Business Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software Training Small Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero


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Cashflow Tips – 5 tips to get more from your accounts/bookkeeper – or how to be a better bookkeeper

Cashflow Tips - 5 tips to get more from your accounts/bookkeeper – or how to be a better bookkeeper

Cashflow Tips – 5 tips to get more from your accounts/bookkeeper – or how to be a better bookkeeper

Do I have the most suitable software for the business needs? Should I upgrade to the next level or another brand? We can help you for FREE – call for a chat!

  1. Expenses we can reduce? What areas of expenses have increased, and are there better deals to reduce costs?
  2. What areas/products of sales are growing? Can we see a trend in products or categories that are underperforming? What about the best performers – should we focus on building them more?
  3. Checklist of the bookkeeping tasks so we don’t forget? Do you have a checklist – there can be at least 10 and more tasks each week/month – invoicing, paying suppliers, payroll, super, Workcover, collating customer payments, reconcile bank statements, reconcile credit cards, petty cash – if you want a template to track the main bookkeeping tasks, call or email info@accountkeepingplus.com.au 
  4. Better Reports for more insight? What other reports does the software offer? I find that exploring other reports and seeing what customization is possible can reveal new reports and insights that help make better decisions!

DOWNLOAD a FREE “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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

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

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Cashflow Tips – A cool tool to see what affect changes make on Cashflow

Many run by gut or the bank balance early in running a business – but understanding your cash flow is critical to your business success, and a handy tool that bank NAB have created is an online cash flow improvement tool. Whether using MYOB, Reckon/Quickbooks or Xero for bookkeeping, Try it and see what you think! (Click icon to go to the page)

Cash Flow Imp CalcLet us know how you went…

For other NAB cool tools see Calculators and tools

Also see Cashflow Tips – 5 Ways to Keep Cash Flowing

Or Cashflow Tips – To Discount or ADD VALUE?

DOWNLOAD a Free “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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

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


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Cashflow Tips – Improving cashflow in small business – Tip – Invoice Promptly!

Cashflow Tips - Improving cashflow in small business – Tip – Invoice Promptly!

Cashflow Tips – Improving cashflow in small business – Tip – Invoice Promptly!

Small business owners are often uncomfortable about asking to be paid, yet the top way to improving your cashflow is by invoicing PROMPTLY!. When you run a business, (especially for service businesses) if you don’t invoice promptly as well as collect payment promptly (which causes a cash crisis in the first place), then consider the following consequences –

Consequences for your cashflow:

  1. Clients can quickly forget what they owe you;
  2. They are less likely to remember how much they loved your work and pay you promptly;
  3. They may conclude that you do not expect quick payment and will take their time in sending in their money.

Some ACTION steps:

  1. Where possible, issue invoices at the time services are delivered;
  2. Send your invoice by email to speed the process;
  3. If you can’t issue immediately, be sure to issue your invoices weekly, or at least twice per month on designated days, such as on the 15th and the last day of each month;
  4. Do it like clockwork – it will help to even out your cashflow.

Take-away message and case studyCreate the habit – invoice quickly and often!

Part of our service is assistance with cashflow budgets, debtor collection and reviewing supplier costs and terms. One of our clients said the business finance is now in the BEST shape it has ever been – for our 4-5 hrs work weekly involves managing the invoices, payment follow up unique method and now supplier payments! The owner now can catch up on quoting jobs and finalizing the sale to grow the business.

Could this assist you in your business and let you focus on your best skills and on running the business?

If you would like to speak with these clients, email me and I’ll supply contact details!

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 – Year End Business Tax Planning – Support to prepare the books/accounts well! MYOB Account Right

Support to prepare the books/accounts well! MYOB Account Right

Support to prepare the books/accounts well! MYOB Account Right

MYOB have a huge amount of resources to assist you in better books for your accountant, but more importantly for you to have an accurate set of books to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER! Your books and accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!

EOFY – End of Financial Year key dates

A great tool is this calendar where you can select the date to see key compliance tasks and actions that need to be taken – click this image – 

MYOB Key dates 2017

MYOB Account Right

There are End-of-year procedures that need to be carried out to prepare your company file for the coming year. By reconciling and completing the year in your company file, you are effectively bringing the company file up to date.

These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.

Your payroll, invoices, purchases statement reconciliations as well as finally your inventory should be counted, valued and, where necessary, adjusted in your company file.

The MYOB End of Period page is where you begin. The resources include end of Month, Financial and Payroll Year things that you should do. Overall it’s about checking the accounting records to ensure they are complete, accurate and reconciled to key support documents such as bank and credit card statements.

Other helpful Links

MYOB Essentials

For users of MYOB Essentials, see the end of year video on what to do. You can also find  FAQs and The Help Centre there.

http://help.myob.com.au/teachme/webcasts/essentials/index2.htm

Software Upgrades

You will be able to download the current update directly from Updates within the MYOB Account Right software in many versions, or from this page.

Want help with upgrading? – do you need to talk about what is available without obligation or any pressure? Then call Paul! 0407 361 596

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 Finance 101 – RESC – Reportable Employer Superannuation Contributions – a Summary

Business Finance 101 – RESC – Reportable Employer Superannuation Contributions – a Summary

Business Finance 101 – RESC – Reportable Employer Superannuation Contributions – a Summary

To ensure fairness in the application of income tests and to ensure that the government assistance is consistent and fair based on gross incomes, the Federal Government requires employers to record the reportable employer superannuation contributions figures on payment summaries from the financial year 2009-10 onwards.

Reportable Employer Superannuation Contributions (RESC) are the portion of the employer contribution that the employee has influenced, for example superannuation contributions made by the employer under the terms of a salary sacrifice agreement, made in a financial year (1 July to 30 June) to a superannuation fund for an employee.

Reportable employer superannuation contributions do not include – super guarantee contributions (SG), contributions mandated by industrial agreements that the employee does not influence, or post tax member contributions.

Which types of super payments are RESC?

Legislative Employer Contributions (Super Guarantee (SG))                                 No

Refers to the federal legislation based employer contribution of 9.50% in 2015-2017 tax years currently. Known as Concessional Contributions – the employer gets a tax concession (deduction) at year end.

Group Contract Employer Contributions such as a Collective Agreement          No

Refers to agreement such as those found in awards and enterprise bargaining documents that result in all affected employees being entitled to a greater employer contribution.

Employee Personal Deductions – treated as an AFTER tax deduction                 No

The Gross Payment amount on the employee’s payment summary is not reduced by this deduction. It is also known as Non-Concessional contribution.

Additional Employer Contributions BEFORE tax                                                         Yes

These are contributions which exceed what the employer needs to contribute.  The effect is for the gross payment to the employee is lower than what it would otherwise had been. Also known as Concessional Contribution.

Employee Personal Deductions – treated as a BEFORE tax deduction                 Yes

This is known as a salary sacrifice deduction and results in the Gross Payments figure on the employee’s payment summary being reduced. Also known as Concessional Contribution.

NOTE –

Superannuation Guarantee Act exempt employees  YES – If employee negotiated or influenced

If the employer choose to pay superannuation for SGA exempt employees, those contributions will be reportable as RESC only if the employee has negotiated and influenced the decision of the employer.

If the employer has made the decision themselves to go ahead and pay super in the above scenarios even though they may not be required to (by award or collective agreement), then that super will not be reportable as long as the employer can substantiate that this was done for example for Administrative Simplicity and it has not been influenced by the employee.

For more information refer to ATO for Reportable Superannuation ContributionsInstructions for employers (NAT 72916)

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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MYOB – How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

MYOB - How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

MYOB – How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

If you are a business in the building and construction industries, you may be wondering how to generate in MYOB a Taxable Payments Annual Report (TPAR) – and when is the due date?

Here we look at what the 1 – Australian Tax Office (ATO) requires and how to 2 – The steps to set up and generate a Taxable Payments Annual Report from Reckon/Quickbooks software.

1 – ATO Requirements

Taxable payments reporting – building and construction industry

Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

You need to report these payments to us on the Taxable Payments Annual Report by 28 August each year.

To make it easier to complete the annual report, you may need to check the way you currently record your contractor payment information.

The information reported about payments made to building and construction contractors is used in our data matching program to detect contractors who have not either:

  • Lodged tax returns
  • Included all their income on tax returns that have been lodged.

2 – MYOB – The steps to set up and generate the report are –

How to track reportable payments in AccountRight

Once you set up MYOB, you can start marking transactions as reportable including –

  • Spend Money payments made to suppliers as reportable. You can also set up a supplier so that any payments for them are automatically included in reporting.
  • Bills and Orders recorded for suppliers. Payments received against these transactions will be included in the report.

You can then generate a report that will help you complete the ATO forms, or create a report file you can lodge electronically.

Lodging your report electronically

You can lodge your report electronically, using the ATO’s Business Portal. If you haven’t already set up access to the Business Portal, you should do this so you’ll be able to lodge the report when it’s due. See the ATO website for more information.

Set the reporting preference

  1. Go to the Setup menu > Preferences. The Preferences window appears.
  2. Click the Reports & Forms tab and select the preference, I Report Taxable Payments Made to Contractors.
  3. Click OK.

When you record a Spend Money or Purchase transaction, the Reportable Payment option will appear in the transaction window. Select this option to mark the transaction as being a reportable payment.

  1. Set up suppliers to report
  2. Go to the Card File command centre and click Cards List. The Cards List window appears.
  3. Click the Supplier tab.
  4. Click the zoom arrow of the card you want to set up. The Card Information window appears.
  5. Click the Buying Details tab.
  6. Select Report Taxable Payments. In the message that appears, choose whether to report any existing transactions for the supplier for the current financial year. Note that you can later remove payments from reporting.
  7. Click OK. The Cards List window reappears. Whenever the card is selected in a Spend Money or purchase transaction, the transaction is marked as reportable by default. 

To create the taxable payments report –

  1. Go to the Purchases command centre and click Report Taxable Payments. The Taxable Payments Assistant opens.
  2. Click Next. The Company Information window appears.
  3. Enter any company information that doesn’t appear by default.
  4. Click Next. The Review window appears.
    In this window, you can click Review Your Transactions to:

Review all transactions marked as reportable

Change the reporting status of transactions.

  1. Click Next. The Create window appears.
  2. Click View Taxable Payments Report. The Taxable Payments Annual Report (Detail) report appears. You can use the report to help you complete your ATO forms, or to keep for your records.
  3. If you’re lodging the Taxable Payments Annual Report file:

        Click Create Taxable Payments File. The Save As window appears.

        Select the location to store the file and click Save.

  1. Click Finish to close the assistant.

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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Reckon/Quickbooks – How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

Reckon/Quickbooks – How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

Reckon/Quickbooks – How to set up and how to report Taxable Payments Annual Report (TPAR) – and when due?

Businesses in the building and construction industries need to know how to report Taxable Payments Annual Report (TPAR) – so how do we set up the Reckon/Quickbooks file, how do we generate the report and when is the due date to report?

We start with the ATO requirements, then how to set up and create the report in Reckon/Quickbooks.

ATO Requirements

Taxable payments reporting – building and construction industry

Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

You need to report these payments to us on the Taxable payments annual report by 28 August each year. See ATO

To make it easier to complete the annual report, you may need to check the way you currently record your contractor payment information.

The information reported about payments made to building and construction contractors is used in our data matching program to detect contractors who have not either:

  • lodged tax returns
  • included all their income on tax returns that have been lodged.

Reckon/Quickbooks – The steps to set up and generate the report are –

1 . Enable the Taxable Payment Reporting option in the preference to be able to open the report

  1. Go to the Edit menu, choose Preferences.
  2. Choose the Tax item and go to the Company Preferences tab.
  3. In the Taxable Payment Report section, click to select the Enable the Taxable Payment Reporting option.
  4. Click OK.

2.  Enable a supplier (sub-contractor) to become reportable on the Taxable Payment report

  1. Go to the Suppliers menu and choose Supplier Centre.
  2. On the Suppliers tab, double click the supplier’s name to open the supplier’s profile.
  3. Click to select the “Include in Taxable Payments electronic report” option.
  4. Click OK.

3.  How do I create this report to have what I need to write on the ATO form?

  1. Go to the Suppliers menu, click Tax Activities, click Process Taxable Payments.
    The Process Taxable Payments annual report window opens.
  2. Click the Tax Year drop-down to select the tax year you are reporting on.
  3. If applicable, click the Withholding Liability Account drop-down to select the account you use to track withholding tax.
  4. Click the (tick) column to select the selected suppliers that you want to appear in the selected tax year’s report.
  5. Click the supplier to view the transactions for each supplier that are included in the report.
    The Supplier Taxable Payments Details – <supplier name> window opens.
  6. You can review each transaction and click to deselect if you don’t want it included.
  7. Click OK.
  8. Click Save to save the changes (if you have made them) in the Process Taxable Payments annual report window.
  9. Click Export to save the report to your disk. The Select Location for Tax Payment Report File window opens. Enter a file name for the report, we recommend using the date in the file name.
    The default location for the file is \\ProgramData\Intuit\ReckonAccounts 2013\<level> 2013\<Company Name>\Export Files\Tax Payment Reports. For Reckon Accounts Hosted users, the default location is “Q:\ “
  10. Click Save. You will receive a message that the file has been successfully written. If you have electronic key, you can upload the file to your ATO portal

Note: If you make any changes to the data whilst the Taxable Payments Annual Report Window is open, the report needs to be closed and reopened for it to refresh.

4.  How do you Amend the TPAR report if incorrect?

If you require to submit an amended report to the ATO, select the Generate Taxable Payments as ‘Amended’ option in the Process Taxable Payments annual report window.

Select the supplier that has been amended from the list and click Create Report.

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