I would like to know what account will be for a penalty for GST filling late. I can create an account named Penalty, but I don't think it was deductible like other expenses. If it is the case, how to deal with it at year-end. Would you please don't just tell me that your account will take care of it. I just want to learn it.
Thank you very much!
Hi - if you want to learn about accounting/bookkeeping then I would suggest you start with taking a course in basic accounting and work your way up from there. There are lots of colleges that offer that and also I'm sure this can be accomplished thru online courses. If your employer helps you with this financially then it can be deducted as a business expense if it is proven that your employer will benefit from this training.
Also I would suggest you belong to one of many organization for bookkeepers and/or accountants in Canada such as IPBC - Institute of Professional Bookkeepers of Canada.Those are where you can answer accounting type questions such as what you have recently been asking on this forum. This forum is more for help with using Sage 50 software and how to enter information.
As for your question above, you can set up an account close to where the bank interest account is and call it Non-Deductible Interest/Penalties. This is where the CRA interest & penalties goes and also traffic violation tickets such as speeding, parking, etc. When the accountant gets your year end information for T2 filing they will know to not include this expense account.
OK, thank you very much,Madame Smithco!
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