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by Lynley Averis, Veechi Curtis
Bookkeeping For Dummies, 2nd Australian & New Zealand Edition
Foreword
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part I: First Steps
Chapter 1: Introducing the Bookkeeping Game
Understanding the Bookkeeping Life Cycle
Figuring How Often to Do the Deed
Working with a shoebox
Doing the books as you go
Staying on the Right Side of the Law
Registering as a business
Getting to grips with GST
Managing payroll
Developing an Attitude
Convince yourself this stuff matters
Quit counting sheep
Do your job well
Getting Skilled Up
Keeping your qualifications up to date
Joining an association
Signing up to a course
Chapter 2: Creating a Framework
Putting Everything in Its Place
Classifying Accounts
Building Your Profit & Loss Accounts
Analysing income streams
Separating cost of sales accounts
Cataloguing expenses
Dealing with personal expenses
Seeing Where the Money’s Made
Itemising Balance Sheet Accounts
Adding up the assets (ah, joy of joys)
Listing liabilities (oh, woe is me)
Accounting for equity
Building a Final Chart of Accounts
Chapter 3: Going for the Big Equation
Matchmaking with Debits and Credits
Studying a little give and take
Following a modern fable
Putting Theory into Practice
Moving funds in bank accounts
Taking a peek at sales
Checking out expenses
Viewing stock movements
Throwing GST into the mix
Playing the Double-Entry Game with Accounting Software
Drilling down to the debits and credits
Recording general journals
Choosing between Cash and Accrual
Keeping things simple with cash
Getting more info with accrual
Laying down the deal in debits and credits
Enjoying a half-half measure
Using one method for your books, and another for income tax
Part II: Forming a Plan
Chapter 4: Playing a Bookkeeper’s Rhythm
Reporting for GST
Scraping by in Oz
Muddling through in Middle Earth
Managing cashflow, wherever you are
Staying on Top of Payroll
Meeting payroll deadlines (Australia)
Meeting payroll deadlines (New Zealand)
Generating Reports
Devising a Record-keeping System
Filing that needle in the haystack
Deciding what to keep and how long for
Developing a Bookkeeping Calendar
With golden soil and wealth for toil
Peace, not war, shall be our boast
Chapter 5: Choosing the Right Tool for the Job
Deciding Whether to Head for the Clouds
Why cloud accounting is such a big deal
Why cloud accounting doesn’t always fit the bill
Accessing your accounts when the internet goes down
Rounding up the Main Players
Muscling up with MYOB
Playing it straight with Reckon and QuickBooks
Having fun with Xero
Matching Software to the Job in Hand
Starting up a new business
Getting ready to grow
Making stuff and buying stuff
Catering for bigger business or non-profits
Setting Up Accounting Software
Preparing for battle
Firing live on D-Day
Mopping up when the dust has settled
Protecting Your Accounting Data
Backing up data from the cloud
Devising a backup strategy
Chapter 6: Understanding GST
Coughing Up the Difference
Signing Up (Do You Have a Choice?)
Submitting to the inevitable
Choosing not to register
Picking a reporting method to suit
Reporting for duty
Calculating GST
Going decimal the Aussie way
Keeping quirky east of the Tasman
Figuring What’s Taxed and What’s Not
Move it, groove it, tax it
Transactions with no GST (Australia only)
Transactions with no GST (NZ only)
Understanding Tax Codes
Creating a list of tax codes (Australia)
Creating a list of tax codes (NZ)
Linking accounts to tax codes
Staying Out of Trouble
Avoiding traps for the unwary
Keeping personal matters separate
Dancing the Paperwork Polka
Brewing up a Tax Invoice
Checking supplier bills
Verifying that ABNs are correct (Australia only)
Part III: Recording Day-to-Day Transactions
Chapter 7: Recording Expenses and Supplier Payments
Creating Order Out of Chaos
Getting your hands on the paperwork
Filing stuff so you can find it again
Working with a Micro Business
Automating data entry with bank feeds
Entering transactions one by one
Listing expenses on a spreadsheet
Recording Expenses for a Small Business
Deciding whether to use accrual accounting
Refining the process
Keeping tabs on who you owe
Dealing with EFTPOS and credit card transactions
Bookkeeping for a Larger Business
Managing supplier orders and invoices
Making supplier payments
Dealing with EFTPOS and credit card transactions
Allocating Transactions
Nitpicking over Petty Cash
Storing cash under lock and key
Robbing Peter to pay Paul
Keeping tabs of cash on the run
Chapter 8: Recording Receipts and Sales
Keeping Track of Sales and Payments
Recording customer sales
Entering customer payments
Working on a Cash Basis
Recording cash receipts using accounting software
Listing income on a spreadsheet
Combining income and expenses on the same spreadsheet
Bookkeeping for Other Kinds of Income
Recording miscellaneous receipts
Dazzling everyone with your brilliance
Bringing Home the Bacon
Dealing with Tricky Situations
Dishing out discounts
Dealing with prepayments
Giving credits or refunds
Writing off bad debts
Making Sure Cash Doesn’t Go Astray
Separating powers between bookkeepers and the cash
Putting in good controls
Chapter 9: Paying Employees
Staying Squeaky Clean
Hiring a New Employee
Getting the paperwork in order
Covering against mishaps
Subscribing to super (Australia only)
Submitting to KiwiSaver (New Zealand only)
Doling Out the Cash on Pay Day
Paying folks their dues
Checking timesheets are accurate
Taxing pay (no mercy shown)
Dealing with deductions
Calculating superannuation (Australia only)
Taking Leave in the Land of Oz
Calculating leave on a percentage basis
Calculating hours per pay period
Taking Leave in New Zealand
Calculating annual leave for full-timers and part-timers
Calculating other kinds of leave
Maintaining Proper Records
Keeping records of what’s due
Keeping tabs on employee details
Writing up pay correctly
Issuing legit pay slips
Chapter 10: Reconciling Accounts
Getting Started
Deciding what bank accounts to reconcile
Calculating your true bank balance
Recording your opening bank balance using accounting software
Doing Your First Reconciliation
Reconciling accounts when you’re not using bank feeds
Reconciling accounts when you have bank feeds
Reconciling accounts with spreadsheets
Keeping Proof that You’ve Done the Deed
Troubleshooting Tricks
Balancing Other Kinds of Accounts
Part IV: Pulling It All Together
Chapter 11: Reporting for Payroll
Accounting for Payroll Liabilities
Checking payroll liability reports
Troubleshooting payroll liabilities
Coughing up the dough
Calculating Other Payroll Expenses
Splitting hairs with fringe benefits
Hitting the payroll tax threshold
Reporting for workers comp (Australia)
Reporting for taxable payments (Australia only)
Covering for accidents (New Zealand)
Getting Pedantic at Year’s End
Generating Payment Summaries (Oz Only)
Meeting Minimum Pay and Conditions
Applying the law (Australia)
Applying the law (New Zealand)
Chapter 12: Managing Inventory and Other Assets
Buying In, Stocking Up and Selling Out
Buying inventory to fill the shelves
Selling inventory to make a buck
Measuring the profits
Calculating the value of inventory
Organising Stocktakes
Balancing Your Inventory Account
Accounting for Assets
Figuring out if something is an asset or an expense
Recording new asset purchases
Recording the sale of assets
Dealing with personal assets
Depreciating Assets, One by One
Calculating depreciation
Depreciating using asset pools
Recording depreciation
Checking your schedule
Chapter 13: Mastering Tricky Situations
Recording Journal Entries
Plunging Into Debt
Going into the red
Aiming towards the black
Recording loan interest and fees
Working with Hire Purchase, Leases and Chattel Mortgages
Taking on a new hire purchase debt
Recording hire purchase payments
Living it up with a new lease of life
Signing up with a chattel mortgage
Adjusting the Bottom Line
Reallocating prepaid expenses
Accruing future expenses
Figuring out leave provisions
Separating private expenses from business ones
Bringing Income into Line
Shifting income received in advance
Grossing up dividends
Chapter 14: Checking Your Work
Starting With the Bank Accounts
Step 1: Checking that everything reconciles
Step 2: Hunting for stale transactions
Step 3: Drilling down on dates
Spring Cleaning Your Debts
Step 4: Getting debtors spick and span
Step 5: Sweeping through the creditors
Putting GST under the Griller
Step 6: Hunting for coding mistakes
Step 7: Balancing GST liability accounts
Understanding Control Accounts
Step 8: Balancing debtors and creditors
Step 9: Giving inventory the once over
Step 10: Priming the payroll
Doing a Mini-Audit
Step 11: Scanning transaction reports
Step 12: Analysing summary results
Chapter 15: Understanding Financial Reports
Telling the Story with Profit & Loss
Putting income under the microscope
Weighing up gross profit
Watching expenses, dollar for dollar
Painting a Picture with the Balance Sheet
Sketching assets, black as ink
Drawing liabilities, red as blood
Sculpting equity, cast in gold
Understanding the Relationship between Profit and Cash
Why there’s profit but no cash
Why there’s cash but no profit
Reporting where cash came from, and where it went
Putting Results Under the Microscope
Comparing this year against last year
Calculating ratios
Chapter 16: Starting a New Financial Year
Finalising the Old Year
Out with the old year … in with the new
Generating end-of-year reports
Protecting against accidents
Sending Data to Your Accountant
Matching the Accountant’s Figures Against Your Own
Recording year-end journals
Dealing with adjustments that only make things worse
Getting creative when the accountant gives you nothing
Bridging the Communication Gap
Starting a New Year
Understanding what happens when you start a new year
Archiving data — just one more time
Part V: Running Your Own Bookkeeping Business
Chapter 17: Starting Up On Your Own
Deciding Whether You’re Ready
Five good things about starting your own bookkeeping business
Five not-so-good things about starting your own bookkeeping business
Thinking through the Practicalities
Getting qualifications in order
Updating your skills (and choosing software)
Launching Your New Business
Creating a plan — no excuses
Deciding what to charge
Calculating billable hours
Thinking about your rate of return
Looking for clients
Building a Successful Business
Identify what makes you different
Join a professional association
Set goals, and reach them too
Look to the future
Chapter 18: Staying on the Right Side of the Law
Becoming a BAS Agent
Figuring out whether you have to register
Checking out what skills and qualifications you need
Covering yourself with insurance
Acting Honestly and Independently
Staying squeaky clean
Avoiding conflicts of interest
Keeping stuff confidential
Making Sure Information Is Correct
Providing competent services
Supervising others’ work
Taking reasonable care
Ensuring tax laws are applied correctly
Understanding the limits of your advice
Setting Up Systems
Writing an engagement letter
Protecting client data
Part VI: The Part of Tens
Chapter 19: Ten Tips for Not-for-Profit Organisations
Know and Love Your Cost Centres
Become the Budget Queen
Get the Terminology Right
Report to the Board
Get Help with Payroll
Do Killer Grant Reporting
Be Accountable at All Times
Make Sure You Can Survive an Audit
Track Membership Dues with Care
Know When to use Trust Accounts
Chapter 20: Ten Tricks for Collecting Money
Draw Up a Credit Policy
Do Your Homework
Don’t Waste a Moment
Calculate the Cost of Debts
Get on the Blower
Don’t Give Too Many Options
Keep a Dossier
Track ’em Down
Stick to the Law
Get Drastic
Glossary
Index
About the Authors
More Dummies Products
Wiley End User License Agreement
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