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  • #979017
    BJH
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    Hi everyone,
    Ive been lurking around here for some time and picked up some good tips offered to those who ask questions so I figured its about time I encouraged an addition to the collective knowledge pool.

    I am stupidly ignorant when it comes to the bookwork for my business. Ive been using the old “write it in a book ” method but have finally decided to go electronic.

    I really want to waste some time and build an instant history of numbers for the past 2 or 3 years listing all expenses and income etc etc.

    Ive noticed that some of this cloud software for accounting actually sucks the info from bank accounts.
    Will this also work with credit card accounts?

    What I am interested in learning is if the bank info re payments can be automatically updated into the program can I just go along and delete the entries that I do not need or that were not business related? If so that would save a lot of time.

    I also stumbled over a firm that has a product called bfast. Has anyone used it? It seems to be fairly simple, and for me thats a good thing. http://bfast.com.au/http://bfast.com.au/

    appreciate any comments and thanks to all who contribute.

    #1111437
    jetbookkeeping
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    Hi BJH,
    the good news: yes, the bank feeds work for credit cards as well.
    the bad news: most banks only give you access to 3 months worth of history, although some go back as much as 3 years. So it really depends on your bank how much data you can get.
    It is possible to transfer bank statements pdf’s into a csv file that is ready for import. So if you are really keen you can get the data in that way. I have described how to export your bank details ready for Xero.

    With regards to deleting non-business related expenses, you don’t want to do that. With an online accounting package, part of the advantage is that you can reconcile your expenses and income with the transactions on the bank. That means that at the end of each month, the balance that your accounts show for the bank account is the same as on your bank statement.

    So the solution is to use a “Drawings” account and book any transaction that is not business related to that.

    Alexander

    #1111438
    BJH
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    Yes , thank you for the info.
    I signed to xero today and feeling my way through.

    The problem is that I make most over the counter purchases via eftpos. The few accounts I have I pay by cheque but the online purchases and bookings etc I have used my personal credit card. This probably makes up 30% of my purchases.

    I have learnt that westpac only offer 3 months as a dpwnloadable file so I have resigned to do everything by keyboard.

    I am struggling to know where I put the expenses payed by my personal card.. Do i just list it as an expense and attribute it somehow to a loan from me to the business.

    #1111439
    BJH
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    Another thing I am struggling with is how to enter the vehicle registrations. The GST amount doesnt seem to relate to anything neat the standard GST. eg one rego and CTP slip I have here equates to about $422.00 but the GST amount is $23.97. got me stumped.

    #1111440
    nominal
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    Hi,

    Well done on the decision to go software :-) it will probably be a little harder to get going but should then pay for itself many times over (depending how much you pay, lol)

    Bank feeds are great and unlike common belief they are not only available for online accounting solution – and can be done by desktop solution.

    But to be honest the difference between bank feeds (where the software logs into the bank account and retreives the transactions) and bank file import (where you log into your bank account, download a file and import into the software) – is a matter of minutes per week/day.

    The important stuff is what the software does with the records, is it easy to reconcile? can you create spend/receive records from it? can you generate purchases/invoices? payments? transfer records? does it remember the accounts you selected for similar transactions? etc.

    This is what separates accounting software vendors when it comes to bank feeds. (and the fact that with online vendors you have to “share” access to your bank account – which some people really hate to do)

    As for the personal expenses, I think an easy thing to do is to setup an owner fund account and then attribute the expenses to that account. then you can transfer between the business account and the owner account – but maybe there are other ways.

    Good luck.

    #1111441
    Jason@Plumsale
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    BJH, post: 124115 wrote:
    The GST amount doesnt seem to relate to anything neat the standard GST. eg one rego and CTP slip I have here equates to about $422.00 but the GST amount is $23.97. got me stumped.

    Your rego and CTP is made up of a combination of fees, of which some are GST free, for example stamp duty is gst free.

    #1111442
    Rhys
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    BJH, post: 124109 wrote:
    I signed to xero today and feeling my way through.

    A good choice!

    I have learnt that westpac only offer 3 months as a dpwnloadable file so I have resigned to do everything by keyboard.

    If you can get all of your statements on PDF you should be able to use a PDF converter to turn these into a csv which you can then import. Or even from hardcopy you should be able to scan them to create a csv, which again you can import.

    We had a client a while ago who hadn’t lodged a tax return for his investment company in 10 years (a long story) – we were able to import all his statements “pre-coded”. What would have taken weeks (or even months) to key was completed in a few days.

    Good luck with this, cheers, Rhys

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