FAQ

FAQ

Basic Bookkeeping MYOB Quicken GST BAS

Basic Bookkeeping

1. What is double entry bookkeeping?

Double entry bookkeeping is a method of bookkeeping that enters each transaction into two different categories in the ledger. The two ledgers are then reconciled against each other, if at any point the sum of debits does not equal the corresponding sum of credits, an error has occurred.

2. What is single entry bookkeeping?

Single entry bookkeeping is a simple ledger with all transactions entred either as a debit or a credit. into cash book, which  allocates the income and expenses to various income and expense accounts.

3. What is a profit and loss statement?

A profit and loss statement is a summary of the financial performance of you business over a particular time.  It can be generated(monthly, quarterly or annually. It reflects the past performance of your business and is the report most often used to see how your business is performing.

4. What are Credits and Debits?

In double-entry bookkeeping debit is used for asset and expense transactions and credit is used for liability, gain and equity transactions.

MYOB Bookkeeping

1. What is MYOB?

MYOB, Mind Your Own Business, is the name of an Australian multinational corporation.  The MYOB computer programmes allow you to easily enter all your business data, in double entry with just one data entry.  MYOB offers a variety of products sand services for businesses starting with entry level accounting software such as MYOB LiveAccounts  and MYOB AccountRight through to multi user enterprise software (MYOB Exo Business and MYOB PayrollEnterprise).

2.Is MYOB Windows or Mac based?

Software products are provided for both Microsoft Windows and Apple Mac OS X operating systems.

3. Where can I buy MYOB?

You can purchase MYOB from Pene’s Bookkeeping Services Adelaide contact us for advice on the best programme to suit your business.

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Quicken Bookkeeping

1. What is Quicken?

Quicken is a financial management program developed and distributed by Intuit. Quicken is available is several different versions, for different use scenarios. The basic version is designed for those who intend only to organize current bank accounts. This software has chequebook balance functions, budget management, and Internet billpay features. The Deluxe version includes future planning functions, tax planning features and can track tax accounts. The Premierin addition to all the features of Basic and Deluxe ,  adds portfolio analytics, investment performance reports, advanced tax reporting, and capital gains tax minimization strategies.

2. What is the difference between Quicken and Quickbooks?

The Quicken programme has fewer business functions than Quickbooks.  Contact Pene’s Bookkeeping Services Adelaide for advice on which Quicken product suits your business.

3. Where can I buy Quicken?

More about Quicken Bookkeeping

GST

1.What is GST?

GST stands for Goods and Services Tax which is a broad sales tax of 10% on most goods and services transactions in Australia. It is a value added tax, not a sales tax, so it is refunded to all parties in the chain of production other than the final consumer.

2.What are the lodgement dates for GST?

Lodgement dates vary, depending on the method you choose to report GST.  See our Tax Dates page for more information and to download your personalised Tax Lodgement Calendar.

3. Who pays GST?

GST is payable by the purchaser except on exempt items such as food. Non profit organisations can claim a range of exemptions.

 

BAS

1. What is BAS?

The Business Activity Statement is form in which you report  taxes and  offset of the different taxes in a period. It is also used for reporting pay-as-you-go [PAYG] instalments, company tax instalments and fringe benefit tax [FBT] instalments.

2. What are the Lodgement dates for BAS?

Lodgement dates vary, depending on the method you choose to report GST.  See our Tax Dates page for more information and to download your personalised Tax Lodgement Calendar.

 

3. How do I register for BAS?

Once you have registered you ABN and for GST the BAS statement will be sent to your elected address automatically.

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