Glossary of Bookkeeping & Accounting Terms

DEFINITIONS Activity Statement You use an activity Statement to report your business tax entitlements and obligations, including GST, PAYG instalments, PAYG withholding and FBT instalments.  You can offset tax payable against tax credits to arrive at a net amount. Australian Business Number (ABN) The Australian business number (ABN) is your identifier for certain dealings with […]

ATO Bookkeeping Acronyms

Bookkeeping Acronyms and their full description. ABN – Australian business number AIIR – Annual investment income report FBT – Fringe benefits tax GIC – General interest charge GST – Goods and services tax PAYG – Pay as you go SAP – Substituted accounting period SGC – Superannuation guarantee charge TFN – Tax file number

Accounting Abbreviations – What do all those letters mean?

We all see them but do you actually know what the following accounting abbreviations mean ? A/C                  Account Acc                   Account A/R                  Accounts receivable A/P                  Accounts payable B/S                  Balance sheet c/d                  Carried down b/d                  Brought down c/f                   Carried forward b/f                   Brought forward Dr                    Debit Cr                    Credit G/L                 General ledger; (or N/L – nominal ledger) P&L                Profit and loss; (or […]

Xero – Beautiful Accounting Software

What Makes Xero Beautiful: Xero has fast become the world’s leading online cloud accounting software, loved by over 200,000 worldwide.  Giving you payroll, invoicing, GST, fixed assets, expense claims, budgets, complete financial reporting, all done beautifully, when and where you need it: at work, home, or on the go. Here are just some features as to […]

Accounts Payable & Creditor Control

About Bookkeeping can help you reduce your costs by having your Creditors under control. This will also help with month end close and ultimately increase your bottom line profit margin. Having an accounts payable service is critical to effective cash flow management and knowing what payments you owe, to whom and when they are due. […]

Accounts Receivable & Debtor Control

About Bookkeeping can also implement procedures and systems to highlight outstanding invoices to be chased, identifying clients that are not meeting your trading terms. Our Accounts Receivable bookkeeping services help to keep your Cash flow steady and Debtor under control. Not keeping a close eye on your Debtors and having a process in place to […]

Bank & Credit Card Reconciliations

It is normal for a company’s bank balance as per accounting records to differ from the balance as per bank statement due to timing differences. Certain transactions are recorded by the entity that are updated in the bank’s system after a certain time lag. Likewise, some transactions are accounted for in the bank’s financial system […]

Data Back Ups

Data is the most important aspect of your computer. The operating system can be reinstalled and so can applications, but it may be difficult or impossible to recreate your original data. It is essential that you always back up your important information and have a plan for recovering from a system failure. Have you ever […]

General Bookkeeping & Data Entry

We will check that data is updated regularly specifically covering accounts receivable, accounts payable, and payroll. We also support our clients to implement further efficient bookkeeping system and procedures. General Bookkeeping, can be as simple as entering your transactions from your Sales & Expenses into a Bookkeeping Software System of your choice. It could be […]

Budget Forecasting & Preparation

Cash Flow, Accounts Payable, Accounts Receivable and Bank Reconciliations; all work hand in hand in providing you and your business with the most accurate Budget Preparation and Forecasting. We can show you ways of monitoring your business accounts that will give your business the best chance at success. Another key management tool in your business […]

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