Covering the aspects accounting programs have in common
These being to help businesses:
- manage their transactions
- keep track of money owed to them, or by them to others
- pay their employees and contractors
- provide financial reports at the end of each month, quarter and financial year.
Introducing Bookkeeping Basics — yours for FREE!
Confused about Chart of Accounts, General Ledger and Trial Balance?
For non-bookkeeping types these terms can send shivers down the spine, or make your eyes glaze over — but they are the foundation of all account keeping records and every business relies on these processes.
To this end, Jacci, our BAS agent, has created a free education guide covering these aspects of accounting in plain English and a simple format. It’s titled, Bookkeeping Basics.
We believe that if people enrol in courses armed with some basic information, it fits with our goals of helping our students become better bookkeepers while getting the most out of the learning experience.
What’s Cash vs Accrual, Debit-Credit, Income and Expenses?
Find terms like these a little confusing, or don’t really know what they mean? Cash and Accrual relates to the paying of your taxes; this can be on the date you invoiced for the services or the date you received the money in your bank account. Debit-Credit and Income and Expenses relates to whether an account increases or decreases, but will vary depending on whether it is a credit account or an asset account.
Getting a little lost already? Don’t worry, we cover all of this in our free Bookkeeping Basics Guide.
Then came the GST
The introduction of the GST made all of this a little more complicated, as the tax codes associated with primary produce (FRE) and financial transactions are not taxed like contributions to Super (N-T). Again, it’s covered in Bookkeeping Basics; absolutely free.
Just enter your details below and you’ll receive our Bookkeeping Basics Guide via email. Use this guide to give you solid background knowledge before you enrol in an accounting software course — or use it to help you understand what your accountant is actually talking about!
NOW AVAILABLE for EzyLearn Students ONLY: Bookkeeping Basics Version 2
We have recently beefed up this guide 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
Just fill in your details above to receive Bookkeeping Basics — new and improved Version 2 — and remember, it’s FREE for all EzyLearn students!