All accounting programs have this in common
Accounting software makes it easier for businesses to manage their transactions, keep track of money owed by them or two them, pay their employees and contractors and provide financial reports at the end of each month, quarter and financial year and no matter which program you use they are all based around accounting principles.
Chart of Accounts, General Ledger and Trial Balance
For non-bookkeeping types these words are scary and send business owners into cold shivers yet they are the foundation of all accounting records and every business relies on this process to manage their accounts so we had our BAS agent, Jacci create an education guide about these aspects of accounting – the Bookkeeping Basics.
Cash vs Accrual, Debit-Credit, Income and Expenses
These terms relate to when you want to pay your taxes – on the date you invoiced for the services or the date you received the money in your bank account. Debit and credit relate to whether an account increases or decreases but varies depending on whether it is a credit account or an asset account. If you find this all a little confusing you may be happy to hear that we’ve created a free guide to help explain what it all means.
The introduction of the GST made this all just a little bit more complicated because of the tax codes associated with primary produce (FRE) and financial transactions that are not taxed like contributions to Super (N-T).
Want to receive our Bookkeeping Basics Guide?
Enter your details below and you’ll receive our 13 page education guide via email. Use this guide to improve your knowledge before enrolling into an accounting software course or use it to help you understand what your accountant is actually talking about!
Bookkeeping Basics version 2
September 2016: We’ve beefed this guide up massively to 58 pages and it now includes:
- Information about business structures
- GST registration requirements and Payroll
- PAYGI and IAS
- Fuel tax credits
- Business Taxation Payment and Lodgement dates for the year
- More detailed description of tax codes
- When to use Sales and Purchases vs Banking and journal entries
- Introduction to credit control and credit reporting
- Information about how to navigate the most popular accounting programs (MYOB AccountRight, Xero and Quickbooks Online QBO) to perform these steps:
- Navigating to the chart of accounts (or accounts list)
- Navigating to the General Ledger
- Navigating to the Sales and Purchases areas
- Sales and purchase payments and receipts