Finance, Tax & Accounting: page 2
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Business expense paid personally: an owner reimbursement record
Keep a clear record when an owner pays a business expense personally. Use a filled reimbursement register to link the receipt, approval and bank payment.
4 min readCash or accrual GST accounting: compare the timing
Compare cash and non-cash GST accounting with the same invoices across two quarters, then check eligibility and prepare a clean change of reporting basis.
3 min readCash rounding at the till: check the total and receipt
Compare cash rounding with electronic totals using a five-row example. Check the final payment, receipt and GST questions separately before changing settings.
2 min readCheck opening balances after moving accounting systems
Verify migrated bank, invoice, supplier, tax and owner balances. Use a sign-off matrix to compare the old records, opening figures and supporting documents.
4 min readClean up your chart of accounts without losing history
Simplify an established chart of accounts with a mapping worksheet. Compare renaming, archiving and merging, while preserving historical reports and tax coding.
4 min readOwner owes the company money? Prepare a Division 7A review
Build a dated shareholder-loan schedule with advances, repayments and agreements, then prepare the specific Division 7A questions your tax agent needs to check.
2 min readCorrect a GST mistake: later BAS or original revision?
Work out which questions decide a GST correction route. Separate errors from later adjustments, check the limits and keep a clear record of what changed.
3 min readTraining Expenses: Document the Link to Your Business
Map a course to the work your business already does, separate new-venture subjects and keep fees, reimbursements and travel evidence ready for review.
2 min readCredit card repayments: avoid counting expenses twice
Separate card purchases, repayments, fees and refunds in your books. Follow a worked balance timeline and check that business expenses are recorded once.
3 min readCustomer overpayments: reconcile, refund or keep a credit
Resolve a customer overpayment without recording another sale. Trace a double payment, document a refund or agreed credit, and check the closing balance.
3 min readDuplicate bank feed transactions: check before deleting
Tell duplicate bank feed lines from duplicate ledger entries and real repeated payments. Follow an evidence-first decision tree before correcting the books.
3 min readForeign-currency invoices: keep the AUD GST conversion trail
Record the exchange rate, conversion date and GST basis behind a foreign-currency invoice, and separate the later payment difference from the tax amount.
3 min readGift cards in the books: track issue, redemption and outstanding balances
Build a gift-card register that reconciles issued value, redemptions and outstanding balances. Keep voucher classification and expiry questions ready for review.
3 min readGST on overseas software: check the subscription invoice
Review overseas software invoices for supplier identity, Australian GST and business details. Learn which missing facts and reverse-charge questions to flag.
3 min readHome Business Running Costs: Keep a Useful Work Diary
Record home business hours, shared household use and supporting bills with a practical diary, then check which records your expense method needs.
3 min readImported goods: reconcile customs GST and supplier bills
Match an import declaration, overseas supplier invoice and freight bill without claiming GST twice. Check importer identity and keep a shipment worksheet.
3 min readLock a bookkeeping period and handle later corrections
Protect finished bookkeeping with report baselines, lock dates and a correction log. Follow a late-bill example through approval, tax review and rechecking.
4 min readMatch one customer payment to several invoices
Allocate a combined customer payment across invoices and credits. Use a worked remittance table to reconcile the deposit and leave a short payment visible.
3 min read