%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.
Bookkeeping for Small Business Owners — Part 6
Tracking Income & Accounts Receivable the Right Way
By now, we’ve covered the basics of bookkeeping: expenses, categories, and how to keep your records in order. But bookkeeping isn’t just about tracking what’s going out of your business — it’s also about carefully tracking what’s coming in.
This is where income and accounts receivable come into play.
Income: More Than Just Deposits
It’s tempting to look at your bank account and say, “That deposit was $2,000, so that’s my income.” But it’s not always that simple. Here’s why:
- Deposits can include refunds, transfers, or loan funds (none of which are “income”).
- Some income arrives before the work is complete (retainers or deposits).
- Other times, you’ve earned revenue but haven’t been paid yet (accounts receivable).
Tip: Income should always be recorded when it’s earned, not just when the money hits your account. This is called accrual accounting, and it gives you a more accurate picture of your business health.
Accounts Receivable (A/R)
A/R is money owed to you by clients or customers. If you send invoices, you have receivables. Managing them well is critical for cash flow.
Best practices for A/R:
- Invoice promptly – the sooner you send it, the sooner you get paid.
- Set clear payment terms (e.g., Net 15, Net 30).
- Track outstanding balances – don’t let unpaid invoices slip through the cracks.
- Send reminders – polite nudges keep cash flowing without damaging relationships.
Why This Matters
If you only look at the cash in your bank, you may think you’re broke when in reality you’re owed thousands. Or the opposite — you may think you’re flush when in fact your receivables are aging and payment is uncertain.
Tracking income and receivables helps you:
- Understand your true revenue.
- Spot late-paying clients early.
- Keep cash flow steady.
- Stay prepared for tax season (because the CRA cares about income earned).
Tools to Help
Most bookkeeping software (like QuickBooks Online, Xero, or Wave) has built-in tools for tracking A/R:
- Automatic invoice creation
- Payment tracking
- Reminder emails
- Reports showing who owes you money and how long it’s been outstanding
Even if you’re just starting out with spreadsheets, setting up an Invoice Log can go a long way.
%20(1).png)
