Finance, Tax & Accounting: page 3
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Phone and Internet Business Use: Support the Percentage
Build a phone and internet usage sample, link it to the actual bill, separate private use and revisit the allocation when your working pattern changes.
2 min readPOS deposit and final payment: reconcile one order without double sales
Keep a customer deposit and final payment attached to one order. Reconcile receipts, outstanding balances and fulfilment without duplicating the sale.
2 min readPrepaid Business Expenses: Track the Service Period
Build a prepaid expense schedule for insurance or software, separating the payment, service coverage, monthly accounts and tax-timing questions.
2 min readReconcile your GST control account to lodged BAS amounts
Trace a GST control balance through sales, purchase credits, BAS transfers and payments. Use a roll-forward worksheet to explain old or unmatched amounts.
3 min readRecord transfers between business bank accounts correctly
Follow a transfer through two business bank accounts, match both feeds, handle money in transit and correct income or expenses recorded by mistake.
4 min readRefund after the payout: reconcile the later deduction
Link a customer refund to a sale paid out earlier, then explain the later settlement or bank debit. Keep an audit trail for fees and tax adjustment review.
3 min readSecurity deposit or part payment? Check the GST treatment
Compare genuine security deposits and advance payments through receipt, application, refund and forfeiture, using the contract and GST rules at each step.
3 min readSole trader business losses: prepare the non-commercial loss checks
Separate accounting and deferred tax losses, then gather the income, activity and asset records needed for a non-commercial loss review with your tax agent.
3 min readSplit a receipt with business and private purchases
Split a mixed receipt line by line, separate GST from private spending, and use a worked six-item example that reconciles back to the full bank payment.
3 min readStocktake Valuation: Explain the Closing Inventory Figure
Turn a completed stock count into a traceable valuation schedule, with unit-cost evidence, damaged-stock notes and unresolved differences for your agent.
2 min readStore credit records: track the obligation until it is used
Keep store credit linked to the original sale, agreed remedy and later redemptions. Reconcile the remaining customer balance with a printable ledger.
3 min readSupplier charged GST but ABN Lookup says unregistered?
Check the supplier identity and GST registration dates behind a questionable invoice, request a correction and keep a record of the unresolved tax amount.
3 min readSupplier refunds and credit notes: close the loop
Connect a supplier bill, credit note and refund in your accounts. Compare cash returned with credit against the next order and check the final balance.
3 min readTrack GST turnover with a rolling monthly worksheet
Keep current and projected GST turnover in separate rolling schedules, flag unusual transactions, and record the facts needed for a timely registration review.
2 min readReview transactions around your GST registration date
Build a first-BAS transition schedule for invoices, payments, stock and purchases around GST registration, with the evidence needed to resolve exceptions.
4 min readWhy BAS sales do not match your profit and loss report
Reconcile BAS sales to profit and loss revenue using a worked bridge for GST, unpaid invoices and asset sales, with evidence for each difference you find.
3 min readUnexpected BAS refund? Check the figures before lodging
Investigate a surprising draft BAS refund using a variance worksheet for asset purchases, duplicate credits, negative sales and reporting-period errors.
4 min readAuthorised, captured and settled: understand card payment statuses
Understand what authorised, captured, settled and paid out mean for a card sale. Follow a fictional payment and check the evidence before taking action.
3 min read