Book Keeping Task/Accrual - Revision history

Brett Wuth at 03:52, 23 April 2019

Brett Wuth — Tue, 23 Apr 2019 03:52:00 GMT

←Older revision		Revision as of 03:52, 23 April 2019
Line 1:		Line 1:
-	~~Consistent with best practices,~~ PCSAR uses the accrual basis of bookkeeping.	+	PCSAR uses the accrual basis of bookkeeping.

	The alternative is the cash basis.		The alternative is the cash basis.
Line 8:		Line 8:
	In Canada, most businesses use the accrual method, as [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html that is a requirement] of the Canada Revenue Agency.		In Canada, most businesses use the accrual method, as [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html that is a requirement] of the Canada Revenue Agency.
	However the CRA allows Charitable Organizations to use [https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/financial-statements.html either the accrual or cash basis].		However the CRA allows Charitable Organizations to use [https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/financial-statements.html either the accrual or cash basis].
		+
		+	PCSAR uses the accrual basis because
		+	* it's considered best practice
		+	* we often have long periods before we are paid by tasking agencies
		+	* we sometimes have long periods before we pay member expenses
		+	* the matching of bills with payments creates an extra method of verification

Brett Wuth at 03:48, 23 April 2019

Brett Wuth — Tue, 23 Apr 2019 03:48:44 GMT

←Older revision		Revision as of 03:48, 23 April 2019
Line 7:		Line 7:

	In Canada, most businesses use the accrual method, as [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html that is a requirement] of the Canada Revenue Agency.		In Canada, most businesses use the accrual method, as [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html that is a requirement] of the Canada Revenue Agency.
		+	However the CRA allows Charitable Organizations to use [https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/financial-statements.html either the accrual or cash basis].

Brett Wuth at 03:47, 23 April 2019

Brett Wuth — Tue, 23 Apr 2019 03:47:28 GMT

←Older revision		Revision as of 03:47, 23 April 2019
Line 5:		Line 5:
	* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/ overview 1] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})		* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/ overview 1] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})
	* [https://strategiccfo.com/cash-basis-vs-accrual-basis-accounting/ overview 2] ({{link\|Image:Members:Cash-basis-vs-accrual-basis-accounting.pdf\|cached}})		* [https://strategiccfo.com/cash-basis-vs-accrual-basis-accounting/ overview 2] ({{link\|Image:Members:Cash-basis-vs-accrual-basis-accounting.pdf\|cached}})
		+
		+	In Canada, most businesses use the accrual method, as [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html that is a requirement] of the Canada Revenue Agency.

Brett Wuth at 03:45, 23 April 2019

Brett Wuth — Tue, 23 Apr 2019 03:45:38 GMT

←Older revision		Revision as of 03:45, 23 April 2019
Line 3:		Line 3:
	The alternative is the cash basis.		The alternative is the cash basis.
	For an explanation of the differences, see these articles:		For an explanation of the differences, see these articles:
-	* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})	+	* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/ overview 1] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})
-	* [https://strategiccfo.com/cash-basis-vs-accrual-basis-accounting/] ({{link\|Image:Members:Cash-basis-vs-accrual-basis-accounting.pdf\|cached}})	+	* [https://strategiccfo.com/cash-basis-vs-accrual-basis-accounting/ overview 2] ({{link\|Image:Members:Cash-basis-vs-accrual-basis-accounting.pdf\|cached}})

Brett Wuth at 03:41, 23 April 2019

Brett Wuth — Tue, 23 Apr 2019 03:41:23 GMT

←Older revision		Revision as of 03:41, 23 April 2019
Line 4:		Line 4:
	For an explanation of the differences, see these articles:		For an explanation of the differences, see these articles:
	* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})		* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/] ({{link\|Image:Members:Cash-vs-accrual-accounting.pdf\|cashed}})
		+	* [https://strategiccfo.com/cash-basis-vs-accrual-basis-accounting/] ({{link\|Image:Members:Cash-basis-vs-accrual-basis-accounting.pdf\|cached}})

Brett Wuth: New page: Consistent with best practices, PCSAR uses the accrual basis of bookkeeping. The alternative is the cash basis. For an explanation of the differences, see these articles: * [https://www.x...

Brett Wuth — Tue, 23 Apr 2019 03:38:08 GMT

New page: Consistent with best practices, PCSAR uses the accrual basis of bookkeeping. The alternative is the cash basis. For an explanation of the differences, see these articles: * [https://www.x...

New page

Consistent with best practices, PCSAR uses the accrual basis of bookkeeping.

The alternative is the cash basis.
For an explanation of the differences, see these articles:
* [https://www.xero.com/ca/resources/small-business-guides/accounting/cash-vs-accrual-accounting/] ({{link|Image:Members:Cash-vs-accrual-accounting.pdf|cashed}})