own in March 2003, but after working with my father in his Chartered Accountancy firm for the past 18 years before it, I felt it best that I maintained all of the archived files in my possession when he retired. The clients that did not stay with me, or that I did not want to keep … I shredded those files when I started, at the permission of my father.

When I say FILES …. I do not mean your standard folding files or letter and legal sized files that you place in hanging folders. Here is a picture of what I mean:

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