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Steps in processing cashbook entries

This article guides you through the steps involved in processing your cashbook entries.

 

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1. Organise your financial emails & letters ready for your cashbook entry.

2. Enter cashbook transactions for all bank accounts (include credit card/loan accounts).

  • Cheques written
  • BPay payments
  • Direct debits
  • Credit card transactions
  • Debit & credit interest
  • Sundry depositsDrawings
  • Bank fees
  • RCTI's (AWB, Grain Pool of WA, StandardWool etc.)

3. Enter cash transfers between accounts.

4. Enter EFT's transactions - pay as required.

5. Create tax invoices (as required) - email/post.

6. Receive payment on any tax invoices you created once the income is received.

7. Process Employee Payroll and STP reporting.

  • If using Wagemaster, ensure the payroll payments are imported into Agrimaster.
  • If using another Payroll program, for correct data entry, use the Wages Format in the transactions or EFT areas.

8. Enter all loan repayments, Chattel Mortgages or Hire Purchases. Check you have represented all parts of the transaction.

9. Review outstanding DR's & CR's.

  • Time to cleanup your cashbook file and chase up outstanding unpaid invoices/cheques.

10. Process Employee Super payments (monthly/quarterly- as per your business rhythm).

  • If using Wagemaster, ensure you import the super payments into Agrimaster.
  • Update your Employee’s super payment details due in the Super Clearing House.

Once you have complete these steps, move onto the below articles:

1. Steps In Cashbook Reconciliation
2. Steps In Processing Your BAS 
3. Closing A Tax Period

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