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MYOB – How to Enter Extra Customer Payments when they want to Keep in Credit with Me

 

MYOB – How to Enter Extra Customer Payments when they want to Keep in Credit with Me

MYOB – How to Enter Extra Customer Payments when they want to Keep in Credit with Me

Client emailed asking how they could enter extra customer payments when they want to keep in credit with them. As a beginner, they wanted to know how to do the bookkeeping in MYOB.  They have a few customers that like to keep paying money to have credit on their accounts for future work.

How do you enter these payments so they appear on the customer’s account as a credit?

SolutionWhen you receive the customer payment, tick to include the closed sales and apply the amount to the last closed sale. You will get a warning that this will create a credit memo, say okay and the credit will then show in your accounts receivable against the customer for you to apply when you next invoice them. When I do monthly statements, the extra customer payments also show if you create an Activity Statement or Invoice Statement and send to clients – that way they show they are keeping credit with me. Try it and let us know how you go!

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Business Tips – Ideas to Grow Sales

Your business can grow with some work and persistence.

Business Tips – Ideas to Grow Sales

Business Tips –
Ideas to Grow Sales

Idea 1 – Add Complementary Products and Services
One way to increase sales and bring new customers to your sales base is by adding new complementary products and services. But how do you decide what to add without turning your business into a third-rate department store? Start by reviewing the definition of your business. For example, if you sell house siding, ask yourself, are you in the siding business or the exterior building materials business? The result may be that you redefine your business and add gutters and downspouts, roofing and other coverings to your product line.
Another surprisingly simple way to build a list of new products or services is to ask your customers what else they might buy from you if your business sold it. A few friendly conversations with customers and staff will likely get you more information than thousands of dollars spent on professional customer surveys. Be sure to ask how much they would want to buy and how often to get a sense of whether the demand would be great enough to warrant the additional costs of building up this area of your business. (To learn how to build your network, read Small Business: It’s All About Relationships.)
Idea 2 – Look for New Market Niches
One way to find a new market niche is to seek alternative applications for your existing products and services, and we have a Cheez-y example of how this works. Kraft started out with a spreadable cheese product in a jar that could be spread on crackers for snacks – it was called Cheez Whiz. This was fine, but selling a cracker topping will only take you so far in this world. That’s why Kraft expanded the scope of Cheez Whiz and started promoting it as a base for a variety of dips and food toppings. Soon Cheez Whiz was an ingredient in all sorts of recipes. Kraft wasn’t satisfied with only human consumption though. One of the latest unique uses of Cheez Whiz comes from a California fishing lure and bait company that sells Cheez Whiz in a pre-packaged bait application, and it buys Cheez Whiz in 55 gallon drums.
If Kraft had stuck with the spreadable-cheese concept, sure, it would have covered a lot of crackers. But by thinking outside of its original intent, Kraft expanded the market and attracted customers it never would have targeted initially.

(Source and more Ideas   Investopedia)

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Reckon Account Right (formerly Quickbooks) – Caution updating a pay – It may affect RESC reporting on Payment Summaries

 

Reckon Account Right (formerly Quickbooks) – Caution updating a pay – It may affect RESC reporting on Payment Summaries

Reckon Account Right (formerly Quickbooks) – Caution updating a pay – It may affect RESC reporting on Payment Summaries

Take care when editing a payslip as you may affect RESC reporting on Payment Summaries and that flows to the EMPDUPE file that is sent to the ATO

Why is the RESC reporting incorrect on Payment Summaries and EMPDUPE file when editing the date or pay period?

This can occur if you have modified the date or pay period without selecting Unlock Net Pay, and will not take into account the changes you have made.

To resolve this do the following

  • Edit the pay
  • Click Paycheque Detail
  • Click Unlock New Pay
  • Modify the Pay Period and click OK
  • Click Save & Close

The RESC reporting on Payment Summaries / EMPDUPE file should now be correct.

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

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Business Tax Tips – Instant Asset Write-Off $6500 – Case Working Example

 

Business Tax Tips - Instant Asset write-off $6500 – Case working example

Instant Asset write-off $6500 – Case working example

We reported on Dec 13 about 3 new rules that will benefit business, including the instant asset write-off of $6500. This rule replaces the previous $1000 instant write-off threshold, which is now $6500, and allows the full claim of assets costing less than $6500 as an expense against revenue. Eligible businesses must be in proper business and have annual turn-over of less than $2 mill (includes all entities that are affiliated or connected to you). The claim applies to when you start to use or when the asset is installed.

How does it work? Here is a case working example –

Fred’s mowing is a small business. In May 2013 they purchased a $3750 new lawn mower for the business. However it was delivered in July 2013. Since it was first used in full in July, it is claimable in the Year End 13-14 tax year. Consider carefully the timing of these events – it may be an advantage to hold off delivery, or if you need the deduction to reduce profit, enquire if delivery can be before 30 June.

The Value of the asset – The asset must be under $6500 in value (ex GST) so the FULL retail/wholesale is $7150 (including GST). The rule applies per asset – identical assets or that form part of a set are treated separately and not required to be aggregated. So in our case, buying 2 mowers will mean they are each valid and fully claimable as they each have the $6500 threshold applied individually. It is also possible to apply the $6500 to the taxable purpose portion of additions to EXISTING assets of value under $6500, where the additional cost is under $6500 – the addition is not added to the cost of the asset.

For more see ATO site

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

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MYOB – 2 Live Products In The Cloud – Which Do I Need?

 

MYOB – 2 Live Products In The Cloud – Which Do I Need?

MYOB – 2 Live Products In The Cloud – Which Do I Need?

MYOB offers 2 “Live” or “In The Cloud” accounting software products – Live Accounts and Account Right Live – similar names but suited for different needs. Jason Hill in the MYOB Community Forum, explains some of the differences between the 2 products and who they suit in terms of business requirements and size.
Live Accounts and AccountRight Live offer similar features, including anywhere-anytime access, bank feeds, multi-user capability, 24/7 support and live access for business advisors. But there are also a few key differences you should consider before deciding which product is right for you.
Live Accounts
Live Accounts is a great choice if you want the accounts done quickly so you can get on with life. It offers easy online accounting for less than $1 a day.
Live Accounts is ideal for small businesses:
• With straightforward accounting needs
This is an online accounting solution ideal for start-ups and small businesses with simple processes. It’s for business owners who just want quick and simple invoicing, GST and payroll.
• With limited accounting knowledge
You’re not interested in tailoring reports and manipulating data – you just want something easy to use, without all the accounting jargon, so you can get on with other more important things.
• New to accounting software
Maybe you’ve been getting by using a spreadsheet, or a pile of invoices and expenses to manage the business. You might even feel you’re not big enough to use an accounting package. Live Accounts is a great place to start.
(and two more features given)
AccountRight Live
AccountRight Live is fully-featured accounting on the desktop, cloud, or both. AccountRight Live is great if you want full visibility of your accounts and processes, and the ability to make changes as your business grows.
AccountRight Live is for businesses that:
• Want the freedom to choose
This is a next generation cloud accounting solution that gives business owners the choice of doing the accounting on the desktop, in the cloud or both. It’s cloud accounting without compromise – download your software and access your accounts, inventory and payroll from any internet connected PC in any location.
• Are growing
AccountRight Live is fully-featured and flexible accounting software for managing GST requirements, job costing, time billing, inventory, payroll and more. Because it’s so flexible, it’s easy to move up the range and add extra features as your business grows and changes.
• Want the full picture
A Business Insights Dashboard and detailed reporting functionality provide a daily snapshot of profits and performance, empowering you with the essential information you need to make informed business decisions.
• Enjoy customisation
Tailor reports and forms, or manipulate data as you choose.
Create or change existing reports to view only the information you need, customise reports, set goals and measure progress with budget, job and categories options.
(and more points given)

Go to the article and get a brochure on each to compare more for yourself – GO HERE

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

0407 361 596 Australia

***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!

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Business Finance 101 – Liabilities – Current and Non-Current (Long Term)

 

Liabilities – Current and Non-Current

Liabilities –
Current and Non-Current

Businesses have liabilities – payments that are to be paid sooner or later (long term) they are divided into Current and Non-Current.Current Liabilities are obligations due to be paid within 12 months or less of the date of a company’s balance sheet and will require the use of a current asset (eg money in bank) or will create another current liability if paid by debt or loan.

Current liabilities are usually listed in the following order:

1. Credit cards and overdraft accounts, loans less than 12 months;

2. Accounts payable (trade creditors);

3. The remaining current liabilities such as payroll taxes payable, superannuation, income taxes payable, interest payable and other accrued expenses.

Usually all the  parties who are owed current liabilities are called creditors. In special situations, a legal arrangement may be created that gives preference and then those parties are called secured creditors. The majority of creditors are known as unsecured.

The amount of current liabilities is used in financial ratios such as working capital (current assets minus current liabilities) and the company’s current ratio (current assets divided by current liabilities). These give an indication of the company health.

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Reckon Account Right (formerly Quickbooks) – Compulsory recording of super payment on payslips

Compulsory recording of super payment on payslips

Compulsory recording of super payment on payslips

There is a new requirement to include the Super Payment Date on payslips, as announced in the Government Budget in May 2011. It is now a legal requirement from 1st July 2013.

To record Reckon 2013-2014 Account Right (formerly Quickbooks in Australia) the compulsory recording of super payment (expected payment date) on payslips, we need to add a field to the payslip.

To show the Super Payment Date (when you expect to pay) on a Payslip you will need to do the following:

1. Activate the Super Payment Date feature;

a. Edit > Preferences > Payroll & Employees > Company Preferences;

b. Tick the box Super Payment Date on Payslip;

c. Click OK.

2. Manually Insert the Super Payment Date when you are processing payroll (have to remember to do):

a. Pay Employees > Enter Payroll Information

b. Now enter the date you expect the super contributions to be received by the Super Funds in the Super Payment Date (expected on or before) box;

c. Complete the pay process.

3. The Super Payment Date appears towards the top of the payslip, its exact position depending on the payslip style.

Note – The Quicken Custom Payslip doesn’t include the Super Payment Date. Users of this template will need to create a Custom Template and add the Super Payment Date field.

Note – All users with customised templates will need to add a new field super Payment date:

1. Lists > Templates > open your customised template > Layout Designer;

2. Right-click on the template > Add > Data Field

3. Select Super Payment Date > OK

4. Move the boxes to the desired location

5. Format the boxes: Right-click > Font > Select Style and Font > OK;

6. OK and OK to close.

See more at –

http://www.fairwork.gov.au/resources/fact-sheets/employer-obligations/pages/employee-records-and-pay-slips-fact-sheet.aspx click on What information must be included on the pay slip?

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

0407 361 596 Australia

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