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Reckon/Quickbooks – Adding a % Fee Before the Total on an Invoice

 

Reckon/Quickbooks – Adding a % Fee Before the Total on an Invoice

Reckon/Quickbooks – Adding a % Fee Before the Total on an Invoice

Client called asking: How can they add a 5% service charge to an invoice before the final total?

Answer: Because Reckon Accounts calculates percentages only on the line above, you must subtotal the items before entering a discount item that calculates on a percentage basis. A subtotal item is created – it totals the amounts of the items above it, up to the last subtotal. You must create a subtotal item if you ever want to apply a percentage discount or surcharge to several items.

To create the Subtotal item:

Go to the Lists menu and click Item List.

Click Item at the bottom of the list and click New.

Click the Type drop-down arrow and then click Subtotal.

Enter an item name, such as Subtotal.

Enter the description that you want Reckon Accounts to put on your sales forms when you apply the subtotal.

Record the item.

On the sales form, insert the subtotal item immediately after the items that you want to subtotal.

To automate the calculation of the discount on the subtotal:

Go to the Lists menu and click Item List.

Click Item at the bottom of the list and then click New.

In the New Item window, click the Type drop-down arrow and then click Discount.

Enter an item name, such as Discount.

Enter the Description that you want Reckon Accounts to put on your sales forms when you apply the discount.

In the Amount or % field, enter the discount amount or percentage:

If the discount is a percentage, enter the number of the discount followed by the % symbol. For example, 5% tells Reckon Accounts to multiply the previous line by .05.

(If your discount amounts vary, you can leave the Amount or % field blank and enter the amount directly on your sales forms.)

Click the Account drop-down arrow and then click the income account you want to use to track discounts you give to customers.

When an income account tracks discounts on sales, the account is often called a “contra-income” account.

Click the Tax Code drop-down arrow and choose a tax code for this item.

If you select a taxable code, the discount you specify on taxable sales is applied before the tax is calculated. If you select a non-taxable code, the discount is applied after the tax is calculated.

Click OK or click Next to create another item.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much! Call and you also get Free “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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MYOB – Why did Sales Income go to the Accounts Receivable Account?

MYOB – Why did Sales Income go to the Accounts Receivable Account?

MYOB – Why did Sales Income go to the Accounts Receivable Account?

ClientI created some invoices and when I went to look at the Profit & Loss the amounts are all in the Accounts Receivable (A/R) – Why? Doesn’t income go to the Sales/Income account?

HowThe handling of the invoice amounts is correct – a sale sits in the A/R until it is paid – every transaction has a Debit and Credit side. If you open an invoice and hold Ctrl key then hit “R” and  let go, you will see Dr goes to A/R and Credit goes to Sales/Income. When you receive the customer payment, a credit is made for the amount from the A/R account and a DR to your bank account to show the deposit of the payment (or Undeposited Transactions if you use that when banking several cheques together).

If you want to see the Profit and Loss WHEN you are actually paid, then create the P & L Cash Basis report which is under Accounts> Small Business Entity.

If you want to put certain sales to certain Sale/Income accounts, allocate directly to a new “4” account in a Service/Professional Invoice or allocate to the “I Sell” account in the item, if using Item Invoicing.

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY Ask us for a competitive software price BELOW retail – no obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – no-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Finance 101 – Motor Vehicle Asset changes

Business Finance 101 – Motor Vehicle Asset changes

Business Finance 101 – Motor Vehicle Asset changes

Client emailedOur Company bought 2 cars  –

  • Holden Cruze for $16,700.00 includes GST/stamp duty/transfer fee
  • Barina for $12,888.00

We traded in the company car – Holden Commodore for $3000 and the wife’s car for $1500. Daniel has not claimed the $1500 but gave it to the business.

Now both ’new’ cars belong to the company.

Invoice for Holden Cruze is $16,700.00

The $4,500 trade in was netted out of the purchase of the Barina so the invoice is ($12,888- $4,500) $8,388.00 net.

We have in our accounts:-

MV @ cost                             18539.37

MV Accum Depn                  15412.00

Please advise. Thank you.

How to Enter To keep things simple, we need to set up some new accounts (NA) for each motor vehicle, and new accounts for the loans on each car – it is then easiest to leave the final reconciliation and adjustments to your accountant year end.

I assume the 2 MV accounts are only for the Commodore and no other cars. It is good practice to create new accounts for EACH vehicle so the accountant can reconcile at year end with ease!

Separate the Rego (and Insur if included in the deal) from the $16,700 (or you can leave for accountant year end to pick up)

NA          Asset      MV Accum Dep Cruze        (to be used at year end) – create in the Accounts List

Start a new General Journal with Purchase ticked at the top, and tick Includes GST.

Then enter as follows – (create new accounts as you go)

NA          Asset      MVehicle @ Cost Cruze          Dr 16,700 less rego, insur      CAP (tax code)

NA          Liability  Mveh Loan Fin Co Name*       Cr 16,700 less                               N-t

Expen    Rego                                                            Dr $rego                                      split for GST, 2 lines

Expen    Insur (if included)                                   Dr $insur                                    split for GST, 2 lines

Liab        Mveh Loan Fin Co Name                             Dr 4,5000                                        N-t

Liab        Daniel Loan Account                             Cr 1,500                                             N-t

Asset      MVehicle @ Cost Commodore             Cr 3,000                                             N-t

*Is the Loan a Chattel Mortgage? – Can mention type of loan in account name as well

Monthly payments – for simplicity, allocate from bank to NA Liability Mveh Loan Fin Co Name (the new finance account).

The old car accounts – Asset MVehicle @ Cost Commodore, and the MV Accum Dep can be left for the accountant to calculate and adjust at year end, incase there are other adjustments he needs to do.

For other examples of entering MV assets in the accounts, see -

Quickbooks – How to go about setting Chattel Mortgage up and accounting for the monthly payments in Quickbooks.

Another Asset Example – How to enter assets in the books

How do I show liabilities for the total borrowed including interest, not just the principle/asset amount?

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

 


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Reckon/Quickbooks – Online and PC – Customising templates – Can I copy form 2007/2008 to Online and what format is the logo?

 

Reckon/Quickbooks – Online and PC – Customising templates – Can I copy form 2007/2008 to Online and what format is the logo?

Reckon/Quickbooks – Online and PC – Customising templates – Can I copy form 2007/2008 to Online and what format is the logo?

Client emailed asking why they can’t email invoices – they have tried everything with Windows 8.1 and Reckon settings. Even tried to locate outlook but can’t locate in 8.1. Can we help please?

If you have problems when trying to save as a PDF or when emailing from Accounts Business, try assigning the QuickBooks V4 PDF Converter to its own printer port. Close Accounts Business and delete the printer files QBPRINT.QBP and wpr.ini. If you need help just follow the guide here. Open Devices and Printers > Right click QuickBooks V4 PDF Converter, select Printer Properties and then click into the Ports tab. To assign QuickBooks V4 PDF Converter to its own port and Click Add Port > Highlight ‘Local Port’ then click New Port > Enter a name > Okay > Close. Now you’ll need to configure the new port. Click into the Advanced tab then: Select ‘Spool print documents so program finishes printing faster’ Un-tick the check box labeled ‘Enable advanced printing features Select ‘Print directly to printer.

Now open your Task Manager (Ctrl Shift Esc on your keyboard) > Open the Processes tab, right-click splWOW64.exe and select End Process. Accept yes to the warning. (Windows 8 users must use Background Processes > Spooler Subsystem App > Print Spooler). Close both the Task Manager and Printer Properties windows then delete your print files again. Right click your Accounts Business desktop icon and under the Properties tab set the Compatibility to ‘Run As Administrator’. If your PC is a Windows 7 or earlier, we recommend you select ‘Run this program in compatibility mode for’ and select Windows XP (Service Pack 3)). Reboot your PC and see if it works now.

Other things to consider:

As Windows 8.1 and Internet Explorer v11 were released after the current versions of Reckon Accounts Business, Personal and Hosted were released, our products have not been tested with these new systems. Later releases will be fully tested and compatible. Here are a few tips on some configuration changes to make to ensure your product runs smoothly on the latest operating systems.

  • Program Icon – turn on Run As Administrator: Properties > Compatibility. Older versions may need to run in compatibility mode for XP sp2 as well.
  • Internet Explorer – add Reckon websites to Compatibility View Settings
  • PDF converter – assign it to its unique port.
  • Online Activation requires enhanced Protection Mode to be turned off
  • Reckon Accounts Hosted should update to the latest Citrix Receiver which is compatible with Windows 8.1

Here are the details. Installing for the first time on Windows 8.1 Not all required features to install Accounts Business are turned on by default in Windows 8.1.

  1. Turn on .Net Framework 3.5 – Programs & Features > Turn Windows features on or off > tick Microsoft .NET Framework 3.5.1.
  2. Ensure all sub-folders are ticked.ll get a message that Windows will go to the internet to download and install the service. If Windows fails to connect to the internet (despite your connection being good), refer to http://www.quicken.com.au/kb/issue_view.asp?ID=4693 for further directions. You may find that Accounts Business is denied access to Network drives. This is a security measure by Windows 8. See http://www.quicken.com.au/kb/issue_view.asp?ID=4886 for full steps to allow access to network drives (you may want to consult your IT professional first as it requires changes to your registry)

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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MYOB – How to Reconcile Suppliers V19 and Earlier

MYOB – How to Reconcile Suppliers V19 and Earlier

MYOB – How to Reconcile Suppliers V19 and Earlier

Client – Requested us to help reconcile the supplier records in their MYOB

HowI find it good to use a couple of windows to see the full picture of the transactions and payments. To do that you need to tick the Restore Down at the top Right Hand Side (RHS) so you are able to see multiple windows at a time and move them beside each other.

  1. MANUALLY RECONCILE all the papers you have – the supplier invoices to their statements (assuming they send them to you, say monthly, or request an up to date statement or account that they have of what you owe them). It is good to staple the invoices behind the statement (which is a nice summary of the month). Have the past 3 months or as far back as you need or are unsure of.
  2. The bank should be reconciled for payments you have made up to date, if possible.
  3. ARE ALL PURCHASES & PAYMENTS IN? – To see your purchases payments, click on Find Transactions at the bottom of the Purchase Command Centre (or Ctrl+Y) on the Card tab, search and select your supplier, choose your dates. This gives purchases (Cr column) and payments (Dr column).
  4. RECONCILE – Now compare, working in date order that all purchases (there are 2 lines – one is the GST amount, the other ex GST) and payments and see if they match your records, and those of the supplier. This can take time.
  5. Enter or correct what is not right.
  6. RECONCILE the recent months - The final window to use (most useful for the last 2-3 months) – is the Purchases Command Centre, in the lower RHS, click the word Analysis and the Analyse Payables should open with all suppliers summarized. Click the white arrow to the left of the supplier name you are working on. This shows all purchases you still owe. It is also grouped by month (or day/period set in Preferences) – you should be able to see the totals at the bottom and compare each month to the monthly statements from your supplier – if some invoices are paid, they will not show in the list here (you can select the dates for the month at point 2 above in the Purchase Register and see all invoices and the closed ones will be the paid ones).
  7. FINAL – once you are happy all purchases and payments are in, the Analyse Payments window should have dating period totals and final total that matches (less your payments they haven’t recorded yet on the last statement) the latest supplier statement. Tick the total to show you have reconciled, or print the Analyse Payable window if you need to put with that with the supplier statement.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!


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Business Tips – Taking Your Small Business Global – How Cherrie Blooms Did It

Business Tips – Taking Your Small Business Global – How Cherrie Blooms Did It

Taking Your Small Business Global –
How Cherrie Blooms Did It

 

Jellaine Ross is the entrepreneur behind beauty and fashion brand Cherry Blooms. She founded the business in 2008, and started by selling her products at the local markets in Brisbane. Today, she has transformed Cherry Blooms into a global success. Her products have been featured in the Golden Globes and Oscars swag bags, and are sold online and stocked through 1,000 retail stores across the world. She has managed to achieve all this from her home office in Brisbane. Here, Jellaine lists her top tips on how to take your business global.

Get a virtual assistant

You can’t get rich doing minor tasks, so delegate as much as you can and be precious with your energy. Hiring a virtual assistant can free up time you’re spending on admin, so you can instead focus on growing the business. At Cherry Blooms, we use oDesk or Elance to find and hire virtual assistants. They are usually based overseas and work remotely, and you can find well educated assistants who don’t charge a fortune. We use virtual assistants to upload our Instagram posts because the social media platform doesn’t allow you to preload, so it has to be manually done. We give them the content and they manually post on our behalf.

Manage your virtual assistants digitally

If your team is scattered all over the world, Basecamp is a great project management app for delegating projects to interns and virtual assistants. You can add a task, have it assigned to someone, and the person receives an email – and deadline, if you wish – and Basecamp will keep track of progress of the tasks.

Attend international tradeshows

One of the secrets to Cherry Blooms’ global success is that we have attended many tradeshows. Tradeshows are not only great ways to showcase your products, but they’re also good places to meet key players in your industry and explore partnerships. I make sure to have enough staff with me, so I can network with potential new partners when we get busy and focus on building relationships post-show. We also make sure to hire excess staff (for instance, when we do beauty tradeshows in the US, I find affordable and qualified staff through Craigslist). Having a well-staffed booth helps create a buzz and attracts people to see what we have to offer – and it works every time.

Make your business virtual

The benefits of having a remote team is that you can work from wherever you are which means you can, like me, run a global business from the comfort of your home office.

I work with virtual teams, factories and distribution centres all over the world, and I manage and connect with them through different digital platforms. GoToMeeting is a great tool for virtual team meetings and supports up to 25 users per meeting. We also have groups on WhatsApp that we constantly use to message each other. We use Skype almost daily, Team Viewer so we can see each other’s computer screens and we obviously email each other all the time.

Exert from The Age online Small Business articles – for the rest of the article click and Read more

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much! Call and you also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Tax Tips – Update – 2014 Instant Asset Write-Off $6500 No Longer From January 2014

Business Tax Tips – Update – 2014 Instant Asset Write-Off $6500 No Longer From January 2014

Update – 2014 Instant Asset Write-Off $6500 No Longer From January 2014

 

With the new government in Sept 2013, the Liberal Coalition has withdrawn the $6500 instant asset write-off brought in by the Labour government, no longer available from 1 January 2014.  We explained the old measures last year, and they apply for the 2012-2013 tax year, but have now been repealed. From the ATO website 

Instant asset write-off and simplified depreciation

As part of its 2013 election commitments, the government announced changes to the instant asset write-off provisions for small business. The changes are expected to come into effect from 1 January 2014.

From the 2012–13 income year small businesses have been able to write-off depreciating assets costing less than $6,500 in the income year in which they start to use the asset, or have it installed ready for use. They can also depreciate most other assets in the general small business pool at a rate of 15% in the first year and 30% thereafter.

If the proposed changes are enacted, the threshold will change and only assets costing less than $1,000 (acquired and installed ready for use after 31 December 2013) will be eligible for immediate write-off. Assets costing $1,000 or more will need to be depreciated in the general small business pool.

Assets costing less than $6,500, acquired and installed ready for use by the small business between 1 July 2013 and 31 December 2013, will still be eligible to be immediately written-off.

A Bill containing the provision to give effect to the change was introduced into parliament on 13 November 2013.

Legislation and supporting material

The following legislation was introduced into parliament on 13 November 2013.

Minerals Resource Rent Tax Repeal and Other Measures Bill 2013External Link documents the progress of the legislation.

Explanatory Memorandum External Link. Documents the detail of the legislation, scroll down to the section Changes to the capital allowances for small business entities  for details about the $6500 asset tax concession changes.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get Free “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

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