Frequently Asked Questions And Things To Know
What Is Involved in Keeping Business Records
Income records
Keep track of the gross income your business earns. Gross income is your total income before you deduct the cost of goods sold and expenses.
Record the income whether you received cash, property, or services. Support all income entries with original documents.
Expense records
Always get receipts or other vouchers when you buy something for your business. Make sure the seller or supplier describes the goods or services on the receipt. However, sometimes that is not possible, as with a cash register tape. In such a case, you should write a description of the goods or services on the receipt or other voucher, or in your expense journal.
It is also possible that a seller or supplier may not provide you with a receipt. In such a case, write the name and address of the seller or supplier, the amount paid for the goods or services, the date you made the payment and the details of the transaction in your expense journal.
Motor vehicle records
Full logbook - The best evidence to support the use of a vehicle is an accurate logbook of business travel maintained for the entire year, showing for each business trip, the destination, the reason for the trip and the distance covered.
You can deduct motor vehicle expenses only when they are reasonable and you have receipts to support them. To get the full benefit of your claim for each vehicle, keep a record of the total kilometres you drive and the kilometres you drive to earn business income.
Record the odometer reading of each vehicle at the start and end of the fiscal period. If you change motor vehicles during the fiscal period, record the dates of the changes and the odometer reading when you buy, sell, or trade the vehicle.
Income records
Keep track of the gross income your business earns. Gross income is your total income before you deduct the cost of goods sold and expenses.
Record the income whether you received cash, property, or services. Support all income entries with original documents.
Expense records
Always get receipts or other vouchers when you buy something for your business. Make sure the seller or supplier describes the goods or services on the receipt. However, sometimes that is not possible, as with a cash register tape. In such a case, you should write a description of the goods or services on the receipt or other voucher, or in your expense journal.
It is also possible that a seller or supplier may not provide you with a receipt. In such a case, write the name and address of the seller or supplier, the amount paid for the goods or services, the date you made the payment and the details of the transaction in your expense journal.
Motor vehicle records
Full logbook - The best evidence to support the use of a vehicle is an accurate logbook of business travel maintained for the entire year, showing for each business trip, the destination, the reason for the trip and the distance covered.
You can deduct motor vehicle expenses only when they are reasonable and you have receipts to support them. To get the full benefit of your claim for each vehicle, keep a record of the total kilometres you drive and the kilometres you drive to earn business income.
Record the odometer reading of each vehicle at the start and end of the fiscal period. If you change motor vehicles during the fiscal period, record the dates of the changes and the odometer reading when you buy, sell, or trade the vehicle.
Helpful Links for Every Business Owner
Alberta Employment Standards
Alberta Employment Standards
- Alberta Labour Relations Board
The Alberta Labour Relations Board (ALRB) is an independent and impartial tribunal responsible for the day-to-day application and interpretation of Alberta's labour laws. The role of the ALRB is to interpret and apply the legislation governing collective bargaining.
- Alberta Occupational Health & Safety
- Canada Revenue Agency
- Online Business Registration
- CRA Online Payroll Calculator
- GST Netfile
- Workers' Compensation Board Alberta
The Workers’ Compensation Board is a statutory corporation created by government under the Workers’ Compensation Act to administer a system of workplace insurance for the workers and employers of the province of Alberta. The organization is employer funded to provide cost-effective disability and liability insurance.
Workers' compensation compensates injured workers for lost income, health care and other costs related to a work-related injury. - Quickbooks Proadvisors