%20(1)%20(1).png)
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Terms of Service
Welcome to Castle! These terms of service outline the rules and regulations for the use of our bookkeeping services.
By accessing this website and using our services, you accept these terms and conditions in full. Do not continue to use Castle services if you do not accept all of the terms and conditions stated on this page.
Castle offers professional bookkeeping services including transaction categorization, reconciliations, financial reporting, GST/HST filing, and other related services as agreed upon with the client.
2. Billing and Payments
All services provided by Castle are billed on a recurring basis unless otherwise
agreed upon. Payments are due upon receipt of invoice. We accept payment via credit card, debit card, and electronic funds transfer.
3. Cancellation and Refund Policy
Clients may cancel services at any time by providing 30 days’ notice in writing or via email. Refunds for prepaid services will be prorated based on the remaining unused portion of the services.
4. Privacy Policy
Our privacy policy outlines how we collect, use, and protect your personal information. We do not sell or share your information with third parties without your consent, except as required by law.
5. Liability
Castle will perform all services with reasonable care and skill. However, we do not accept liability for losses resulting from acts of nature, third-party errors, or misuse of financial information or reports by the client.
6. Amendments
Castle reserves the right to amend these terms of service at any time. Amendments will be effective immediately upon posting on this website.
7. Contact Us
If you have any questions about this privacy policy or our privacy practices, please contact us at:
Castle
316 1st Ave NE
Phone: 587-872-0602
Email: info@bookwithcastle.com
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
When to Use “Receive Payment” vs “Bank Deposit” in QuickBooks Online
For incorporated businesses in Canada, the question comes up often: “If I already see money coming into the bank, isn’t that enough?”
The short answer is no — not if you want accurate financial reporting, clean books for tax season, and proper cash-flow tracking. A corporation doesn’t legally have to issue invoices or use Accounts Receivable internally, but if it does not, it loses the ability to properly show revenue earned vs. revenue received.
Accounts Receivable solves a timing problem: a corporation earns revenue when the work is performed, not only when the cash arrives. Without an AR workflow, income is recorded only at the moment of deposit, which distorts month-to-month profit, makes outstanding client balances invisible, and forces the accountant to rework the books at year-end.
Why AR is considered best practice for corporations
- It separates work performed from cash collected
- It shows who owes the company money and for how long
- It allows the business to track late payments and aging
- It supports better cash-flow forecasting
- It keeps GST/HST tied to the invoice date rather than the deposit date
- It prevents “lump” income spikes where multiple late payments distort a single reporting period
When AR is essential
- Contract or project-based work
- Retainers or deposits
- Any delayed payment terms (NET 15 / NET 30)
- Year-end corporate tax preparation
- When engaging a third-party CPA
When AR is optional
- A sole proprietor with immediate payment at point of sale
- Simple cash-basis operations with no delayed billing
- Hobby-level business income where no CRA filings rely on accrual timing
What goes wrong without AR
When a corporation skips AR and posts deposits directly to “Sales Revenue,” three problems arise:
- No record of what the customer was billed for
- No tracking of outstanding balances
- GST/HST is often calculated from the wrong date, complicating remittances
By the time the accountant receives the books, they must rebuild invoices retroactively or make adjusting entries to align revenue recognition with the correct period.
Practical takeaway
A corporation doesn’t need AR because of a law — it needs AR because of timing and clarity. If the business ever plans to scale, share books with a CPA, secure financing, or prepare for an audit, Accounts Receivable is the structure that keeps the revenue side clean, traceable, and defensible.
%20(1).png)
