Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero


Leave a comment

MYOB – Can I Have The Software On Laptop To Go Away?

 

MYOB – Can I Have The Software On Laptop To Go Away?

MYOB – Can I Have
The Software On Laptop
To Go Away?

Past client we set-up called and said he was going away, can he load the software on a laptop so he can keep working while away?

The only problem was that he had lost his MYOB software disc.

We advised he needed to find out what version he was on – as Certified Consultants we have access to past versions, and even though the company cannot offer support past the last 2 versions, we could install for him on the laptop.

How to find your version?

Open your MYOB, go to > Help across the top, drop down, > About MYOB.

Look for the Version eg 18.5.01 or 16.3

  • Email back what version you are on
  • When you get the laptop, have Outlook or Outlook express installed and ready
  • Good to have Word and Excel installed and working also – BEFORE MYOB is installed (as it does a search and links with all these programmes, But not if they are installed AFTER MYOB)
  • Then I can arrange to have Lisa come out and bring that version and install, and we can check that the back-up opens ok properly

Wondering which software to get? Click on theGet FREE Downloadbutton above for your FREE report!


Leave a comment

Business Tax Tips – Should you have a Company?

 

Business Tax Tips – Should you have a Company?

Business Tax Tips –
Should you have a Company?

It is good to seek advice and regularly consider your business structure – such as whether using a company to operate your business is best. Operating as a company has some tax and commercial benefits, eg many organisations prefer dealing with companies rather than individuals or trusts, but it could be cheaper to operate as an individual, especially in the initial stages.
The 30% individual marginal tax rate (31.5% including Medicare) now applies in 2012 onwards to income up to $80,000 and the top marginal tax rate of 46.5% applies above $180,000. This means the company tax rate of 30% is becoming less attractive with taxable income up to $80,000 – that is, revenue less expenses.
So a couple with a family business can have an annual net income of up to $160,000 before their salaries will be worse off from a taxation perspective if they retain profits in the company. Best to seek a tax professional to see what is best for your situation.
Need help? Not sure? Call for FREE 30min advice / strategy session today!
And also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!


Leave a comment

MYOB – How Many Companies/Data Files Can I Create?

MYOB – How many companies/data files can I create?

MYOB – How many
companies/data files
can I create?

You’ve been asked to do the accounts for the sporting club (not for profit) and was wondering if you can use the MYOB disc on a separate laptop as well as have your business on our PC. If the laptop doesn’t arise can you use your existing MYOB on the PC and have 2 companies set up on it?

Account Right V19 and prior were licensed for 5 company files (attached to your serial number), whereas a new AR2013 licence comes with one company file (or you can purchase more). If you have a 5 company file licence, you can do either option you give without any licensing problems – install application on laptop or create a new company file on PC. Be careful to ensure you are using the correct company file and backups should be saved to 2 different folders to ensure you don’t mix them up.

MYOB monitors licensing via the company file rather than the MYOB application. Each company file gets a File ID allocated to it. Remember after a new file is created, you will need to activate it within 30 days.

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


Leave a comment

Business Tips – Marketing Consistently

Business Tips – Marketing Consistently

Business Tips – Marketing Consistently

Your business needs clients, but you can’t stop to get them! It feels like you’re being pulled in many different directions (both personally and professionally) that you can’t find the time to do any marketing. When it comes to marketing, what is most effective for businesses these days? It used to be you could pay a lump of money annually (or break it into monthly payments) for a Yellow Pages ad and the phone would ring. Or attending a local networking event from time to time. But things have changed. There are so many choices, and advertising doesn’t really seem to work anymore, at least not in the traditional way. Most of us are not outgoing and hate the idea of reaching out and “selling” our services .
So, for many, the marketing just doesn’t happen.
Yet we know it’s necessary to market our business to build and grow a stable income and reach our goals. But given the time and budget limitations, how can we get past the marketing hurdle?
By doing small consistent tasks that don’t take much time. When you approach it this way, you’ll actually get BETTER results!
In this age of online technology, doing small actions consistently is one of the BEST ways to get and keep your marketing rolling to consistently attract new clients and grow your business.
Some quick and effective things to do that you can spread out over a week, one per day. And then repeat the process.
Create / Update Your LinkedIn Profile – This is a most powerful social media profile you can have for your business. Get it done one chunk at a time.
List your business in online business directories – These get picked up by the search engines and you never know who will find you this way. Most are free or low cost. Be sure to include a key benefit you have to offer that sets you apart from your competition. This works for both local and virtual bookkeepers.
Make one or two phone call per day to a present or past client – The point here is to talk to someone just to warm up the connection and let them know you are available if they have a need. This also works for connecting with colleagues, strategic networking partners, and any business connections you have or want to establish.
Update your Association/Industry profile – If you’re a Certified XXX (or have a listing in any other type of certification or partner program directory) update or improve your profile information so it is attractive to potential clients who see it. Maybe make a special offer that is time sensitive.
Making connections in Social Media like Twitter – Start following people you would like to make a real connection with. Then start sharing (tweeting) helpful information that would be useful to the type of clients you want to attract. Ultimately, you will want to be spending a little time on Twitter daily, if possible.
Getting the word out about your services so it can reach the small businesses who need your help can be a lot of work, the load is much lighter when you can approach it with just one small action at a time. When it becomes a habit, you will build a true, rock-solid business as a result.
Marketing is not something that should be done all at once and then stop when you get too busy.
Try out this simple daily plan above, and see if it works for you.
Do you already have a daily marketing routine that works well for you? Tell us your tips!
Need help? Not sure? Call for a FREE 30min advice / strategy session today!


Leave a comment

Quickbooks – Use ABA Files to Pay Several Suppliers and Wages in One Go with Online Banking

 

Quickbooks – Use ABA Files to Pay Several Suppliers and Wages in One Go with Online Banking

Quickbooks – Use ABA Files to Pay Several Suppliers and Wages in One Go with Online Banking

There are 3 stages involved in creating an online banking file (in ABA format) that is sent to the bank: Setting up a new account, processing transactions and creating the online banking file.

Stage One – Setting up Bank Accounts and Records: This involves setting your bank account, or creating a new bank account, and updating records for employees and suppliers.

  • Setting the Bank Account: You need to set up a new bank account in QuickBooks that reflects the real-life bank account used to draw your payments from. Apart from the standard bank account details QuickBooks requires when setting up an account, you’ll need to include your business’s APCA number, which is provided to you by the bank, and talk to your bank and ask for the ability to use “ABA files to pay online”.

You can also enable a bank account for online banking by editing its properties and enabling Online Account access. Go to your chart of accounts (go to the List menu and click Chart of Accounts) and then select the account. Right-click and select Edit. Click the Online Bank Details tab, and then click to select Online Account Access, enter your bank BSB, account # and APCA #.

  • Updating Employee Records: For each employee using the banking (online) option, you’ll need to change their pay method to Bank (Online), and include account details in the Bank Details section of their Employee Record. Go to Payroll Centre then Employees  select one and double-click, Change Tabs (dropdown) click Payroll and Compensation Information, Payment Method top RHS, (dropdown) Bank (Online), Direct Deposit lower RHS, enter BSB, Account #, OK. Employee must have an employee number also.
  • Updating Supplier Records: For each supplier being paid through banking (online), you’ll need to change set their pay method to Bank (Online) and include account details in the Bank Details tab of the Supplier Record.  Go to Supplier Centre, Suppliers select supplier and double click, go to Bank Details tab, enter Bank Account Name (eg supplier name) Bank, BSB, Lodgement Reference (eg your company name), OK.

Stage TwoProcessing Transactions: This involves processing payroll transactions as normal or paying supplier bills as normal. QuickBooks will identify payments set up for banking online and have those ready to include when creating an online banking file.

When you pay bills, the Payment Method  at the bottom should be Bank Online, Pay Selected Bills.

When you pay employees, the pay will know from the card it is for online payment.

Stage Three – Creating Online Banking (ABA) Files: This is where you go to the QuickBooks Online Banking Centre and specify the payroll period. After reviewing the online banking information, you can preview and create an online banking file.

Before you create an online banking file, you should have:

  • Enabled your company bank account for online access;
  • Set up bank account details for each employee or supplier to be paid through the bank (online) method;
  • Processed payroll or payments for suppliers;
  • Checked that the text in the Legal Name field is no longer than 26 characters. 

Create an Online Banking File:

  1. Go to Banking menu and click Online Banking Centre.
  2. Scroll to the section To Bank
  3. At Process On choose the date you want the payment to be made, using the calendar from the Date to be Processed field.
    1. Enter a payment description. Eg wages w/e Mar23

If no payment description is entered, a description of “payment” will display in the ABA file by default.

  1. Select payees from the list below.

Each payee must have a bank account defined for them under their employee or supplier record. This includes details for Bank Account Name, Number and Branch Code. In addition, employees must have an employee number.

  1. Click Preview ABA File if you wish to review the ABA file before creating it.
  2. Click Create ABA File.

QuickBooks displays the standard Windows Save As dialog box with *.ABA entered in the file name.

  1. Enter a name for the online banking file (leaving the .ABA) and choose a location to save it. Eg Desktop is easiest.

QuickBooks provides a default folder within the QB installation directory called Export Files/ ABA Files. You may choose to save the ABA file in this directory, or in any other directory of your choice.

  1. Click Save.

Your ABA file is now ready for upload to the relevant financial institution.

Go online to your bank and upload the file using the instructions given by your bank.

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


1 Comment

Business Finance 101 – What Are The Accounting Principles?

Business Finance 101 – What are The Accounting Principles?

Business Finance 101
What are The Accounting Principles?

There are general rules and concepts that apply in the field of accounting. These are referred to as basic accounting principles and guidelines and are the groundwork on which more detailed, complicated, and legalistic accounting rules are based. In Australia, the Australian Accounting Standards Board (AASB) uses the basic accounting principles and guidelines as a basis for their own detailed and comprehensive set of accounting rules and standards.

There is a phrase Generally Accepted Accounting Principles” (or “GAAP”) which consist of three important sets of rules: (1) Basic accounting principles and guidelines; (2) Detailed rules and standards issued by AASB; and (3) The generally accepted industry practices.

When a company distributes its financial statements to the public, it is required to follow generally accepted accounting principles in the preparation of those statements. Further, if a company’s shares are publicly traded, federal law requires the company’s financial statements be audited by independent public accountants. Both the company’s management and the independent accountants must certify that the financial statements and the related notes to the financial statements have been prepared in accordance with GAAP.

GAAP is useful because it attempts to standardize and regulate accounting definitions, assumptions and methods. Because of generally accepted accounting principles we are able to assume that there is consistency from year to year in the methods used to prepare a company’s financial statements. And although variations may exist, we can make reasonably confident conclusions when comparing one company to another, or comparing one company’s financial statistics to the statistics for its industry. Over the years the generally accepted accounting principles have become more complex because financial transactions have become more complex.

The Accounting Standards are spilt into various categories eg “Statement of Cashflows”, “Construction Contracts”, etc and a list with most recent updates/ pronouncements for Australia can be found HERE.

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


Leave a comment

MYOB / Quickbooks – Personal Expenses and a Negative Loan Account

 

MYOB / Quickbooks – Personal Expenses and a Negative Loan Account

MYOB / Quickbooks – Personal Expenses and a Negative Loan Account

One of our bookkeepers was working on a new client – she said – “There are quite a few personal expenses being spent out of the Business Acc (i.e. taking wife out to dinner and taking cash out at ATMs etc), I am using Liability Acc ‘XXX-Loan’, and at the moment it is -$12,000ish, however he initially invested $15,000 into the business and I feel this should be offset to that Liability Acc… ? Do I leave it as a negative running balance.. ??”

Answer – Yes leave the account whether negative (credit) or positive (debit) – there will be other adjustments at end of tax year, so let the tax agent finalise those and where the loan account ends up – they will advise the client.

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