Free courseBusiness & Administration
Bookkeeping Basics for Small Business in Canada
Learn how small-business bookkeeping works in Canada: records and the six-year rule, debits and credits, 5% GST in Alberta, bank reconciliation and basic financial statements. Five short lessons and a quiz, with a certificate of completion.
60minutes
5lessons
1final quiz
Freecertificate of completion
What you’ll be able to do
- Explain the difference between bookkeeping and accounting and what the CRA expects in business records
- Apply the six-year record retention rule and set up a simple filing system
- Record transactions with debits and credits and check them with a trial balance
- Calculate and record 5% GST on sales and purchases, and explain input tax credits
- Reconcile a bank account and follow a month-end checklist
- Build a basic income statement and balance sheet and know when to ask an accountant
Curriculum
01
Course lessons
5 lessons · module quiz- 01
Bookkeeping and the records you must keepLesson - 02
Accounts, debits and creditsLesson - 03
Sales, expenses and GSTLesson - 04
Reconciliations, receivables and month-endLesson - 05
Financial statements and year-endLesson - 06
QUIZBookkeeping Basics for Small Business in Canada: final quizQuiz