How to account for your business income

Business owners have to provide information about their business income and expenses.

Although we accept other types of financial statements, we encourage you to use any of the following forms that apply to you:

We have designed the forms to accommodate the most common income and expense categories used by your business. You can use the categories included on the forms when you start up your own accounting records.

You also have to record as income any amount credited to your account or set aside for you as payment for providing goods and services. This includes amounts credited to your accounts as offsets against an amount you owe.

You have to support all income entries in your records with original documents:

Keep these supporting documents in calendar order or numerical order. Keep them available in case we ask to see them.

You must keep a separate record of your income from all other sources, such as professional fees and income from property, investments, taxable capital gains, estates, trusts, employment, and pensions.

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