Would she kind enough to answer questions re: book keeping and entering of purchases as either asset or expense?Originally Posted by mowjoman
Can she confirm my reply to bgs question is accurate?
Would she kind enough to answer questions re: book keeping and entering of purchases as either asset or expense?Originally Posted by mowjoman
Can she confirm my reply to bgs question is accurate?
David
Mr Sparkle Car Spa
She's working in an accounting office but not quite a fully fledged accountant as yet I should point out, she's breazing thru her degree at the moment and is pretty clued onto it all. She is kind so I'm sure she would gng. I'll ask her tonight to have a read but I'm sure any advice she had would also contain a disclaimer
Cheers, Jason.
If your lawns and garden's have lost their Mojo...
Call Mowjo Man
Thanks Gng I know all advise given is of a general nature and we should seek professional advise, I don't have to see my Account until July so i thought I would see how others have done it.
I will run it by him I am on the STS it will be interesting to see how it is accounted for as all the individual components of a the combi tool are under $1000.00 but combined its over $2000.00 thanks for the advice
Geoff - what are these better and easier options with QB 08-09??Originally Posted by geoff
David
Mr Sparkle Car Spa
Its called service pack 2 includes all enhancements in service pack 1 which i believe covers easy emailing of invoices ,it includes easy edit of tax ammounts in journels , bills and cheques .its free so worth getting , just look up the qb web siteOriginally Posted by glassngrass
I didn't upgrade to 08-09 this time. Upgrades and service packs are version specific (won't work on my 07-08), but you also need to have current subscription to login and download (you only get 12 months subscription from purchase).Originally Posted by geoff
When I bought 06-07, I got the free 07-08 a year later, but my subscription expired before I could download the 07-08 service pack and tax tables. Now I will only buy two months into new tax year so will have current versions for two full years, but only buying every second year. This is also cheaper than buying upgrade version every year.
David
Mr Sparkle Car Spa
I am about to have a employee start in three weeks and was interested in what Quick books version employers are using , Is it possible to use easy start or would you need accounting or plus.
QB with payroll may make things easier, however you can use your easystart. It means calculating your payroll and taxes manually, and entering the amounts individually. You can get a free booklet from ATO with payroll tax scales for various scenarios. eg. HECS debt, with out without tax free threshold, etc
How? There are different way of doing it and depending on whether you want to track each employee separately, but you'll need some new accounts - including liability accounts to hold tax withheld, also superannuation guarantee amounts, along with expense accounts for wages and superannuation.
An employer is legally obligated to include some 16 pieces of information on each pay slip, including items such as various leave entitlements. The Govt is increasingly enforcing his. Penalties of thousands of dollars apply for each breach. eg. 4 items missing, 52 pays in a year is 204 breaches in a year. Would you want to run the gauntlet on this?
If you have the time to spend each week working all this out, then your time would likely be better spent marketing and building your business.
Manufacturers of MYOB and Quickbooks with payroll won't guarantee your compliance even if you used the software properly.
Even if you insist on keeping your own books, consider using a qualified bookkeeper to help with your payroll.
Last edited by administrator; 17-08-2009 at 07:43 AM.
David
Mr Sparkle Car Spa
Many people put on workers as contractors in hope to simplify things.
If you engage a contractor I recommend you look at the ATO website to determine if your contractor is actually deemed an employee by them
http://ato.gov.au/businesses/content...&mfp=&st=&cy=1
This page can assist in understanding your employer obligations.
http://ato.gov.au/businesses/content...01/003&st=&cy=
This online calculator can help you work out how much tax to withhold from each pay
http://www.ato.gov.au/businesses/con...tent/33268.htm
What you are obligated to report on each pay slip
http://www.industrialrelations.nsw.g...s/Payslips.pdf
David
Mr Sparkle Car Spa
Hi David,
thanks for your information and advice and links very helpful.
the fair work website has a interactive time sheet that people may find useful as well.
http://www.fwo.gov.au/Fact-sheets/Pages/default.aspx
I Just upgraded to quick books plus with payroll its fantastic leaves easy start for dead.
Some version of quickbooks allow you to enter two email addresses, and yes, allows you to send to two addresses in one email.Originally Posted by Bgs
Nonetheless, even if yours doesn't take a CC or BCC email address, you shouldbe able to manually add this prior to hitting 'send'.
David
Mr Sparkle Car Spa
Like MYOB, QuickBooks has different product with diferent levels of functionality. QuickBooks does have payroll, inventory, and quotes, but not in Easystart or Accounting versions.Originally Posted by Bluey
I completed QB Advanced Certificate last week - QB is technically superior to MYOB - it rocks!
David
Mr Sparkle Car Spa
The versions for 08-09 was not a good year for QB, with various patches required before getting it right. 09-10 version is no problems!Originally Posted by geoff
Like MYOB, QB can upgrade data from a lower version into a higher version, but NOT the other way - unless the advanced features were not used.
eg. You owned QB plus. As you don't use the payroll feature you could 'downgrade' your datafile to Accounting version to save on software. You could not do so if you had already used the payroll feature.
In this case, as you wouldn't need to upgrade tax tables for payroll, you may find that the version owned will suit you well for many years without upgrading!
David
Mr Sparkle Car Spa
Yes, it does!Originally Posted by Bgs
While there is Easystart and Easystart Lite, the Accounting product is the entry level product. Next up is Plus Payroll.
I use the accountant's version - can toggle between all levels.
David
Mr Sparkle Car Spa