Recording On A Cash Basis

The introduction of the new tax system means a greater degree of accuracy is required when entering data. In the early stages, at least, we suggest you get your accountant to check your data before submitting a BAS return.

Your cashbook will need to be up-to-date. Your accountant will be extremely busy at the end of each quarter and may need your data on a monthly basis.

The cash basis process required to enter data into the cashbook and reconcile your monthly cashbook is as follows:

  1. Enter all tax invoices (cheque, direct debit etc), manual deposits and any other items that appear on the bank statement via the Transaction icon. 
  2. Enter any internal bank account, cash transfers and payments (tax invoices, wages, superannuation etc) to be processed by EFT payment via the EFT, ACC/Pay Cheques icon. 
  3. Enter any cash transfers between bank accounts held on the same Agrimaster file via the Cash Transfer icon. 
  4. Create all invoices at the time the goods or service is transacted, do not move the invoices to the cashbook until the money is received.
    • To enter or move invoices that have been received to the transactions screen, click Cashbook > Transactions, highlight the required invoice and click on return to Invoicing button.mceclip3.png
  5. Once all data has been entered into the cashbook, to reconcile all bank statements click on the reconciliation icon. 
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