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Thread: David's bookkeeping corner.

  1. #196
    Senior Member cadase's Avatar
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    Default Re: David's bookkeeping corner.

    Didn't see a backup option in the menus, did notice that my account info says i'm paying $21 for 12 months (at a 40% discount). If they slap on an extra 40% after 12 months, i'll get rid of it, and check if David has more specials next year.

  2. #197
    Senior Member cadase's Avatar
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    Default Re: David's bookkeeping corner.

    It was a few years ago that i was with Rekon. Is there a backup option for intuit qbo ?

  3. #198
    Member Mick's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by cadase View Post
    It was a few years ago that i was with Rekon. Is there a backup option for intuit qbo ?

    After I wrote about getting a back up file I went to Help on QBO. Now, please DONT quote me on this but Im sure I read there is a way to get a file to load onto Excel. It sounded pretty convoluted, but possible!
    If so, maybe theres a way to load that file back on to QBO.

    But really, you'd be best looking into it yourself and talking to a support person.

  4. #199
    Senior Member cadase's Avatar
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    Default Re: David's bookkeeping corner.

    Cheers, i'll check it out over the weekend.............. then ring them and tell them 'Mick from the forum sent me'

  5. #200
    Member Mick's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by cadase View Post
    Cheers, i'll check it out over the weekend.............. then ring them and tell them 'Mick from the forum sent me'
    Damn, shoulda kept my mouth shut! ha

  6. #201
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    You can download all sorts of reports and transaction detail as pdf, or excel formats.
    Otherwise, intuit takes care of backups for you....

    Currently QBO are offering free migration of MYOB and Reckon accounts - and now Xero has been added.
    This is not just chart of accounts, contacts, open invoices/bill and balances at a certain date - but FULL TRANSACTION HISTORY as well.
    David
    Mr Sparkle Car Spa

  7. #202
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by Mick View Post
    Damn, shoulda kept my mouth shut! ha
    Mick is wise ;-)
    David
    Mr Sparkle Car Spa

  8. #203
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by cadase View Post
    Didn't see a backup option in the menus, did notice that my account info says i'm paying $21 for 12 months (at a 40% discount). If they slap on an extra 40% after 12 months, i'll get rid of it, and check if David has more specials next year.
    I still have access to a few more QBO plus at the lifetime discounted rate.
    Once these are gone - that's it forever...
    David
    Mr Sparkle Car Spa

  9. #204
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Received the following email from Reach Accounting advising they are discontinuing their service.
    If you are using Reach - then you need to have plans to ensure your data is extracted before then, also ready to migrate across to another platform.
    If you need help with this let me know...
    ----------------------------------------------------------
    Dear Reach Accounting customer Customer,

    Discontinuation of Reach Accounting Services

    Unfortunately, after many years, Reach Accounting is shutting down. We wish to thank-you for your support over this time, and understand you may be disappointed.

    As of 30 April 2015, all Reach Accounting Services will be discontinued.

    Prior to this date, please ensure you login and retrieve your data by selecting “Download Data” from the ‘Accountants Corner’ drop-down menu within the Reach Accounting service at : https://www.reachaccounting.com.au/
    David
    Mr Sparkle Car Spa

  10. #205
    Senior Member 4 Gardens's Avatar
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    Default Re: Maximize those tax deductions – Superannuation 2013/2014

    Quote Originally Posted by glassngrass View Post
    Generally, for most expenses they are claimable as a deduction in THIS financial year if :

    1. you ACCRUE the expense before end June (for those on accrual reporting/non-cash reporting)
    2. you PAY the expense before end June (for those on cash reporting basis)

    Does this also apply for Superannuation?
    Noooooooo......

    Regardless of which reporting method you use, superannuation must not only be paid, but reach the Super fund AND the individual member account before end June for it to be deductible in this financial year.

    Don't get caught.

    https://www.vanguardbookkeeping.com....uperannuation/

    Note the tip in my blog that can give small entities (under 20 employees) extra time....
    What else do you do as the end of financial year approaches

    - i check with my accountant I have paid enough tax to reduce the chance of a tax bill
    - prepay insurances
    - anticipate any new eqpt needed in the next 6 months

    I am sure there are many more things to look at to set up for the new year, what do you do????

  11. #206
    Senior Member steveo's Avatar
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    Default Re: David's bookkeeping corner.

    Might be wise to wait until all the details come out for this last budget. I'm confused because last year the accountant said I could immediately depreciate items up to $6500 but now they are saying it was only $1000 you could depreciate. This announcement says its now up to $20,000 on as many items as you like.

    I wonder if the promised tax discount of 5% is applicable to both GST registered and non-GST registered businesses? The devil is in the detail.

  12. #207
    Member Macka's Avatar
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    Default Re: David's bookkeeping corner.

    Budgets is very good, and will stimulate activity. woohoo for the Liberals and there bookkeeping/management Skills, Pay that Labour Debt off again and will all be rich.

  13. #208
    Dedicated Member Cranbourne Lawnmowing's Avatar
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    Default Re: David's bookkeeping corner.

    thought i would share this with everyone, sent to me by my accountant.
    Recent changes to the laws for self managed super funds have made them an option that every one needs to consider.
    SMSF's is a super fund that you fully control. You make all the investment choices including shares, managed funds, property, and cash.

    SMSF's can now borrow from a bank to purchase investment properties.

    Don't know if this is the right thread for this but thought a lot of people would be interested to know.

  14. #209
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    I will post some preparation for EOFY info this weekend.

    Purchase of capital might be a good way to reduce your tax for this year - and boost your ongoing earning potential.
    Lower interest rates can make borrowing appealing (but I won't stake my life on it remaining low)

    Yes, there has been some changes in the depreciation rules in recent years.
    Businesses were able to write off items (accelerated depreciation) up to $1,000, but depreciate those valued greater.
    Then it was increased to expenses up to $6,500 (plus additional $5,000 depreciation for vehicle purchases)
    Then it was reduced back to $1,000
    http://www.budget.gov.au/2015-16/con...verview-07.htm
    It is now increased to $20,000.
    Is this NOW, or next year? I will check on the start date for this......

    Keeping up is quite a challenge...
    David
    Mr Sparkle Car Spa

  15. #210
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Federal Budget 2015 - SMALL BUSINESS TAX BENEFITS

    Small Business* Tax Write Off
    Effective From / To: 7.30pm 12 May 2015 to 30 June 2017
    Benefit: Immediate tax write off for goods costing up to $20,000
    Limit: There is no limit. Claim a $20,000 car, claim $15,000 of computer equipment, claim $18,000 ultrasound – all in the one tax year = $53,000
    What Can Be Claimed: Equipment, computers, cars, motor bikes, solar panels, carpet, chairs – basically anything used for running your business
    What Cannot Be Claimed: Stock, horticultural plants and in-house software

    Company Tax – Small Business*
    Effective Date 1 July 2015
    Benefit Company tax reduced from 30% to 28.5%
    Unincorporated Businesses Annual 5% tax discount up to a maximum of $1,000
    * Small Business defined as turning over less than $2 million
    David
    Mr Sparkle Car Spa

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