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Suppose you have an accounting blog .. like .. HART (1-800-HART) … and you want to show off your accounting knowledge ….

READER: Dear HART … I just purchased a new car that was financed over 3 years, for $25,000.00 .. I put down $3,000.00 which included the first month’s loan payment of $500.00. What’s my journal entry?

HART (1-800-HART): Congratulations on your new purchase .. I hope you have many years enjoyment with your new car. Here’s how to “book” the journal entry into your accounting records.

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It’s tax time here and I have many ways to keep track of clients who come in and bring me their records and income tax information. I have to … I do a lot of Income Tax Preparation during the months of March and April and well, actually all the way through until June 15th - which in Canada, is the deadline for individuals with business income.

When I meet with a client, I try to take notes. For every client or group of clients (e.g. for head of house only) I start a new “T1-Transit Mem0″. This is my typing report. This is my guide to keeping track of the tax returns that need to be prepared, who to be billed, and a guide to what to bill based on my actual time spent plus an admin charge. I also note last years’ billed amount, as a reminder and to also watch for, in case I can deduct this in the client’s business.

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