Details

Bookkeeping For Dummies

3rd Australian Edition

von: Veechi Curtis
17,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	09.07.2020
ISBN/EAN:	9780730384809
Sprache:	englisch
Anzahl Seiten:	400

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Beschreibungen

Titelbeschreibung

Take the stress out of bookkeeping with this bestselling guide - written specifically for the Australian audience! Warren Buffet has called accounting "the language of business" – the less well you speak it, the less likely you are to succeed. But there's no need to be intimidated: Bookkeeping for Dummies, 3rd Australian Edition is here to help make – and keep – you fluent. Whether you're a small business owner who's beginning to grapple with concepts and terminology, or a bookkeeping professional who wants to stay on track with the latest software or regulations, this bestseller will help you keep your business on the right side of the ledger. Written in friendly, easy-to-follow style by leading financial tech author and instructor Veechi Curtis, this comprehensively updated guide has you covered: from the basics—understanding the lingo and recording income vs. expenses—all the way to Cloud accounting and conforming to the latest BAS legal requirements. <ul> <li>Master the essentials, from recording transactions to processing payroll</li> <li>Choose and use the right software for your needs</li> <li>Allocate difficult-to-code transactions more easily</li> <li>Pass certified courses with flying colours</li> </ul> Whatever your needs, this Bookkeeping For Dummies, 3rd Australian Edition will keep you out of the red and ensure all your numbers add up flawlessly – every time.

Inhaltsverzeichnis

Foreword xv Introduction 1 About This Book 2 Foolish Assumptions 2 Icons Used in This Book 2 Where to Go from Here 3 Part 1: First Steps 5 Chapter 1: Introducing the Bookkeeping Game 7 Understanding the Bookkeeping Life Cycle 8 Figuring How Often to Do the Deed 9 Working with a shoebox 9 Doing the books as you go 11 Staying on the Right Side of the Law 13 Registering as a business 13 Getting to grips with GST 14 Managing payroll 14 Developing an Attitude 14 Convince yourself this stuff matters 15 Quit counting sheep 15 Do your job well 16 Getting Skilled Up 16 Keeping your qualifications up to date 17 Joining an association 17 Signing up to a course 17 Chapter 2: Creating a Framework 19 Putting Everything in Its Place 20 Classifying Accounts 21 Building Your Profit & Loss Accounts 22 Analysing income streams 22 Separating cost of sales accounts 22 Cataloguing expenses 24 Dealing with personal expenses 26 Seeing Where the Money’s Made 27 Itemising Balance Sheet Accounts 28 Adding up the assets (ah, joy of joys) 29 Listing liabilities (oh, woe is me) 31 Accounting for equity 32 Building a Final Chart of Accounts 34 Chapter 3: Going for the Big Equation 37 Matchmaking with Debits and Credits 38 Studying a little give and take 38 Following a modern fable 40 Putting Theory into Practice 41 Moving funds in bank accounts 43 Taking a peek at sales 44 Checking out expenses 45 Viewing stock movements 45 Throwing GST into the mix 46 Playing the Double-Entry Game with Accounting Software 47 Drilling down to the debits and credits 48 Recording general journals 48 Choosing between Cash and Accrual 49 Keeping things simple with cash 49 Getting more info with accrual 50 Laying down the deal in debits and credits 51 Enjoying a half-half measure 52 Using one method for your books, and another for income tax 53 Part 2: Forming a Plan 55 Chapter 4: Playing a Bookkeeper’s Rhythm 57 Reporting for GST 58 Identifying deadlines 58 Managing cashflow 58 Staying on Top of Payroll 60 Generating Reports 61 Devising a Record-keeping System 63 Filing that needle in the haystack 63 Deciding what to keep and how long for 65 Developing a Bookkeeping Calendar 66 Chapter 5: Working with Accounting Software 69 Getting into Gear 70 Laying essential foundations 70 Understanding basic terms 70 Working in the cloud 72 Protecting your private parts 73 Matching Software to the Job in Hand 74 Starting up a new business 74 Getting ready to grow 75 Making stuff and buying stuff 75 Catering for bigger business or non-profits 76 Setting Up Accounting Software 76 Preparing for battle 76 Taking your first steps 78 Mopping up when the dust has settled 79 Protecting Your Accounting Data 80 Getting your data off the cloud 80 Storing data safely 81 Chapter 6: Understanding GST 83 Coughing Up the Difference 84 Signing Up (Do You Have a Choice?) 84 Submitting to the inevitable 85 Choosing not to register 85 Picking a reporting method to suit 86 Reporting for duty 87 Calculating GST 87 Figuring What’s Taxed and What’s Not 88 Move it, groove it, tax it 88 Transactions with no GST 89 Understanding Tax Codes 90 Creating a list of tax codes 90 Linking accounts to tax codes 92 Staying Out of Trouble 93 Avoiding traps for the unwary 94 Keeping personal matters separate 94 Dancing the Paperwork Polka 95 Brewing up a Tax Invoice 96 Checking supplier bills 96 Verifying that ABNs are correct 97 Part 3: Recording Day-To-Day Transactions 99 Chapter 7: Recording Expenses and Supplier Payments 101 Creating Order Out of Chaos 102 Getting your hands on the right info 102 Filing stuff so you can find it again 103 Working with a Micro Business 104 Automating data entry with bank feeds 105 Entering transactions one by one 107 Listing expenses on a spreadsheet 109 Recording Expenses for a Small Business 111 Deciding whether to use accrual accounting 112 Refining the process 113 Keeping tabs on who you owe 114 Dealing with EFTPOS and credit card transactions 115 Bookkeeping for a Larger Business 115 Managing supplier orders and invoices 116 Making supplier payments 118 Dealing with EFTPOS and credit card transactions 118 Allocating Transactions 119 Selecting allocation accounts 119 Getting things right: five top tips 121 Nitpicking over Petty Cash and Out-of-Pocket Expenses 123 Storing cash under lock and key 123 Robbing Peter to pay Paul 125 Keeping tabs of expenses on the run 128 Chapter 8: Recording Receipts and Sales 129 Keeping Track of Sales and Payments 130 Recording customer sales 130 Entering customer payments 132 Working on a Cash Basis 133 Recording cash receipts using accounting software 134 Listing income on a spreadsheet 135 Combining income and expenses on the same spreadsheet 137 Bookkeeping for Other Kinds of Income 138 Recording miscellaneous receipts 138 Dazzling everyone with your brilliance 139 Bringing Home the Bacon 140 Dealing with Tricky Situations 142 Dishing out discounts 142 Dealing with prepayments 142 Giving credits or refunds 143 Writing off bad debts 144 Making Sure Cash Doesn’t Go Astray 145 Separating powers between bookkeepers and the cash 145 Putting in good controls 146 Chapter 9: Paying Employees 149 Staying Squeaky Clean 150 Hiring a New Employee 151 Step One: Complete a tax file declaration 152 Step Two: Supply a Fair Work Statement 152 Step Three: Cover against mishaps 153 Step Four: Subscribe to super 153 Step Five: Ensure your software is up to speed 154 Checking Minimum Pay and Conditions 155 Getting to Pay Day 156 Paying folks their dues 156 Checking timesheets are accurate 158 Taxing pay (no mercy shown) 159 Dealing with deductions 160 Calculating superannuation 161 Submitting to Single Touch Payroll 162 Taking Leave 163 Calculating leave on a percentage basis 164 Calculating hours per pay period 165 Maintaining Proper Records 166 Keeping tabs on employee details 166 Recording pays correctly 166 Issuing legit pay slips 167 Chapter 10: Reconciling Accounts 169 Getting Started 170 Deciding what bank accounts to reconcile 170 Calculating your true bank balance 170 Recording your opening bank balance using accounting software 172 Doing Your First Reconciliation 173 Reconciling accounts when you’re not using bank feeds 173 Reconciling accounts when you have bank feeds 175 Reconciling accounts with spreadsheets 176 Keeping Proof that You’ve Done the Deed 177 Troubleshooting Tricks 178 Balancing Other Kinds of Accounts 180 Part 4: Pulling It All Together 183 Chapter 11: Reporting for Payroll 185 Paying Tax and Super 186 Reporting and paying PAYG tax 186 Paying superannuation 186 Reporting for other payroll liabilities 188 Ensuring You Pay the Right Amounts 188 Understanding what goes on behind the scenes 188 Balancing your payroll accounts 189 Troubleshooting when things don’t balance 190 Calculating Other Payroll Expenses 193 Splitting hairs with fringe benefits 193 Hitting the payroll tax threshold 194 Reporting for workers comp 195 Finalising Pays at Year’s End 196 Making sure things are tickety-boo 196 Submitting your finalisation declaration 197 Generating payment summaries 199 Reporting for Taxable Payments (TPAR) 200 Chapter 12: Managing Inventory and Other Assets 201 Buying In, Stocking Up and Selling Out 202 Buying inventory to fill the shelves 202 Selling inventory to make a buck 203 Measuring the profits 204 Calculating the value of inventory 204 Organising Stocktakes 205 Balancing Your Inventory Account 207 Accounting for Assets 208 Figuring out if something is an asset or an expense 208 Recording new asset purchases 209 Recording the sale of assets 210 Dealing with personal assets 212 Depreciating Assets, One by One 213 Calculating depreciation 213 Depreciating using asset pools 215 Recording depreciation 216 Allowing for depreciation throughout the year 216 Checking your schedule 218 Chapter 13: Mastering Tricky Situations 221 Recording Journal Entries 222 Plunging Into Debt 222 Going into the red 222 Aiming towards the black 224 Recording loan interest and fees 224 Working with Hire Purchase, Leases and Chattel Mortgages 225 Taking on a new hire purchase debt 225 Recording hire purchase payments 227 Living it up with a new lease of life 228 Signing up with a chattel mortgage 229 Adjusting the Bottom Line 229 Reallocating prepaid expenses 230 Accruing future expenses 230 Figuring out leave provisions 233 Separating private expenses from business ones 235 Bringing Income into Line 237 Shifting income received in advance 237 Grossing up dividends 238 Chapter 14: Checking Your Work 241 Starting with the Bank Accounts 241 Step 1: Checking that everything reconciles 242 Step 2: Hunting for stale transactions 242 Step 3: Drilling down on dates 243 Spring Cleaning Your Debts 244 Step 4: Getting debtors spick and span 245 Step 5: Sweeping through the creditors 245 Putting GST under the Griller 247 Step 6: Hunting for coding mistakes 247 Step 7: Balancing GST liability accounts 249 Understanding Control Accounts 252 Step 8: Balancing debtors and creditors 252 Step 9: Giving inventory the once over 255 Step 10: Priming the payroll 256 Doing a Mini-Audit 257 Step 11: Scanning transaction reports 257 Step 12: Analysing summary results 258 Chapter 15: Understanding Financial Reports 259 Telling the Story with Profit & Loss 260 Putting income under the microscope 260 Weighing up gross profit 261 Watching expenses, dollar for dollar 263 Painting a Picture with the Balance Sheet 264 Sketching assets, black as ink 265 Drawing liabilities, red as blood 266 Sculpting equity, cast in gold 266 Understanding the Relationship between Profit and Cash 267 Why there’s profit but no cash 268 Why there’s cash but no profit 269 Reporting where cash came from, and where it went 269 Putting Results under the Microscope 271 Comparing this year against last year 271 Calculating ratios 272 Chapter 16: Starting a New Financial Year 277 Finalising the Old Year 278 Out with the old year in with the new 278 Generating end-of-year reports 279 Protecting against accidents 280 Sending Data to Your Accountant 281 Matching the Accountant’s Figures Against Your Own 283 Recording year-end journals 283 Dealing with adjustments that only make things worse 284 Getting creative when the accountant gives you nothing 284 Bridging the Communication Gap 286 Starting a New Year 287 Understanding what happens when you start a new year 287 Archiving data — just one more time 289 Part 5: Running Your Own Bookkeeping Business 291 Chapter 17: Starting Up On Your Own 293 Deciding Whether You’re Ready 293 Five good things about starting your own bookkeeping business 294 Five not-so-good things about starting your own bookkeeping business 294 Thinking through the Practicalities 296 Getting qualifications in order 296 Updating your skills (and choosing software) 296 Launching Your New Business 297 Creating a plan — no excuses 297 Deciding what to charge 298 Calculating billable hours 299 Thinking about your rate of return 301 Looking for clients 301 Building a Successful Business 303 Identify what makes you different 303 Join a professional association 304 Set goals, and reach them too 304 Look to the future 305 Chapter 18: Staying on the Right Side of the Law 307 Becoming a BAS Agent 308 Figuring out whether you have to register 308 Checking out what skills and qualifications you need 309 Covering yourself with insurance 310 Acting Honestly and Independently 311 Staying squeaky clean 311 Avoiding conflicts of interest 313 Keeping stuff confidential 314 Making Sure Information Is Correct 315 Providing competent services 316 Supervising others’ work 316 Taking reasonable care 317 Ensuring tax laws are applied correctly 319 Understanding the limits of your advice 319 Setting Up Systems 319 Writing an engagement letter 319 Protecting client data 321 Part 6: The Part of Tens 323 Chapter 19: Ten Tips for Not-for-Profit Organisations 325 Know and Love Your Cost Centres 326 Become the Budget Queen 327 Get the Terminology Right 327 Report to the Board 328 Get Help with Payroll 329 Do Killer Grant Reporting 329 Be Accountable at All Times 329 Make Sure You Can Survive an Audit 330 Track Membership Dues with Care 331 Know When to use Trust Accounts 331 Chapter 20: Ten Tricks for Collecting Money 333 Draw Up a Credit Policy 334 Do Your Homework 334 Don’t Waste a Moment 335 Calculate the Cost of Debts 336 Get on the Blower 336 Don’t Give Too Many Options 337 Keep a Dossier 337 Track ’em Down 338 Stick to the Law 338 Get Drastic 339 Chapter 21: Ten Tips for Doing Your Books in the Shortest Possible Time 341 Get Connected with Bank Feeds 341 Create Bank Rules to Allocate Transactions Automatically 342 Scan Receipts 343 Create Recurring Transactions 344 Integrate Everything 344 Keep Personal Stuff Separate 344 Learn to Use all Ten Fingers 345 Set Up Your Accounting Software Properly 345 Ditch Paper Records 346 Make Customer Payments Easy 346 Glossary 347 Index 357

Autorenportrait

Veechi Curtis is a qualified accountant and business consultant who specialises in teaching small businesses about technology and finance. She is the author of MYOB Software For Dummies, QuickBooks For Dummies, Small Business For Dummies, and Creating a Business Plan For Dummies.

Back cover copy

<ul> <li>Master the bookkeeping basics</li> <li>Manage employee payroll and decipher GST</li> <li>Reconcile your accounts with ease</li> </ul> Be confident about your bookkeeping knowledge! If you're not sure you know your assets from your equity, this is the book for you! But whether you're a small business owner confronting bookkeeping for the first time or a bookkeeping pro who wants to learn more about complex financial reports, you'll find the answers you need in these pages. Find out what's new in accounting software, become familiar with tax regulation changes, discover new requirements for bookkeepers and a great deal more. Inside... <ul> <li>Divide assets from liabilities</li> <li>Record transactions accurately</li> <li>Explore cloud accounting</li> <li>Manage employee payroll</li> <li>Calculate GST correctly</li> <li>Measure business profitability</li> <li>Forecast future growth</li> <li>Prepare for certificate exams</li> </ul>