Bookkeeping Basics : Reports

If you have a complicated bookkeeping software you probably have a complicated amount of financial reports. But let’s stick to the basics and introduce some of the key reports available. Income Statement or Profit and Loss Report This is your high level report of your business’ income and expenses for the period. If you track …

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Bookkeeping Basics : Expenses

Second in this introductory series is expenses. Like income last week, how you record your expenses will be impacted by how those expenses are incurred. You can also minimise your data entry depending on how you receive the receipt for the expense. Step 1 – Capture Information If you receive invoices for payment at a later …

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Bookkeeping Basics : Income

This month we’re going to cover some basic bookkeeping information to help you organise (and hopefully streamline) your bookkeeping tasks. First up income. Depending on how you get paid will determine how you do the bookkeeping for your income. If you send your clients invoices You should process your invoices in the same program that …

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Registering for GST

What is GST? GST is the Australian Government’s tax on consumer spending. ‘Goods and Services Tax’ is set at 10% and applies to most goods and services consumed within Australia. A few notable exceptions include exports, ie goods and services leaving Australia, and basic food staples. The intention is for the end user to pay …

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