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:
- Enter all tax invoices (cheque, direct debit etc), manual deposits and any other items that appear on the bank statement via the Transaction icon.
- 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.
- Enter any cash transfers between bank accounts held on the same Agrimaster file via the Cash Transfer icon.
- 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.
- 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.
- Once all data has been entered into the cashbook, to reconcile all bank statements click on the reconciliation icon.
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