eZ Bank Account Import Add On

Filed Under (eZ bank Account Import, QuickBooks) by moirapottow on 05-01-2017

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You’re just a click away from downloading your bank statements directly into QuickBooks

eZ is more than just a file converter, it’s an integrated application for QuickBooks that supports most South African online banking formats.
It’s advantages are huge. Traditionally, bank statements had to be manually entered into QuickBooks.

This Add-on:

  •  Saves time
  • Eliminates data entry error
  • Speeds up reconciliation and reporting of financial statements
  • Controls how and what is imported into your QuickBooks bank register

It takes just 3 simple steps for the eZ Account Import to transfer your banking transactions to your QuickBooks bank register:

  • Step 1: Download your statement from your online banking account
  • Step 2: Review and approve your transactions
  • Step 3: Import into QuickBooks register

Reward your business with QuickBooks 2013

Filed Under (QuickBooks) by moirapottow on 28-11-2012

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Have just received notification of this great special now. If you would like to take advantage of these great prices, please can you  let me know asap as the offer expires on Friday 30th November.

QuickBooks for Farmers in Kwazulu Natal

Filed Under (Bookkeeping, QuickBooks) by moirapottow on 29-09-2011

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QuickBooks for Farmers in Kwazulu Natal is a step-by-step, 1 day workshop covering farm accounting topics. Its aimed at anyone working with the QuickBooks software in agriculture: farmers, accountants, tax practitioners, extension officers, and teachers and students of agriculture.
The first half of the workshop is devoted to the basics of setting up QuickBooks for a farm business. This includes ideas and approaches for setting up a farm business Chart of Accounts, ways to set up Classes to allow enterprise accounting, discussions highlighting QuickBooks features most farm businesses should use. And last but not least, a bunch of things most farmers should start and stop doing to save a bucket load of cash.
The second half of the workshop provides detailed, step-by-step guidelines for farm business transactions. Topics include everything from basic income and expense entries, to details on handling of more unusual farm business transactions like how to deduct commissions and hauling from a milk check or livestock sale receipts, how to handle grain and livestock inventories in the QuickBooks inventory system, how to get reports quantities with statistics like average price received per ton, and more.
Here are just a few of the topics covered in The QuickBooks for Farmers in Kwazulu Natal 1 day workshop:
  • Cash vs Accrual Accounting
  • Recording cash income
  • Deducting expenses (hauling, commissions, etc.) from a deposit
  • Withholding cash from a deposit
  • Recording milk checks, capital retains, and revolvements
  • Accounting for resale livestock.
  • Tracking quantities of things you sell.
  • Handling grain inventories
  • Recording cash discounts
  • Handling credits on account at the farm supply dealer
  • Recording refunds of expenses.
  • The best way to enter farm & personal cash spending & income.
  • Tracking quantities of things you buy.
  • Vat Returns
  • Recording Diesel Rebates from SARS
  • Setting Up Budgets and associated reporting
  • Tracking family living expenses using equity accounts
  • Farm asset and liability basics.
  • Tracking depreciable asset purchases and sales
  • Setting up accounts for loans and notes.
  • Recording loan payments
  • Borrowing/paying on a line of credit.
  • Backing up and storing your QuickBooks records.
  • Overview of Quickbooks 2010 features
QuickBooks for Farmers in Kwazulu Natal is a 1 day Workshop for beginning to intermediate users of QuickBooks, with a few topics for advanced users.

Corrupted Backups on Flash Drives?

Filed Under (Bookkeeping) by moirapottow on 18-02-2009

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Backing up your Data is probably the most important regular chore that we need to do! We’ve had a number of messages from clients who said that when they needed to restore a company file backup from a flash drive, the backup file was corrupt and couldn’t be used. 
Several of these clients admitted they don’t always remember to use the Windows “Safely Remove Hardware” feature.(Right Click on the Flash drive icon on the taskbar) That is almost always the cause of corrupted data on a flash drive; you can’t just yank that stick out of the USB port. 
That’s not to say that flash drives are perfect and data can’t become corrupted even if you use the Safely Remove Hardware feature. Don’t rely on any single type of media for backups. If you’re using flash drives, buy a separate flash drive for each day of the week so you always have multiple backups. Once a week (or, at worst, once a month) backup to the desktop (or another place on your computer) and then burn a CD and take it offsite. Look into online backup services to supplement your manual backups.

How Do I Close off Quickbooks at the financial yearend?

Filed Under (QuickBooks) by moirapottow on 18-02-2009

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Once you have completed all your yearend reconciliations it is a good idea to close off the year so no further transactions can be added without a password.This can be done as follows and the close off will be password protected:
1. Edit  »   Preferences  »    Accounting  »    Company Preferences   
2. Set Closing Date
3. Set Password


Filed Under (Bookkeeping) by moirapottow on 18-02-2009

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As soon as possible after the year end,

1.1. Ensure you have bank statements for all bank accounts used by the business.
1.2. Reconcile these bank statements to the relevant “Bank” ledger accounts.
1.3. Before printing these reconciliations, check through all “outstanding” (uncleared) items to ensure that:
1.3.1. The receipts/payments actually exist and are correct.  If there are any such items, please cancel them.
1.3.2. They are not stale. (older than six months)  Any stale payments must be reversed.
1.4. Print out and retain a copy of the bank reconciliation for each bank account and attach a copy of the last bank statement of the month to this reconciliation.
1.5. File these documents in a “Year End” file.  This will be used either by the external auditors or the business’ accounting officer to assist in certifying the annual financial statements.


2.1. At the end of the last business day of the year (or the morning of the next before start of business), conduct a thorough cash count of all cash on the business premises.
2.2. Note how this cash is made up in terms of cash/cheques etc on a page entitled “Cash on Hand”.
2.3. If a Petty Cash float is carried by the business, ensure that the amount of cash on hand is reconciled to the float and that all petty cash expenses up to the end date are reimbursed.  The amount of actual cash should be equal to the float.
2.4. Reconcile this balance to the general ledger “cash control” balance and attach a copy of the cash count sheet and cash-on-hand reconciliation statement to the year end file.


3.1. Ensure that all payments from customers to year end have been processed.
3.2. Ensure that all sales invoices/credit notes have been processed as well.
3.3. Print out a copy of the debtors aged analysis as at the year end and scrutinize it for any potential bad.  If authorized to do so, write off any such bad debts to the bad debts expense account. Create a separate list of these debts along with the reasons why each one is considered to be bad, and file this list in the year end file.
3.4. Create a list of any debts which are considered to be doubtful. (not yet bad.)  File this list in the year end file after creating the following journal entry in respect of the total value: debit Doubtful Debts expense, and credit Accounts receivable control account.
3.5. Re-print the aged analysis of outstading debtors after it has been agreed to the general ledger control account, and file in the year end file.


4.1. Ensure that all deliveries of goods up to and including the last business day of the year have been entered into the accounts system, even if the relevant suppliers bill has not been received.
4.2. Ensure that all payments to suppliers have been entered into the system.
4.3. Ensure that Suppliers’ statements are received for every supplier used by the business.
4.4. Reconcile these statements to the detailed suppliers’ accounts in the ledger, noting any outstanding items – payments, bills, credit notes etc – and make the necessary adjustments.
4.5. Print out a Suppliers’ aged analysis as at the end of year and file in the year end file.


5.1. Accruals should only include those amounts which may be charged to the business at some later date for work done in respect of the current financial year (like accounting and audit fees); or amounts payable in respect of wages which are due at year end but only paid in the ensuing year.  Create a list of these accruals, including the method of calculation, and file in the year end file. (attach copies of supporting documents if available)
5.2. Provisions should only include those amounts which are due by the business at year end but which may not necessarily be paid out in the ensuing year. (like leave pay and staff bonuses). Create a list of these provisions, including the method of calculation, and file in the year end file. (attach copies of supporting documents if available)
5.3. Please ensure that as many amounts owed by the business are included in the Creditors (accounts payable ledger) as this will minimise the number of year end accruals required.


6.1. There are usually two main types of control account – payroll controls, and VAT controls.
6.2. The value in the payroll control accounts should always be equal to the amount of PAYE, UIF and SDL that will be paid over to SARS on the 7th of the ensuing month.  Reconcile these accounts to the amounts payable and make the necessary adjustments.
6.3. Attach a copy of the EMP201 return relevant to the final month of the year to the year end file.


7.1. Ensure that the total value of VAT output (sales) as reflected on all the VAT returns during the year agrees with the total value of net sales as reflected in the income statement of the business.
7.2. Ensure that the total value of all inputs claimed  on all the VAT returns during the year, in respect of the purchase of capital goods (fixed assets), agrees with the value of assets purchased in the fixed assets register of the business.
7.3. Ensure that the VAT payable in the ensuing period after year end agrees with the amount reflected in the control account.  File a copy of this VAT return, along with the sales and capital goods reconciliations, in the year end file.



8.1.1. Ensure that statements are received for each loan account.  The statement should clearly reflect the total outstanding balance and the value of finance charges outstanding (deferred).
8.1.2. Reconcile these balances to the general ledger loan accounts and make the necessary adjustments.
8.1.3. File copies of these statements in the year end file.
8.1.4. Where no statements exist (in the case of personal loans), calculate the interest due during the year and make the necessary adjustments.  Prepare loan statements in respect of these loans as in 8.2.1. below.


8.2.1. Prepare loan statements in respect of each such loan reflecting the total amount owed to the lender, and make provision on the statement for the lender to sign as confirmation of the amount and terms of loan.  Get the statements signed and file in the year end file.


8.3.1. Calculate the current portion of capital repayments on these loan accounts. (the amounts due within the ensuing twelve months)
8.3.2. File a schedule of these current payments in the year end file.


9.1. Fixed asset registers are a statutory requirement for all private companies and close corporations.  We suggest that it become good business practice for trusts and sole proprietorships as well.
9.2. Ensure that the fixed asset register is up to date and the total cost of each of each category of asset agrees to the value reflected in the relevant general ledger accounts.
9.3. The owner/trustee/member/shareholder of each business is required to place a market value on each asset, which value is to be reflected in the balance sheet.  This value should be as realistic as possible.  In the case where assets need to be scrapped as they are no longer used, make the necessary adjustments in both the register and the general ledger.
9.4. Check the depreciation calculations during the year and reconcile the expense and provision accounts to the general ledger.
9.5. Make copies of all fixed asset acquisitions during the year and file in the year end file.
9.6. Print out a copy of the fixed asset register and file in the year end file.


10.1. Ensure that all suspense accounts have been reconciled and balances reallocated.
10.2. Make copies of any documents pertaining to any other asset/liability not mentioned above and file in year end file.


11.1. If relevant, print out a stock take worksheet from the accounts system and use it to do a physical count of all stock on hand.
11.2. Compare actual quantities to ledger quantities and investigate material variances.  Once authorized to do so, make the necessary adjustments to the ledger stock figures.
11.3. Check that cost prices of all stock on hand are reasonably correct, bearing in mind that accounting systems can value stock on the average, FIFO or LIFO basis.
11.4. Ensure that the ledger stock asset account has no negative quantities.
11.5. Ask management to review stock on hand to ensure that any slow-moving or obsolete stock is either devalued or written off.
11.6. Print out a stock valuation summary and file in the year end file.


12.1. Review all regular monthly expense accounts, viz. rent, electricity, telephone, bank charges, lease charges etc., to ensure that there are 12 entries – one for each month – recorded in the year.
12.2. Analyse the “legal expenses” account and separate all legal costs which are of a capital nature (property transactions) and related to disputes, as these are not normally tax deductible.  Keep debt collection legal costs in a separate “debt collections” expense account.
12.3. Analyse the “insurances” account to ensure that all charges are directly related to the business and that no personal insurances of members are included.
12.4. Generally review all expense accounts to ensure that no capital expenditure has been included. Eg. Computer software, hardware, plant & equipment etc.


13.1. Once all the relevant adjustments have been made, ensure that no one can post any transactions to the year under review, and then “close the books’ on the financial year.
13.2. Extract a Trial Balance and submit, along with the year end file, to the accounting officer/auditor.

Compliled by : Gary Smith



Email: info@finserv.co.za

Starting a Business? What You Need to Know About Bookkeeping

Filed Under (Bookkeeping) by moirapottow on 14-01-2009

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Author: Lynn Watson

If you are setting up in business then you should make sure you get organised from day one as far as bookkeeping goes so as to avoid any future issues with HM Revenue and Customs (HMRC).

Good bookkeeping will also allow you to plan ahead financially by showing you where the majority of your income and expenditure lies so that you can capitalise on profitable sales and work on minimising your outgoings. And of course, an accurate set of books will ensure you do not pay more tax than is necessary.

There are a number of records that you must keep, whether you are a sole trader or an employer of many. Firstly you need to keep a record of all your income and copies of all invoices you have issued. You also need to maintain records of your outgoings and copies of invoices you have paid for goods or services needed for your business.

Your tax liability is based on your profit and loss which is calculated from your income and expenditure. For this reason, keeping track of this information as you go along is crucial because if you leave it, everything will mount up and before you know it, it will be time to file your tax return and you will have a major task on your hands.

You will also need to keep copies of or have online access to your business bank accounts and statements together with details of any amounts you personally take out of or pay into the business.

Other things that you should keep on file are:

  • Petty cash book
  • Till rolls
  • Electronic or internet sales records
  • Stock take report
  • Cheque stubs
  • Paying in slips
  • Records of interest earned on savings accounts
  • Details of any income in addition to your main business income

If you hire the services of an accountant to prepare your accounts they will charge you based on the amount of work they need to do. If you simply hand them a carrier bag filled with crumpled receipts then as you can imagine, they will have a lengthy job on their hands and your resulting bill will reflect this. The more you are able to prepare in advance, the less your accountants’ fees will be.

Smaller businesses generally find that hiring the services of a bookkeeping company is money well spent because it can ease the burden of taking care of day to day accounts paperwork so that time is freed up to concentrate on running the business. Bookkeeping firms will make sure your books are kept up to date and will get them ‘accountant ready’ for you. They will also make sure that you are maximising your taxable expenditure and that you don’t miss crucial filing and payment deadlines. So by hiring a professional bookkeeper, there is money to be saved all round!

About the Author:

Lynn Watson is the Director of Office Assistants, a company certified by the Institute of Certified Bookkeepers. They offer small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining systems and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

Article Source: http://www.articlesbase.com/accounting-articles/starting-a-business-what-you-need-to-know-about-bookkeeping-688737.html