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Making Business Books and Accounting Come Alive! MYOB Reckon Xero


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Casey Business Week

 

City Of Casey

City Of Casey

The City of Casey is hosting a range of events as part of the Casey Business Week from 19 – 23 September 2011. A program specifically tailored to the needs of the small business community, Casey Business Week provides an ideal opportunity for business operators to receive valauable information on how to grow their businesses. Casey Business Week will also include a Business Breakfast announcing the finalists of the 2011 Casey Business Awards on 21 September.

BOOKINGS ESSENTIAL.

See the Calendar – http://www.casey.vic.gov.au/caseybusinessweek/calendar.asp

Please contact City of Casey, Economic Development Department on 03 9705 5200. 

 

Paul Humphreys and Jim Brownlee are presenting in Business Week – Friday 23 Sept 9.30-11.30am on self managed super for business owners –

SuperBenefit Self Managed Super

SuperBenefit

Self-Managed Super Fund Roadmap for Business Owners

Date of FREE Event: Friday, 23 September 2011   9.30-11.30am

Self-managed super funds have become increasingly popular amongst investors, particularly with small business owners.

This workshop will be a two-hour expose of everything a small business owner needs to learn about self-managed super funds including how to get better outcomes. 

For more details, see EVENTS above.

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What happens if I get the BAS in on time but I can’t pay the debt to the ATO?

Australian Taxation Office

Image via Wikipedia

If you get the BAS in on time but can’t pay the debt, there is some good news – the ATO (Australian Tax Office) has reminded small business they can apply for a General Interest Charge (GIC) holiday.
You may be eligible for a GIC-Holiday arrangement if your business:
1. has an annual turnover of less than $2 million;
2. has a recent activity statement debt of $50,000 or less, which has been outstanding for no longer than 12 months;
3. has a good payment and lodgement compliance history, including;
1. no more than one payment arrangement default within the last 12 months;
2. no outstanding activity statement lodgements;
4. is unable to obtain short-term finance through normal business channels;
5. is able to demonstrate ongoing viability; and
6. agrees to a sustainable direct debit payment arrangement that will allow the debt to be paid within 12 months.
Note that you may be granted 12 months to pay that debt, but ALL future BAS and other business liabilities MUST be paid on time while you have the re-payment agreement.
Call the ATO on 13 11 42 between 8.00am and 6.00pm, Monday to Friday, apply for a General Interest Charge (GIC) holiday. Also talk it over with your accountant or BAS Agent (such as ourselves, there is no charge). There are ways that you can get you through this difficult time


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#MYOB Pro Tip – Shortcut Timesaver – Ctrl+J opens the Sales

Account Keeping Plus Pro Tips

Pro Tips

MYOB Shortcut Timesaver – Ctrl+J opens the Sales, ready to invoice / bill a customer.

You can start with a Quote for the customer, then convert to an Order, then to a sale

(see top left of Invoice to change type to start)

(will generate a new invoice number each conversion, or to keep same number, click on Set Up in Menu at the top>Preferences>Sales, tick: “Retain Original Inv # when quote changed to Order or Invoice” also, can click on “Delete Quotes upon Changing to and Recording as Order or Invoice”)

Quotes don’t appear on Profit and Loss, but Orders and Invoices do


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Quickbooks – Ways to track Customer Balances with Progress Payments

There are a few ways to track customer balances with progress payments in Quickbooks

  1. Create Job Estimates, invoice, then use Job Estimates vs. Actuals Summary report to determine how much they’re still owed on their jobs, one way to track Customer Balances with Progress Payments
  2. You could create a sales order from your estimates and invoice from the sales order.  The open sales order report will let you know how much is still left to be invoiced. 
  3. If you want to see the amount due in the customer center, create all your invoices at the beginning of the project, with the approximate dates you think you’ll be sending them out.  This way the total balance due will show in the customer center and you can easily edit/send invoices as they become due.  
  4. Best way – Bill Clients from Progressive Quote/Estimates see our post Here to get the steps to issue progress payments

Remember the date on the invoice determines the date of the revenue (on an accrual basis) so don’t date them all with the date you start the job.  Use an approximate date you think you’ll finish each phase and then change the date as needed, and send out that invoice.


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What kind of leave is granted an employee who has been summoned to appear in court in Aust?

Usually, employees are not entitled to be paid to attend court – there is however, an entitlement to paid jury service leave. The employee should be directed to make a request to take annual leave. An employee is entitled to make a request to take annual leave and an employer should not unreasonably withhold its consent to such a request. Given that the employee is required to attend court, it is likely that any refusal to grant annual leave would be considered by a court to be unreasonable.

If the employee does not wish to take annual leave but wishes to be granted leave or does not have sufficient accrued annual leave, then the employee could be granted unpaid leave. Remember, leave to attend court is not personal leave.