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tndfloor
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steve201, post: 82040 wrote:
Hi,

Good to hear you are enjoying Xero. It is a good solid small business accounting package.

But please confirm your situation with a Registered Tax Agent for tax effect accounting for achieving an optimum result for yourself prior to enteries being made, as there are different treatments for different classes of “assets” , eg the machine you purchased in 2009-10.

Any purchases a sole trader makes from personal finances is considered to be the equivalent of capital contributions for accounting purposes. Just these contributions arent in the form of money in the bank , but physical assets.

If you have invoices, or receipts, for these purchases, say for example, Harvey Norman, it would probably be easier to enter as a Manual journal if you are set up as a Financial Adviser in Xero. ( You can tell because the ADVISER tab will appear on the tool bar in light blue). Please remember to check the invoice for any GST charges that you can claim if you are GST registered, and meet the rulings.

Steven Thomas CPA – Xero Certified Partner.

Steven.
Thanks for the reply. Yes, i had all receipts that are relevant to business.
All machines we purchased are worth more than 5000$ and receipts kept.
As i was new to business, i did select the right accounting program when i did bas for this quater. But i did put through all spending and receivings into MYOB and got the right figure and managed to lodge BAS.

GST paid for these purchases are done for the period 1st June 2010 to 30th June 2010. I didn’t know the manual option. so it would be really helpful. thanks.!