Not sure what leave your employees are entitled to? In Australia, the Fair Work website is a good place to start.
Setting up a bookkeeping system When you set up your financial records, you need to make sure they meet any compliance requirements such as GST or other tax compliance. This is done through setting up classifications, also known as a chart of accounts.
A chart of accounts is a listing of all the accounts needed to cover the financial transactions of the business. Classifications are used to separate profit and loss calculations to show where a business is making or losing money.
How to set up a chart of accounts The chart of accounts is very important to the overall effectiveness and accuracy of your bookkeeping.
Define the various accounts to be used in the business, such as different classes of assets, liabilities, expenses and sales revenue. Make a list of these accounts under the financial classifications as noted above — each different type of account for assets, liabilities, sales revenue and expenses.
Allocate a numbering system for each account within the chart of accounts, such as all asset accounts will have been classified under the number, and all liability accounts will be classified under the number.
Allocate various sub-accounts under these main accounts. Accounting packages have predefined chart of accounts which you can allocate to your own financial transactions. Example chart of accounts DOCX The following comparison of accounting software documents the various features and differences between different professional accounting software and personal finance packages.
The comparison only focus considering financial and external accounting functions. No comparison is made for internal/management accounting, cost accounting, budgeting, or integrated MAS accounting.
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Partnering with accounting providers like MYOB and Xero helps us to support you even more. l have been an MYOB Partner for nearly 15 years and have used the software extensively across a broad range of industries.
l am an MYOB Certified Consultant and also an MYOB POS Consultant. l am also a CPA and a member of the ICB and have extensive knowledge across a range of small business compliance related issues. l also have a management accounting back ground so can assist my .
Budget Management. New to Essentials, Budget Management is where you can build, edit and view your business's budgets. For more information on budgets, see Prepare a budget..
Or, if you're looking for information on importing CSV files into your budget, see Working with CSV budget files. Full listing of the SBR products register. Skip links menu. Some links may not be available on all pages.