How to use VLookup (all explained within) to get Excel to calculate tax rates. =VLOOKUP(B2,FedTax,2,TRUE)+VLOOKUP(B2,FedTax,3,TRUE)*(B2-VLOOKUP(B2,FedTax,1,TRUE))
When you first start your business doing your bookkeeping in excel may seem like a great idea, but watch my video for reasons why it might be better to use a proper accounting package. For more hints and tips take a look at
A tutorial for the Living The Dream PBL at Belleville New Tech.
Here is the link to the Excel workbook described in this video: The following video provides a very quick introduction to an Excel bookkeeping workbook that has been designed to train students in learning their debits and credits, BUT more importantly to help them learn the impact on the income statement, statement of retained earnings, balance sheet and key financial ratios. The goal of this video and related workbook is that students will begin to develop the ability to predict the financial statement impact of any financial transaction they might come across in a normal business. If you find [More]
For those of you who are familiar with my “Stuff For The Taking” category .. you probably will note that I prefer to use EXCEL for Microsoft Windows 95 Version 7.0 I have purchased the latest version and have most of the other components installed with the later 2002 version, including WORD. But, when I started to use it for my business .. I found the latest version was not print friendly when it came to printing negative numbers used for accounting purposes. So I downgraded. Although I use various computer programs to prepare information, I prefer to just draft [More]
Businesses with sales over $30,000 CDN must register for a business number and charge 7% GST on their services or products, (6% beginning July 1, 2006). Just like the provincial retail sales tax (PST), to be compliant with the government, you must report and remit these collections over to the goverment. About this extra 7% money – it is “trust funds” – this money is not your extra profit. It’s money you collected as an agent or on behalf of the government and believe me .. they want it. The good news, is that everybody else is also charging you [More]
In the past year I have been engaged to do monthly accounting and bookkeeping for several clients. Although my rates are higher than a normal part-time bookkeeper that a company may hire, sometimes it makes sense to hire your accountant do also perform interim financial statements. Because I am familiar with the work and detail needed when comes time to perform the Year End Financial Statements and Income Tax Returns, it is “BETTER” and “EASIER” getting information while it is fresh in everybody’s head. Overall, professional fees for the year might be a little highe, but some clients can appreciate [More]