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

Business Finance 101 – Understand the Balance Sheet or Financial Position

Business Finance 101 – Understand the Balance Sheet or Financial Position

Understand the Balance Sheet or Financial Position

At Account Keeping Plus we help businesses and bookkeepers to understand the Balance Sheet (also known as the Financial Position) which presents a look at a point in time (eg end of month or year) of the assets and liabilities of the business. In other words, it is a picture of what the business has and how it is funded.

There are three areas in the Balance Sheet – Assets, Liabilities and Equity –

Assets include bank accounts, petty cash, inventory, debtors or accounts payable, which are also grouped as Current Assets because they turn over in less than 12 months. Long Term Assets show Plant & Equipment and Motor Vehicles.

Liabilities include credit cards and short term loans, creditors or accounts payable, GST, payroll withholding tax, PAYG and super accounts, which are grouped as Current Liabilities as they also turn over in less than 12 months. Long Term Liabilities show business loans and overdrafts, car loans/finance.

Equity is the difference of assets less liabilities. Sometimes known as net worth  or Shareholder Equity.

The Balance Sheet can be likened to a house with a loan. The house has a value, say $450,000 and if there is a loan, say of $250,000 there would be a net of $200,000 which is also called Equity.

Buying a Home - Illustration

In a similar way, a business reports these as the Balance Sheet  assets, less its liabilities, leaves Equity (Shareholder’s Equity)

Business - Balance Sheet Diagram

 Look for future Posts where we will look at important ratios that can be calculated from parts of the Balance Sheet

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

Advertisements


Leave a comment

Reckon/Quickbooks – How to Customise / Update Invoices and Statements

InvoiceDo you want to change or improve the look of your invoices and statements that are sent to clients? Here’s how to customise or update invoices and statements –

  1. In Menu at the top, click (>) Lists
  2. > Templates, towards the bottom
  3. Double-click the invoice or statement template you want in the list
  4. It will open in a window such as –
  5. 4
  6. Click Layout Designer at bottom to edit
  7. Scroll to area of document to edit and click a box once to select it and the border changes
  8. 8
  9. Double-Click and the Properties opens
  10. Edit the Text, position, Border etc
  11. 11
  12. Fontclick and edit as desired
  13. 13
  14. Click OK to save
  15. OK again and check how it looks on screen
  16. To view more in real-time, click OK to leave, the Print Preview at lower RHS
  17. Click Zoom in or click on image to enlarge, scroll on RHS up and down
  18. Close or Esc
  19. If happy, click OK lower RHS, or to continue edit, re-click Layout Designer

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


Leave a comment

Bookkeeping – Helpful Tool – Teamviewer – How to download and use for meetings or to login to your office or other PC

To Install – TeamviewerLogo(it should take about 5 min)

1.     Go To https://www.teamviewer.com/en/index.aspx

2.     Click Download – green button

DownloadButton

3.     Follow prompts – click “Save” in the Question box at bottom of screen (not Run yet)

Teamviewer1

4.     Then click the “Run”

Teamviewer2

5.     After a few minutes, Teamviewer should open up ready to use

6.     You will have a Unique number – “Your ID”, and a Password these are used on the other device to login to your PC

Teamviewer3

7.     Then start using it for meetings, logins remotely and more – see lower down at http://www.teamviewer.com/en/ !

8.     There is an option to set up for unattended access (see the last video in the Videos link in Help (link below)

9.     For Help see – http://www.teamviewer.com/en/help/index.aspx

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

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