Accounting

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Accounting

GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

 

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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MYOB

POS SOFTWARE

 

There were problems this morning with MYOB, with people trying to log in, when we tested it then there was a problem however according to MYOB the problems have been fixed.

Also, I have tested it now and it seems all fine.

 

 

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Accounting software in retailers

POS SOFTWARE

Every year we survey our clients to see what they think of our performance

Accounting systems in retail shops

While we do this, we ask a few questions about what our clients are doing and what they want to do with the software.  So we asked them about what accounting systems they use? 

The first point to notice is that about 95% of retailers here are running some accounting program, which is effectively everyone. Interestingly although there are many accounting software packages, most retailers in our market space use one of four systems.

In my experience, as Australian standards in accounting software has not changed much in 30 years, all these programs can do the same job. All are good, and the difference tends to be, I think user preference, requirements and ease of use.

Running through them in turn.

MYOB historically and now is by the far the most popular system by retailers. Recently as they introduced their cloud version, you can see its popularity has continued to grow in our chart. I find it too rigid in use for my taste but many would consider this a positive advantage. 

Quickbooks and Reckon, a few years ago had a terrific deal going, over half price so we told our clients and many of my clients jumped on this deal, obviously, Quickbooks has lost much market share as the deal died out but as their cloud version comes out they are slowly building up their market share. This one is my personal favourite but I do accept that this flexibility comes at a price that a user does require more training than other software packages.   

Cashflow manager is an extremely solid and popular accounting program, I am not surprised there is a growing interest in the product. Its simplicity is I am sure part of its appeal.

Xero is expensive but very good. Now it is clearly facing pressure from other vendors now that can now do cloud as well so my clients are moving away from it. 

Finally, interest in what is many other smaller accounting software packages are dropping off. I think that this might be the effect of the growing interest in cloud computing. The other problem is that if you adopt a system with few users, it can be hard to get help if you require help. 

 

 

 

 

 

 

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Get the $20,000 instant asset tax write-off

POS SOFTWARE

 

If you are seriously planning to upgrade your computer system soon, it would be a serious loss not to take advantage of this year, immediate $20,000 tax write-off if your business turnover is less, then $2 million dollars. If so you are running out of time, for this year's deduction. I would suggest that if you are in a position to take advantage of this concession, you should do so. Note you can always get another $20,000 next year, and then it ends.

It’s a great opportunity to spend on something that will help you work smarter and more efficiently, improve your shop and allow you to offer better customer service. We are currently sending out some good offers for our clients.

I would suggest that you speak to your accountant about it ASAP.
 

Customer receivable on 30 June 2014

POS SOFTWARE

Question:

How do we get the Accounts Receivable Balance for Customers to ensure that you produce the report after the deliveries for Monday have been charged?

Answer:

Since round cards tend to run automatically at 10:30pm by the scheduler so not to waste newsagent's time, you need to run this report, the Customer balance report until after your rounds have run for the day. The easiest way to do that is after the 30th June, in the criteria of the report in the From date select the 30th.