Just before I get into the boring bookkeeping tips- a little fun fact for you all…. Did you know that the word Bookkeeping is the only English word to contain three sets of double letters back-to-back. You just re read the word bookkeeping didn’t you? 😊
- Did you know that if you use bank feeds in the accounting software you have, you can set up recurring entries so if something pops up each month, it automatically codes the transaction for you. Eg; you might be paying Telstra every month so instead of manually entering the code, why not have it remembered for you?
- A lot of people get confused with where superannuation needs to be paid to employees. One of the biggest mistakes is adding superannuation to overtime and termination pay outs. What you need to remember is superannuation is paid on ordinary earnings.
- With end of financial year fast approaching, it is time to start looking at your accounting software and make sure you have paid your creditors and chased your debtors. For anything that is a bad debt or needs to be cleared off as already paid/double up etc, now is the time to clean it up. Make sure when you clear up these balances, that you use the 30th June 2019 date and also use the same code as your previous transaction so it clears up correctly.
- Why not do some archiving of all the old information floating around the office? Go to Officeworks and buy some plastic zip bags and labels. Anything from the previous financial years can be archived. Or you could get very clever and scan it all in and save onto a hard drive. That way you can shred all the paperwork you don’t need.