CHAPTER 9

Maintaining Financial Records

Learning
Do I Qualify? Outcomes
Accounting Assistant After studying this chapter,
Small company seeks responsible and motivated worker to assist management you should be able to:
and accounting staff. Attention to detail and ability to multi-task is an asset. 1. Identify and describe
Duties include: basic business financial
• using accounting software to enter sales and purchase transactions and pre- services, procedures, and
pare financial statements software support.
• maintaining a petty cash fund and register 2. Use and maintain
• preparing payroll and maintaining payroll accounting records various financial forms
• ordering office supplies and documents.
• preparing daily deposits and reconciling bank accounts 3. Reconcile a bank
• compiling monthly reports and preparing the monthly balance sheet statement.
4. Describe the basic
elements of preparing

E
employee payroll.
very organization—no matter how In a smaller firm, you may be expected 5. Establish and maintain
large or small—must keep financial to maintain records of financial transac- a petty cash fund and
records. While you are working as tions. You need to know how to invoice register.
an administrative professional, the type clients and collect on accounts, prepare a 6. Prepare basic financial
and size of the organization you work for deposit slip, reconcile a bank statement, statements, including
will determine how much responsibility and maintain a petty cash fund. Part of your income statements and
you will have for maintaining financial responsibilities may include preparing the balance sheets.
records. The time you spend on these payroll, which requires ­knowledge of fed- 7. Demonstrate a
activities each day will vary with the size of eral and provincial or territorial labour commitment to
the organization and the degree of automa- standards; regulations regarding minimum community involvement.
tion in place. wages and deductions at source for taxes;
A large organization may have an workers’ compensation; and medical and
accounting firm or department that han- employment insurance premiums.
dles the payment of all bills, reconciliation This chapter introduces you to the
of statements, and preparation of payroll. types of basic financial information pro-
The role played by an accounting depart- cessed in the office and the procedures
ment or firm in maintaining financial and terms related to maintaining financial
integrity is highly specialized. records.

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 Banking Activities new business account is opened, your financial institution will
provide a book of multiple-copy deposit slips encoded with
Managing banking transactions is an important and exacting your account number and company name.
task for the administrative professional working in a smaller When you present your deposit, the financial institution
firm. You will need to know how to will remove and retain the original deposit slip and stamp the
●● prepare currency and cheques for in-person and remote
copy. The copy remains in the deposit book and serves as your
deposit record. Your organization may have numerous bank accounts,
●● process the payment of current accounts
and each will have a separate deposit slip book. Figure 9-1
●● keep a register of all deposits made and payments processed
illustrates the most common elements of a deposit slip; the
●● understand a bank statement
format will vary from one financial institution to another.
●● reconcile the bank statement with the register
When preparing cheques for deposit, take care to ensure
that the cheques are valid. If a cheque is postdated (i.e., the
Depositing Funds date on the cheque is in the future), it is not eligible for clearing.
A business chequing account is the type of bank account However, due to the large volume of cheques and the degree
generally established and used by business organizations. of automation, some postdated items may inadvertently be
Whether in-person or through remote capture, funds should processed rather than returned. A cheque is considered to be
be deposited regularly. To make an in-person deposit at your staledated if it is dated more than six months earlier. Although
financial institution, you will need to prepare a deposit slip in the cheque may be returned for that reason, the institution
duplicate listing all the items that are to be deposited—cash accepting it may choose to contact the payer’s financial institu-
plus endorsed cheques (legal documents authorizing the tion to confirm whether the cheque will still be accepted. If so, it
bank to pay a specific sum to a designated payee). When a will be processed. See Figure 9-2 for some depositing guidelines.

Figure 9-1
Sample Deposit Slip

First Bank of Alberta

1 The date of the deposit MAIN BRANCH
CALGARY, AB
2 The name of the company making T5H 1L9
the deposit

3 The account that is to be credited DEPOSIT

CURRENT ACCOUNT
4 The amount of cash for deposit
DATE: 1
5 A listing of cheques for deposit COMPANY NAME:
2 ENTRÉE EXPRESS
6 The initials of the depositor and teller
ACCOUNT NUMBER:
3
7 The total of the deposit 4536 505 212
CASH 4 CHEQUES 5
35 1.
310 2.
320 3.
350 4.
3100 5.
3 6.
Coin 7.
TOTAL
CASH
VISA
US CHEQUES
Initials SUBTOTAL
Depositor Teller LESS US EXCHANGE
6
NET DEPOSIT 7

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 Figure 9-2 endorsement methods include handwritten endorsements in
Guidelines for Preparing Cheques for Deposit ink and a rubber endorsement stamp that shows the company
name and account number.
You should ensure Cheques can be endorsed in three ways (see Figure 9-3):
• the values expressed in words and figures are identical ●● Blank endorsement is the signature of the payee. Once a
• the cheque has been signed blank endorsement is made, the cheque can be cashed.
• the cheque is not postdated or staledated
• the cheque has been written in ink
This type of endorsement should be used only when the
• all cheques are appropriately endorsed payee is at the bank and immediately before the cheque is
• cheques are grouped together based on financial institution presented to the teller.
●● Full endorsement permits a cheque to be transferred from

Endorsing a cheque means signing it on the back. Endorsing the original payee to another payee. The words “Pay to
is done by the payee, the organization or person to whom the the order of ” followed by the name of the new payee are
cheque is written. Endorsement legally permits a financial written on the back of the cheque preceding the signature
institution to transfer monies to the payee; the institution is of the endorser (the original payee). Once endorsed in
then able to collect the funds from the drawer, the organi- this way, only the second payee will be able to endorse it
zation or person who has written the cheque. Acceptable further for deposit or cash.

Figure 9-3
Blank, Full, and Restrictive Endorsements

Laura Genore Pay to the order of For Deposit Only

Thomas Genore To the Account of
Entrée Express
Laura Genore 4536 505 212

Blank Endorsement Full Endorsement Restrictive Endorsement

●● Restrictive endorsement requires no signature but downloaded and installed the app from your financial institu-
provides the highest level of protection and “restricts” tion, it is possible to deposit individual or multiple cheques,
what can be done with the cheque by writing or either by taking a picture of the cheques with a smartphone
stamping the words “For deposit only to” followed by or tablet or by using a compatible scanner connected to a
the full account number on the back of the cheque. computer. Images of the cheques appear on your computer
This endorsement specifies that the deposit must be screen, and the file can be saved for proof of deposit. Once the
placed in a designated account, and that it must be e-deposit is completed, identify these cheques with the words
deposited in full—no cash can be paid out from the “Electronically deposited” (your institution may provide a
cheque itself. Restrictive endorsement is widely used stamp to use to do so). Store the cheques for the time required
in business, especially when deposits are made by mail, by your financial institution (usually 90 days) then destroy or
through a night depository, or through an automated store according to your organization’s records management
teller machine (ATM). policy.
ATMs equipped with scanners can efficiently process indi-
Businesses that have a business chequing account at vidual or multiple cheques for in-person deposits. After an
Canadian financial institution can access e-deposit or remote access card is inserted and the passcode entered, individual
capture deposit. Cheques may be deposited quickly, easily. cheques can be stacked and fed into the scanner. Once pro-
and securely anytime from anywhere with a secure Internet cessing is complete, the user may select to print a receipt with
connection. After you have registered for online banking and or without an image of each cheque.

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 Accounts Payable
Writing AT WORK
An invoice is a bill itemizing the goods or services bought
As an administrative professional, you may create docu- and sold. The vendor or seller—the business organization
ments, such as project bids or contracts, using standard text that has supplied the service or product—presents the invoice
for such documents. You may write or change only certain
to the purchaser. Figure 9-4 illustrates a typical invoice with
terms that pertain to that particular project. Such docu-
ments typically contain numbers. Take extra care to make common information.
these numbers correct. Including an incorrect completion A monthly statement documents the activities on an
date for a project or an incorrect fee for services can result in account—purchases as well as payments made during the
lost money for your company. month—and are usually due at the beginning of each month.
Customers will not be happy if your company does not meet The accuracy of these invoices and/or monthly statements
the terms of the bid. Always double-check any calculations must be verified prior to making payments. Check each
you make from source numbers to generate numbers for the invoice against the prices quoted or records detailing the
final document.
prices previously paid for similar items. Verify the accuracy
Some financial documents, such as contracts, often show of monthly statements by comparing the items listed on the
numbers written in both words and figures, such as ten
statement against invoices received, sales slips, and other
thousand dollars and $10,000. Using this procedure can
help you identify some types of errors ($1000 rather records of account payments. When you are satisfied that the
than $10,000) when proofreading the document. Having invoice or statement is accurate, initiate the payment.
another person check the amounts in a document while Your organization may manage its accounting activi-
you read the numbers from another source can also be ties by using commercially available money management or
helpful when proofreading documents with numbers. After
accounting software such as Quicken or Sage 50 Accounting.
you have done general proofreading for the entire docu-
ment, check the document again, focusing specifically on These software programs include the capability of producing
the numbers. cheques and will post the amount directly to the cheque
register. If you are not using accounting software to prepare

Figure 9-4
Completed Invoice for Computer Components

FIRST CLASS COMPUTERS INVOICE

210 – 605 1st Street
Calgary, AB 1
T2P 3S9

INVOICE TO: Rasmussen Realty Services 3 INVOICE DATE: June 23, 20--
6030 – 5th Street SE 4 INVOICE NO.: 1009932
2 Calgary, AB 5 TERMS: Net 30 days
T2H 1L4
QTY DESCRIPTION UNIT PRICE AMOUNT

2 19" TFT Flat Panel Monitor 325.00 650.00

2 Internal DVD CDRW Combo Drive 150.00 300.00
2 Optical Cordless Mouse 6 35.00 70.00

1 Security Screen 201.33 201.33

$1,221.33
GST 61.07
7 TOTAL $1,282.40

1 The name and address of the vendor 5 The terms of the sale

2 The name and address of the purchaser 6 The details of what was sold

3 The invoice date 7 The total amount payable, including taxes

4 The invoice number

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 cheques, cheques can be written by hand or on your computer ●● A voucher cheque, which includes a form directly below
using single-solution cheque preparation software. the cheque for recording the details of the payment, can
All cheques need the signature of someone authorized by help both the company and the payee to identify the pur-
the organization to sign on its behalf. Individuals authorized pose of the cheque. (See Figure 9-7.)
by the organization to sign cheques will have already provided
appropriate documentation and signature samples to the Writing a cheque out to “Cash” is risky. Such an instru-
financial institution. ment can be cashed by anyone into whose hands it falls.
Your organization’s financial institution will provide you Cheques should always be written as payable to a specific
with a supply of cheques to be used for payment of invoices payee. Figure 9-8 offers some guidelines for the preparation
from companies for which the use of electronic funds transfer of cheques.
is not an option. Cheques are available in the following formats: Although many invoices will arrive by mail, Canada Post’s
●● A chequebook with a stub attached on which you record epost includes a constantly growing list of companies from
the details of the cheque being written. (See Figure 9-5.) which you may receive invoice statements online. With epost,
●● A book with an accompanying register in which you you can receive and pay bills and manage accounts online.
record the details of each cheque written and deposits You can also sign up to receive epost notifications via text
made. (See Figure 9-6.) message reminders and SMS text messages to your mobile

Figure 9-5
Completed Cheque with Stub

Rasmussen Realty Services

6030 – 5th Street SE
No. 156 $1,282.40 Calgary, AB T2H 1L4 No. 156
Date July 1, 20--
July 1, 20--
To First Class Computers
PAY TO THE
For Computer Accessories ORDER OF First Class Computers------ $1,282.40
Twelve hundred eighty-two----------40/100 DOLLARS
Previous Balance 7,856 65 First Bank of Alberta
Main Branch
Amt. Deposited 750 00 Calgary, AB
T5H 1L9
Total 8,606 65
Amt. This Cheque 1,282 40
Balance 7,324 25 Memo: Computer Accessories Mark Rasmussen
0004 123 456 987

Figure 9-6
Cheque Register Recording Deposit, Cheque, and Balance

CHEQUE REGISTER
Cheque Amount of Amount of
No. Date Description Cheque Deposit Balance
7,856 65
23/06 Deposit 750 00 8,606 65
156 01/07 Computer Accessories 1,282 40 7,324 25

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 Figure 9-7
Completed Voucher Cheque

Rasmussen Realty Services 156

6030 – 5th Street SE
Calgary, AB T2H 1L4

July 1, 20--

PAY Twelve hundred eighty-two----- 40/100 DOLLARS $ 1,282.40

TO First Class Computers

THE
210– 605 – 1st Street SW
ORDER
OF Calgary, AB T2P 3S9

Mark Rasmussen
0004 123 456 987 AUTHORIZED SIGNATURE

REMITTANCE ADVICE — PLEASE DETACH BEFORE DEPOSITING CHEQUE

DATE DESCRIPTION AMOUNT

June 23 Computer Accessories as follows:
2 - 19” TFT Flat Panel Monitor 650.00
2 - Internal DVD CDRW Combo Drive 300.00
2 - Optical Cordless Mouse 70.00
1 – Security Screen 201.33
GST 61.07

$1,282.40

Figure 9-8
Cheque-Writing Guidelines and Tips

• Use ink to prepare all handwritten cheques. • If using a cheque register, enter the details of the
• Date each cheque and stub. transaction.
• Using the fewest possible words, write out the amount • Whenever space remains on a line, such as after the pay-
of the cheque, starting at the extreme left of the line, ee’s name or in the words or figures area of the cheque,
putting an initial capital on the first word only. fill the space up with a line so that nothing else can be
• Write the amount in figures, starting close to the pre- added.
printed dollar sign, and write the figures close together • Ensure the individual name of the payee is cor-
to prevent additional figures being added. rectly spelled. Courtesy titles (Mr., Mrs., or Dr.) are
• If cheques and stubs are not already numbered, number unnecessary.
them consecutively. • Mistakes should not be erased or covered up with liquid
• Ensure that the values expressed in words and in figures paper. Write “VOID” in large letters across the face of the
are identical. cheque and the stub and prepare a new cheque. Retain
• If using cheques with a stub, first complete the stub, the cheque and stub in the files, or if using a register,
including details of all bills—if more than one—being record the cheque as void in the register and retain the
covered by the cheque; then complete the cheque. cheque in the files.
• Identify the purpose of the cheque in the bottom left • Obtain a signature from an authorized signatory. Ensure
corner. Some cheques include a memo line for this pur- the signature is completed in ink.
pose (see Figure 9-5).

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 device. You can find out more about the epost service by vis- Accounting for the differences between the two figures is
iting the Canada Post website. A link to this site is available on known as reconciling the bank balance.
the MindTap site for this textbook. If your financial institution sends you a hardcopy of the
Business organizations generally use cheques rather than monthly bank statement, it may also include images of your
cash to pay invoices received from other businesses. Using cancelled cheques. These images are a record of the cheques
electronic funds transfer (EFT), a convenient method of man- you have written that have been cleared by the bank; that is,
aging your personal accounts payable, may not be an option the amount has been deducted from your account and given
for businesses. In the case of your personal account, you com- to the payee. If you have hardcopy delivery, your online state-
pile a list of payees by adding the company names and your ment will include a link to the image of the cleared cheque,
account numbers with those companies. It is then a simple which can be downloaded and saved or printed for your file.
matter to select a company from the list, enter the amount Figure 9-9 shows the front page of a statement. You can see
of payment, and indicate the date on which the sum is to be how the bank itemizes deposits made, cheques that have
withdrawn from your account and transferred to the account cleared, interest payable if any, and any fees charged for the
of the payee. Payments can be made for any amount up to month.
the amount currently on deposit with your bank or financial The back of the statement may include a form that you can
institution. use to reconcile the final balance on the statement with the
The use of EFTs for business organizations is at the dis- balance showing in your records. An example of such a form
cretion of the financial institution and with the exception of is shown in Figure 9-10; the four steps outlined in the figure
Revenue Canada payments for source deductions and goods will result in identical final balances being recorded on both
and services tax (GST) or harmonized sales tax (HST) remit- the cheque register and the bank statement. Your bank bal-
tance may not be permitted for security reasons. Cheques can ance will be reconciled.
be signed only by those persons who have signing authority, If your financial institution does not provide a reconcilia-
usually executives. Therefore, granting access to online tion form, you can download one from the Internet or easily
banking for the purpose of making payments to those who do prepare one on your computer using Microsoft Excel. See
not have signing authority presents a security concern. Some Figure 9-11 for a sample reconciliation form.
banks are now taking measures to correct this loophole using After you have completed the monthly reconciliation, the
a password protection system. cancelled cheques or the images you retrieve from your online
statement will provide legal proof of payment and should be
Reconcile the Bank Balance stored in accordance with company policy.
In the previous section on writing cheques, you saw how
the cheque register is used to record and track the cheques
written. The cheque register is also used to record deposits Technology AT WORK
to the account as they are made. You can see in Figure 9-6 The Conference Board of Canada has identified numeracy
that entering both cheques and deposits and then calculating skills as a fundamental requirement in the workplace. Under
the current balance after each entry maintains the currency of the heading “Use Numbers,” it lists
both your financial data and the information about the bal- • decide what needs to be measured or calculated
ance of your account. • observe and record data using appropriate methods,
tools, and technology
At the end of each month, you will print out (or your finan- • make estimates and verify calculations
cial institution will provide) a statement of all activities on
These skills can be developed at home, at work, at school,
your account for that one-month period. The balance in the or in the community. Software programs such as Quicken or
cheque register will not be equal to the balance shown on the Sage 50 will reconcile the bank balance by prompting you
bank statement for several reasons: to enter the amounts of the cancelled cheques, interest, and
●● All deposits made and entered into the register may not any fees that have been charged. Find a technology tool that
yet have been recorded by the bank. is appropriate to assist in maintaining your specific type of
●● All cheques you have written and entered into the register
financial records.

may not yet have been cleared for payment.

●● Interest or other credits may have been added to your

account by the bank. Electronic and Online Banking

●● Service charges may have been deducted from your Canadians are enthusiastic adopters of electronic banking
account by the bank. technology, using their mobile devices and the Internet at an
●● An entry or a calculation error may exist. increasing rate to manage their personal financial records. In

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 Figure 9-9
Sample Monthly Bank Statement

First Bank of Alberta

Main Branch
Calgary, AB T5H 1L9

Rasmussen Realty Services

6030 – 5th Street SE
Calgary, AB T2H 1L4

STATEMENT OF ACCOUNT ACCOUNT TYPE STATEMENT FROM - TO

Branch No. Account No. June 01, 20-- June 30, 20--
CURRENT CHEQUING
123 456 987 Page 1 of 1

DESCRIPTION WITHDRAWALS DEPOSITS DATE BALANCE

BALANCE FORWARD 8,821.88
PAYMENT TO 00864501355 486.29 June 01
AVIVA/CGU INSURANCE 57.33 June 01
CHQ 155 114.36 June 01 8,163.90
TERASEN GAS 148.00 June 06 8,015.90
ALBERTA HYDRO 68.00 June 15 7,947.90
TELUS 91.25 June 23
DEPOSIT 750.00 June 23 8,606.65
INTEREST 11.28 June 30
SERVICE FEE 9.95 8,607.98

975.18 761.28

its October 2016 issue of How Canadians Bank, the Canadian not make use of them, unless they are sole proprietorships or
Bankers Association determined that Canadians of all ages small partnerships.
are using the new technologies available from their finan- Preauthorized automated transfer is another method
cial institution to make their personal banking experiences employed by both individuals and business organizations
more convenient. Online banking is the preferred method to make payments on accounts that are invoiced monthly.
of banking for 76 percent of Canadians; 44 percent do some Preauthorized automated transfers can also be used to
banking using their mobile device,1 and 40 percent expect to transfer funds from one account to another within a financial
do so in the near future.2 institution.
Banks and other financial institutions are also making it E-cheques, or email money transfers, can be used to send
easier for companies to maintain their financial records. EFT, money directly from one bank account to another. After reg-
remote deposit, and online banking access make the compa- istering for the service, adding the name and email address to
ny’s financial data instantly available. your recipient list, and creating an individual security ques-
ATMs (also known as ABMs—automated banking tion, you are ready to initiate a funds transfer request. An
machines) are located throughout the world at banks and email is sent to your designated recipient with instructions on
elsewhere. They enable you to obtain cash, make deposits how to collect the money. A small fee may be charged for this
(only at bank locations), and check your account balance any service.
time, including when banks are not open for business. While Computer or Internet banking is likely to keep growing as
ATM use is declining in popularity, it is still regarded as an banks devote significant resources to developing and refining
important method of conducting a wide range of personal technology and security. Log on to the website of your per-
banking transactions—88 percent of Canadians use ATMs sonal bank to see what is current in personal and business
to make cash withdrawals3—most business organizations do online services.

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 Figure 9-10
Sample Reconciliation Form Found on Back of Monthly Statement

First Bank of Alberta

Balancing Your Records

Follow the four steps listed below to balance your statement.
Step 1 Add to your cheque register, as a deposit, any interest paid. Subtract from your cheque register, as a
withdrawal, service charges.
Step 2 Compare withdrawals and deposits on the statement with entries made in the cheque register.
Step 3 List in the columns below all withdrawals and deposits recorded in the cheque register that are not listed on
this or previous statements.

DEPOSITS Step 4
01/07 1151 25 The Ending Statement Balance for your current account is shown on the reverse of
this monthly statement.

Enter Ending Statement Balance 8607.98

Add total of outstanding deposits recorded in register 1151.25
Subtotal 9759.23
Subtract total of outstanding withdrawals recorded in register 1867.55
OUTSTANDING CHEQUES
01/07 1282 40 Present account balance on your records should be 7891.68
05/07 585 15
The account is balanced when the amount above matches the last balance listed in
the cheque register. If these two amounts do not agree:
• Review the above steps for entry or calculation errors.
• Check to ensure that all deposits and withdrawals shown on the statement
are recorded in the cheque register.
• Check for calculation errors in the cheque register.

Notify the branch within 30 days regarding any errors or irregularities noted on this
statement.

1867 55

Figure 9-11
Bank Reconciliation Form

BANK RECONCILIATION
Rasmussen Realty Services
As of September 30, 20--

Cheque Register Balance 15,400.23 Bank Statement Balance 15,300.12

ADD: ADD:
Interest Earned 60.71 Deposit of 29/09 1,295.85
15,460.94 16,595.97
DEDUCT: DEDUCT:

NSF Cheque — J.Lee 1,500.00 Outstanding Cheques:

New Cheque Order 25.00 No. 206 1,272.10

Service Charges 15.95 1,540.95 No. 207 1,403.88 2,675.98

Reconciled Balance 13,919.99 Reconciled Balance 13,919.99

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 Petty Cash Fund Figure 9-12
A Completed Petty Cash Voucher
In this chapter, you have learned that most business organi-
zations commonly use cheques or EFTs to pay accounts and
control their financial records. All business organizations— No. 256 $50.75
large and small—will also occasionally need to pay for small
PETTY CASH VOUCHER
incidental items such as postage, taxi fares, specialty office
supplies, or refreshments. However, it is both time-consuming
and inefficient to requisition a cheque for a small amount of DATE: May 30, 20--
money if you are working in a large organization, or writing
a small cheque if you are working in a smaller business firm. PAID TO: First Class Computers
A petty cash fund—the name is derived from the French word
petit, for “small”—is usually established to handle the pay- Graphics Tablet
EXPLANATION:
ment of purchases of small incidental items required by the
office in the normal course of conducting business.
You can establish a petty cash fund to cover these expenses
by writing a cheque on the current account of the business. The
cheque can be for any amount. Usually the amount is based CHARGE ACCT: Supplies
on either the estimated value or the actual calculated value of
APPROVED BY: RECEIVED BY:
previous incidental expenses over a specific period, such as
one month. A member of the department or office—often the
administrative professional—is designated to monitor the fund.
Authorized Signature Recipient Signature
If you are given this responsibility, follow these guidelines.
●● Keep on hand only sufficient funds to cover expenses for a

specific period—two weeks, a month, or a quarter. ●● Retain receipts for all expenditures (attached to petty cash
●● Complete or obtain a petty cash voucher (see Figure 9-12) voucher).
indicating the amount, date, and purpose of each ●● Record all transactions using a petty cash register (see
expenditure. Figure 9-13) or a spreadsheet.

Figure 9-13
Petty Cash Register Page

PETTY CASH REGISTER

VOUCHER
DATE NO. DETAILS CREDITS PAYMENTS
May 1 250.00
May 5 250 Postage 15.75
May 9 251 Taxi to Spence and Associates 35.00
May 12 252 Toner 49.25
May 22 253 Cleaning supplies 8.56
May 24 254 Courier 10.45
May 29 255 Disk labels 7.95
May 30 256 Graphics tablet 50.75

Totals 250.00 177.71

June 1 Cash on hand 72.29

Cheque No. 135 to replenish fund 177.71

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 ●● Ensure you can account for all monies—cash on hand Taxes
plus receipts and/or vouchers should equal the full value Three compulsory deductions are required by law: personal
of the fund. income tax, employment insurance (EI), and Canada Pension
●● Keep the cash and vouchers secure. Plan (CPP; or Quebec Pension Plan in Quebec). As an example,
●● Prepare a petty cash fund summary on a regular basis. Figure 9-15 illustrates the gross pay, the required compulsory
●● Replenish the fund before it gets too low by requesting a and voluntary amounts to be deducted, and the net pay for
cheque for the amount needed to restore the total to its Guy LeBlanc, an employee at CanAsian Airlines. This example
original (see Figure 9-14). is based on the payroll deductions online calculator available
on the Canada Revenue Agency (CRA) website. A link to this
Figure 9-14 site can be found on the MindTap site that accompanies this
Petty Cash Replenishment Request Form textbook.
Each month, employers are generally required to remit
RASMUSSEN REALTY SERVICES to the federal government these amounts plus an additional
Petty Cash Replenishment Request amount that is equal to the employee’s CPP contribution.
Deductions for CPP are age dependent, and the employer
Petty Cash Summary
May 1 – May 31, 20-- contribution for EI may be adjusted if employees are provided
with a short-term disability plan. Rates may change periodi-
cally or whenever new legislation is implemented, such as an
Postage and Delivery 26.20
increase to the minimum wage. In some provinces and territo-
Miscellaneous Office Supplies 107.95 ries, health insurance and workers’ compensation premiums
are also a compulsory provincial government deduction. In
Travel 35.00 order to assist employers so that they properly process payroll,
the CRA publishes a Payroll Deductions Formula and Guide
Cleaning Supplies 8.56 for Employers regarding Payroll Deductions and Remittances.
Total Payments 177.71 A link to these guides can be found on the MindTap site that
accompanies this textbook.
Cash on Hand 72.29
Total Petty Cash Fund 250.00 Other Deductions
Submitted by: In addition to compulsory tax deductions, there are a variety
of different deductions that may be compulsory for an orga-
nization or may be requested by the employee. Examples of
these deductions are as follows:
●● Insurance premiums. Insurance premiums include
Employee Payroll Procedures health insurance, life insurance, and disability coverage.
Preparing employee payroll, a function of financial If an employee elects to participate in these programs
accounting, is usually handled by the accounting depart- they may be responsible to cover a portion or the entire
ment of larger organizations. In smaller organizations, this insurance premium.
service may be purchased from an accounting firm or a ●● Retirement savings. Retirement savings can include

bank or may be assigned to the administrative professional. RRSP programs, profit sharing, or company pension
If it is your responsibility, you can prepare payroll by using plans. Every organization will have different retirement
a spreadsheet or purchase software written specifically for saving options and payroll deductions will vary.
calculating employees’ net pay—gross pay less required ●● Garnishments. If an employee has been given a

and voluntary deductions. Companies are required by law court order to repay a debt, these repayments can be
to keep payroll records and to provide employees with a automatically deducted and directed to the appropriate
statement of earnings and deductions. To do this, you must court office.
know the federal and provincial or territorial regulations ●● Union dues. In a unionized environment, employees will

regarding minimum wages and maximum hours of work, be subject to an automatic payroll deduction to collect
how to calculate the amount of compensation due each compulsory union dues.
employee, and the amounts that are required by law and ●● Other. If an organization requires employees to pay

must be withheld and then remitted to the respective gov- for parking they may provide an opportunity for auto-
ernments on behalf of each employee. matic payroll deductions. In addition, companies may

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 Figure 9-15
CRA Payroll Deductions Online Calculator

Payroll Deductions Online Calculator

Results
Employee’s name: Guy LeBlanc
Employer’s name: CanAsian Airlines
Pay period frequency: Weekly (52 pay periods a year)
Date the employee is paid: 20---01-01
Province of employment: Alberta
Federal amount from TD1 Minimum - 10,527.00
Provincial amount from TD1 Minimum - 16,977.00

Salary income $ 1,350.00

Vacation pay $ 150.00
Total Cash income $ 1,500.00

Taxable income for the pay period $ 1,475.00

Pensionable earnings for the pay $ 1,500.00
period
Insurable earnings for the pay period $ 1,500.00

Weekly Payroll for Guy LeBlanc of CanAsian Airlines

Federal tax deduction $ 226.47
Provincial tax deduction $ 109.07
Additional tax deduction $0.00
Total tax deductions $ 335.54
CPP deductions $ 70.92
EI deductions $ 26.70
Amounts deducted at source $ 25.00
Total Deductions $ 458.16
Net Amount $ 1,041.84

Amounts deducted at source

Union Dues $ 25.00
Total $ 25.00

Source: Canada Revenue Agency. Reproduced with permission of the Minister of Public Works and
Government Services Canada, 2018.

encourage employees to donate to charities such as United

Way and provide an opportunity to enroll in automatic Communicating AT WORK
payroll deductions to support this initiative. Administrative assistants often key or file documents
that have sensitive information about employee salaries,
performance evaluations, benefits, or health records. This
Processing Payroll information is considered confidential. Never discuss the
Using EFT to process payroll is much more efficient than writing information you may see or read with persons who are not
individual paycheques at the end of each pay period. The bank authorized to know the information. Discuss confidential
is provided with a list of employees and the amount payable to topics by phone only in an area where you will not be over-
heard by others. Be sure to have verified the identity of the
each, and the bank then uses EFT to transfer these funds to the
caller before discussing any personal information.
individual employee accounts. Employees then receive a state-
Take precautions to protect confidential information
ment showing their gross pay, an itemized list of deductions,
while it is in your care. For example, do not leave a file
and the net amount that has been deposited to their account. with confidential information displayed on your computer
Payroll intervals will vary for every organization and can vary screen when you leave your desk. Place hardcopy docu-
depending on the job position. The most common payroll inter- ments in a folder or drawer where they will be out of sight.
vals are daily, weekly, bi-weekly, or monthly. CRA also requires Communications that contain sensitive information should
that an organization provide each employee with a T4 slip by the be sent in a hardcopy document placed in an envelope—
not by email. Communications sent by email are not secure
last day of February in each calendar year. A T4 slip outlines an or private. They may be accidentally sent to the wrong
employee’s wages, taxable benefits or allowances, retiring allow- person or reviewed by personnel in the information tech-
ances, deductions withheld, and any pension adjustments they nology department as part of routine checks.
require to file their annual income tax return with the CRA.

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 Financial Statements The income statement (also known as the profit and loss
statement) summarizes an organization’s income and expenses
Although no two business organizations are identical in their over a specific period of time—a month, a calendar quarter
operations, all managers, owners, creditors, and investors (three months), or a year. It shows the amount of money
generally rely on the same two financial statements as accu- made (profit) or lost (loss) during that period. This infor-
rately representing the company’s financial viability: the bal- mation makes it possible to forecast future directions for the
ance sheet and the income statement. organization.
A balance sheet shows three things:
●● a list of what the company owns—its assets The Balance Sheet
●● a list of what the company owes—its liabilities
A balance sheet provides information about an organization’s
●● the difference between the two—its net worth
net worth at a specific time of the year. The document itself
The balance sheet is important because it gives a picture has four main sections—the heading, the assets (current and
of the financial state of the organization on a specific day. capital), the liabilities (current and long-term), and the own-
It documents the ongoing liabilities for accounts payable, er’s equity. The assets section of the balance sheet should equal
source deductions, GST or HST, and the bank balance. (i.e., should balance with) the liabilities plus owner’s equity.

Figure 9-16
Example of a Balance Sheet

Rose Corporation
BALANCE SHEET
As of December 31, 20--
(Dollars in Thousands)

ASSETS
Current Assets
Cash and Cash Equivalents $200,012
Accounts Receivables 276,282
Inventories 399,026
Prepaid Expenses 52,380
Total Current Assets 927,700
Property and Equipment, Net 1,409,151
Total Assets $2,336,851

Liabilities and Stockholders’ Equity

Current Liabilities
Notes Payable, Current $9,559
Accounts Payable 246,920
Accrued Expenses 225,009
Total Current Liabilities 481,488
Notes Payable, Long Term 658,697
Total Liabilities $1,140,185

Stockholders’ Equity
Common Stock $56,587
Additional Paid-in Capital 520,989
Retained Earnings 619,090
Total Stockholders’ Equity $1,196,666

Total liabilities and Stockholders’ Equity $2,336,851

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 The heading identifies the who, what, and when of the vary from firm to firm, it should remain the same from year
statement. This information is displayed in three separate to year. Figure 9-16 provides a sample balance sheet for a firm
horizontally centred lines at the top of the page. The first line called Rasmussen Realty Services.
identifies the organization, the second the type of statement,
and the last the period covered by the statement. The Income Statement
The assets include two types of assets of the organization— An income statement consists of two main sections—the
the current assets and fixed assets. Current assets are cash or heading and the body. The body of the income statement
items such as accounts receivable or inventory that can readily is divided into three subsections—the revenue section, the
be converted into cash on short notice. Fixed assets comprise expenses section, and the profit or loss section. Typically, an
land, buildings, or equipment that will be used over the length income statement is prepared each month to show income
of the life of the organization, and are virtually permanent. and expenses for the month. A yearly income statement is
On a balance sheet, listing current assets before fixed assets is prepared to show income and expenses for the fiscal year.
known as using the liquidity order. A fiscal year is a 12-month period used for accounting
Liabilities are the debts of the organization. The liabilities purposes. A fiscal year might be from January 1 through
section follows the assets section, and, like it, is presented in two December 31, from July 1 through June 30, or any other con-
parts—current liabilities and long-term liabilities. Current lia- tinuous 12-month period.
bilities shows the ongoing commitment for CRA trust account As in the balance sheet, the heading answers the question,
liabilities, such as GST or HST and source deductions, and who, what, and when by identifying the organization, the type
will include items such as accounts payable and bank loans— of statement, and the period of time covered. The when is very
items whose payment is expected to be made within the next important. It may be for a one-month period only or for a
12 months or during current operations. Long-term or fixed longer period such as a quarter or a year. The example shown
liabilities include mortgages and other debts whose payments in Figure 9-17 identifies the type of financial statement—
will continue over a period of time longer than one year. “Income Statement”; the name of the company—“Rasmussen
While the format and content of a typical balance sheet will Realty Services”; and the period—one month.

Figure 9-17
Sample Income Statement for a One-Month Period

Rasmussen Realty Services

INCOME STATEMENT
For Month Ending January 31, 20--

Revenue:
Commissions Earned — Residential Properties $25,000.00
Commercial Properties 10,000.00
Total Revenue $35,000.00

Expenses:
Salaries 10,000.00
Computer Lease 2,000.00
Utilities — Gas and Electric 250.00
Telephone 125.00
Advertising 4,500.00

Total Expenses 16,875.00

Net Income $18,125.00

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 The body of the income statement is formatted in three information, and be able to interpret financial statements.
vertical columns. The column at the left, the widest, is used Whatever role you play in maintaining financial records,
to describe listed revenue and expense items. The second remember that accuracy and confidentiality are critical.
or middle column (the first money column) is used when a
section has more than one item. These detailed amounts are
totalled in this column, and the total is entered in the third
column (the second money column). The third column at
People at Work
the right is the totals column. When the revenue or expense Careers in Accounting
section has only one item, the middle column is not used The field of accounting is a highly respected and valued pro-
and the amount is entered directly in the totals column. fession. Three former national accounting designations—
With the advent of computerized bookkeeping, the three chartered accountant (CA), certified general accountant
(CGA), and certified management accountant (CMA)—have
offset columns are not as common as they once were, but
been united under a new single designation, chartered pro-
the format depends on how the chart of accounts has been fessional accountant (CPA). CPAs are valued for their financial
set up. and tax expertise, strategic thinking, business insight, man-
The first section in the body itemizes all sources of rev- agement skills, and leadership. As your business experience
enue under the heading “Revenue” or “Income.” The next grows, you may decide to develop accounting expertise and
section of the body details all expenses under the heading become a CPA.
“Expenses.” Last is the net profit or net loss section. This You can become certified as a CPA after successful comple-
amount is calculated by deducting total expenses from total tion of a series of required courses offered at your local
college or online through the CPA prerequisite educa-
revenues. A positive result in this calculation corresponds to tion program (PREP) offered by CPA Canada plus practical
a net profit; a negative result, a net loss. experience.
Whether or not you are routinely involved in financial You can learn more about the profession by talking to those
recordkeeping, as an administrative professional you need in your organization who have earned this designation or by
to understand the role played by the company’s accounting visiting the CPA website.
department, recognize the importance of current financial

Soft Committed to the Community

Skills
In Chapter 3, you learned about business on key national issues, such as poverty and homelessness,
ethics and the characteristics of the eth- while still being responsive to local community needs.”*
ical organization. Three high-profile situations illustrate what Three of its five priorities are
can happen when the procedures governing financial docu- • supporting the charitable and not-for-profit sector in
mentation are abused or ignored: the 2001 Enron scandal in Canada
the United States, the 2004 sponsorship scandal in Canada, • linking its community investment program to tangible
and the Canadian Senate scandal over expense abuses, which community needs
began to be revealed in 2012 and went to trial in 2015. • enabling employees to contribute4
In addition to ensuring that appropriate “checks and balances” The ethical organization is cognizant of the needs of its com-
are in place to protect financial integrity, the ethical organi- munity and encourages its employees to participate in com-
zation understands that it has a social responsibility to the munity activities. For example, you and other employees of
community. CIBC is one such organization that is “committed your organization might
to investing in community initiatives that are important to • serve on local community boards and commissions
our clients and employees through corporate donations and • participate in the local chamber of commerce
sponsorships. We support and encourage the passionate spirit • provide leadership to solicit funds for worthy causes
of employees to volunteer.” • Participating in professional or community activities could
CIBC does this through “three focus areas of Kids, Cures and give you the opportunity to practise the financial record-
Community” and “strive[s] to make a significant social impact keeping skills discussed in this chapter.

Courtesy of CIBC.

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 Chapter Summary
The summary will help you remember the important points ●● Payroll may be prepared by the accounting department, as
covered in this chapter. a service provided by an accounting firm or a bank, or by
●● Every organization, regardless of size, must keep financial the administrative professional.
records. ●● Compulsory deductions to be remitted monthly to the
●● As an administrative professional, you may be required government include income tax, CPP (Canada Pension
to prepare or check financial forms such as petty cash, Plan) premiums, and EI (employment insurance)
invoices, bank reconciliations, income statements, and premiums.
balance sheets.

Key Terms
accounts payable p. 164 full endorsement p. 153
assets p. 164 income statement p. 163
balance sheet p. 163 invoice p. 154
blank endorsement p. 153 liabilities p. 164
cancelled cheques p. 157 liquidity order p. 164
cheques p. 152 monthly statement p. 154
cheque register p. 156 net pay p. 161
current assets p. 164 net worth p. 163
deposit slip p. 152 payee p. 153
drawer p. 153 petty cash fund p. 160
e-cheques p. 158 postdated p. 152
e-deposit or remote capture deposit p. 153 preauthorized automated transfer p. 158
electronic funds transfer (EFT) p. 157 restrictive endorsement p. 153
endorsing a cheque p. 153 staledated p. 152
fiscal year p. 164 voucher cheque p. 155
fixed assets p. 164

Discussion Items
These discussion items provide an opportunity to test your 4. List the three compulsory payroll deductions. What
understanding of the chapter through written responses and other payments must be remitted to the federal
discussion with your classmates and your instructor. government?
1. Explain how the role of an administrative professional 5. Identify the major components of a petty cash fund
might vary depending on the organization. and explain the steps you would take to establish such
2. List and explain the purpose of each of the three different a fund.
types of cheque endorsements. 6. Identify and explain the differences between an income
3. What steps would you take to reconcile a bank statement statement and a balance sheet.
with the cheque register? If the two are not equal, how
would you try to resolve the issue?

Critical-Thinking Activity
Each department of CanAsian Airlines operates and man- Over the past few months, you have observed Guy
ages its own petty cash fund to cover the cost of incidental opening the petty cash box and giving what appear to be
office-related expenses. In your department, Guy has been small amounts to various individuals in the office. When
delegated the responsibility of maintaining this fund. As his you review the requests to replenish the fund, however,
supervisor, you are authorized to sign the requisition that is you notice that the requisition has no reference to these
sent to the accounting department at the end of each month persons; nor are petty cash vouchers signed by these
to replenish the fund. individuals included with the requisition. The policy and

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 procedures manual, given to all new CanAsian employees, that Guy has been advancing monies to these individuals for
has a section on maintaining the fund. It states clearly personal use.
that these monies are to be used only for office-related ●● How will you raise this issue with Guy?

expenses. ●● What questions will you ask him?

While you have every confidence in Guy’s ethics and ●● What directions could you provide to help him resolve

integrity, and in his ability to maintain this fund, you suspect this issue?

21st Century Skills

Life and Career Learning and Information, Media,

Data
Skills Innovation Skills and Technology Skills
CAREER INNOVATION TECHNOLOGY DATA FILE

Building Workplace Skills

Project 9-1 (Learning Outcome 1) make a commitment to the community. CanAsian is a strong
Online Project supporter of the United Way, which annually raises funds
to support a variety of community health and social service
providers. The annual United Way campaign is scheduled to
TECHNOLOGY
begin soon, and you have volunteered to serve on the local
Using the Internet browser of your choice, search for informa- CanAsian fundraising committee. You know that at the first
tion on computer accounting, payroll, or money management meeting, a chairperson, a recording secretary, and a trea-
software. Many vendors of software will include an online demo surer will need to be selected. You have decided to put your
highlighting the best features of the software. Run the demos financial recordkeeping skills to use by volunteering to be the
and compare the features of two software programs. Prepare a treasurer. At the meeting, your offer is accepted, and you will
summary of your comparisons and submit it to your instructor. now begin to keep track of all income and expenses during
the three-month campaign.
Project 9-2 (Learning Outcome 1) Complete Projects 9-3, 9-4, and 9-5 and submit them to
Collaborative Project your instructor.

Project 9-3 (Learning Outcome 2)

INNOVATION

Work with two of your classmates on this task. Choose from CAREER DATA FILE
one of the following:
As a first step, you have opened a chequing account (215
a) Interview a bank manager to determine the automatic or
331 789). You will deposit all funds received to this account
electronic services the bank offers to its business clients.
and use it to make payments as necessary. The bank has pro-
Prepare a presentation for your class.
vided you with a cheque register to document and record all
b) Interview an administrative professional about their
transactions. The campaign officially begins the first week of
responsibilities for financial recordkeeping in their busi-
October and in that week you receive several contributions.
ness organization. Prepare a presentation for your class.
They included cheques as follows:
c) Locate a business in your community where the admin-
istrative professional is responsible for preparing payroll.
Martin Albertson $1500 Luyin Wu $120
Interview them about this task and determine what soft-
Guy Beauchamp $  75 Keri-An Mahar $500
ware they use. Prepare a presentation for your class.
James Robertson $ 600 Greg Lee $250
Background to Projects 9-3, 9-4, 9-5, and 9-7
Each department at head office has held a 50/50 draw where
the proceeds of ticket sales are divided equally between the
CAREER winner and the fundraising campaign. At the end of the week,
CanAsian Airlines considers itself to be a good corpo- in addition to the cheques noted above, you also have the fol-
rate citizen. The company’s mission and values statement lowing cash to be readied for deposit: fifty $1 coins, thirty-five
encourage and support all company employees who wish to $2 coins, ten $5 bills, three $10 bills, and two $20 bills.

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 A cheque register, a deposit slip, and six cheques are avail- and that two of the cheques you wrote, for Staples and The
able in files Project 9-3a, 9-3b, and 9-3c. Use the informa- Village Bouquet, do not appear on the list of cancelled cheques.
tion provided to complete the deposit slip. Be sure to put Print a copy of the reconciliation form Project 9-5b. Reconcile
a restrictive endorsement on the cheques and record the the bank statement with the cheque register you have created
deposit in the cheque register. based on the transactions recorded in Projects 9-3 and 9-4.
Throughout the month you continue to receive direct
contributions and cash funds from raffles and 50/50 draws. Project 9-6 (Learning Outcome 5)
The weekly deposit totals are as follows:

Week 2 $5346 (cash $346; cheques $5000) CAREER DATA FILE

Week 3 $2894 (cash $594; cheques $2300) Guy is taking an extended vacation and will be away from
Week 4 $1785 (cash $285; cheques $1500) the office for the next month. Usually you would delegate the
responsibility of maintaining the petty cash fund to another
Assume that you have made these deposits at the end of member of your staff, but because Luyin is still fairly new,
each week and that you have entered them into the cheque you have decided to add this job to your other duties.
register. (In an actual situation, you would also issue indi- Guy has processed the replenishment request, so you will
vidual receipts for each contribution.) be starting a new petty cash register for this month. The bal-
ance is $150. Print out a copy of the petty cash register form
Project 9-4 (Learning Outcome 2) Project 9-6a. Record the amount of $150 on the first line of
the Credits column. (Use the current month of the year in
completing this exercise.)
CAREER DATA FILE
The following were the cash payments you made from the
The fundraising committee had some interesting ideas to
petty cash fund during this month:
encourage the widest possible involvement of the employees
at head office. Implementing these ideas required the pur-
Day Voucher No. Description Amount
chase of some items. You have received several invoices. At the
beginning of the last week of the month, you have set aside 1 115 Whiteboard pens $ 7.34
time to pay the invoices. As you are the person who opened 5 116 BlueLine Taxi to airport $15.00
the bank account, you are authorized to sign the cheques. 8 117 Floral arrangement $21.39
Cheque forms are contained in file Project 9-4. Use the 15 118 Coffee supplies $18.48
following information to prepare these cheques. Be sure to 25 119 Courier $13.65
also enter the amounts into the cheque register.
30 120 Plant fertilizer $ 6.41

Lumiere Restaurant $250 (raffle prize of a dinner for

two) Total the cash payments and calculate the balance as of the
Staples Office Supplies $33.33 (raffle and 50/50 draw end of the month. Forward the balance to the beginning of
tickets) the next month and, using the petty cash replenishment form
The Casual Gourmet $65.23 (fundraising committee Project 9-6b, summarize the month’s expenses and prepare a
lunch) request for funds.
The Village Bouquet $65.75 (floral arrangement—
monthly raffle sales winner) Project 9-7 (Learning Outcome 6)
High River Rentals $250 (rental of barbecue for
luncheon)
CAREER

Project 9-5 (Learning Outcome 3) Fast-forward to the end of December and the conclusion
of the United Way campaign at CanAsian’s head office. It
has been a very successful campaign, and employees at the
CAREER head office location have been very generous in their direct
In the first week of November, you receive the first monthly contributions and participation in the various fundraising
statement from the bank (Project 9-5a). The balance as of the activities organized by the committee. It is now time to
end of October is $10 977.76, which includes interest of $20.84 prepare a statement itemizing the revenues raised and the
and processing fees of $2.85. You notice that the last deposit expenses incurred. As treasurer of the ­committee, you have
you made was too late to have been captured in this statement, this responsibility (see Figure 9-17 for an example).

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 Combine the information in Projects 9-3, 9-4, and 9-5 her child and asks you to provide her with some information
regarding revenues raised and expenses incurred in the first on preparing payroll for this person. Based on the minimum
month of the campaign with the following data: wage for 40 hours per week in your province or territory, use
the online payroll calculator on the Canada Revenue Agency
Month 3 website to provide her with an example. She plans to pay her
Cheques from various individuals 2210.00 employee monthly and will include a portion of the amount
required by your province or territory for vacation pay in
Karaoke night—ticket sales 3000.00
each payroll. Print out a copy of the calculations and the
50/50 draw and raffle sales 985.00
employer remittance summary that show her the monthly
Purchase flowers—monthly prize winner 65.75 amounts she will need to remit to the federal government for
Printing charges 210.00 these three compulsory deductions.
Bank interest 40.05
Project 9-9 (Learning Outcome 6)
Bank service charges 1.25
Month 2
Cheques from various individuals 1500.00 TECHNOLOGY CAREER

Barbecue lunch ticket sales 900.00 Add to your e-portfolio by describing how you can dem-
50/50 draw and raffle sales 1500.00 onstrate a commitment to community involvement. For
Purchase flowers—monthly prize winner 65.75 example, if you have an interest in assisting with the educa-
Paper napkins, etc.—barbecue 105.55 tion of young children, you might volunteer to help in an
elementary school; or if you enjoy working with people
Bank interest 25.32
who are ill or injured, you might volunteer to work in a
Bank service charges 1.25
hospital. The purpose of this project is to encourage you to
think about your strengths and interests so you can assist
Project 9-8 (Learning Outcome 4) your community. Remember, the ethical organization and
individual seek to give back to the community in whatever
way possible. Think futuristically and commit to working
CAREER in your community in the future. You will not be engaging
One of the other administrative assistants at CanAsian is in this activity this semester unless you decide you want to.
about to return to work after being on maternity leave for the Save your reflections under an appropriate name in your
past year. She will be employing a live-in nanny to care for e-portfolio folder.

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Endnotes
1. “How Canadians Bank,” Canadian Bankers Association, 3. “How Canadians Bank.”
https://www.cba.ca/Assets/CBA/Files/Article%20 4. “Community Investment,” CIBC 2014 Corporate
Category/PDF/info-howCanadiansBank-poll-2016-en.pdf, Responsibility Report and Public Accountability
accessed, July 30, 2018. Statement, http://corporateresponsibilityreport.cibc.com/
2. “How Canadians Bank.” pdfs/social.pdf, accessed May 16, 2015.

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