cash transaction for accounting

GC-QLD

i got a accounting job last week, my main duty is to enter all the inovice to the MYOB, and print the cash basis GST BAS statement for external accountant to lodge the GST. the accountant told me that before i print the GST BAS statement, i have to finish the bank reconciliation, the problem is that the boss always pay the inovice in cash, and he always pay the personal expense from company bank account, moreover, some income is booked in MYOB,but not received in bank cau's the boss receive the payment and pay the personal expense, so the bank reconciliation can not blanced, i told accountant whether i can print out the GST BAS statement for GST return without getting the bank reconciliation balanced. accountant say no, but i think it is impossible to get bank reconciliation balanced, my question is, for GST return, whether the bank reconciliation is Compulsory. thanks

astina

问题是bank rec不对，说明帐不对，收入支出都不对，BAS自然也就错了。

从这个意义来讲，bank rec一定要对平，不然整个账本就是一笔糊涂账

cg8180

BANK肯定要平的.. 不然最后报表肯定是错的

GC-QLD

but how to handle the cash transation, if no cash transaction, bank rec is very easy to get balance, but in my company, 90% cash transation, please let me know how to handle the cash transation, thanks

GC-QLD

and, i still wander, for fish and chip business, all the transactions are in cash, even no bank trascation at all, for GST return, how to do the bank rec, is that necessary?

zhanglei

need Cash rec. Make cash balance matches with all cash transactions.

Bank is bank, process all bank transactions by bank statement, it must be reconciled.

leski

我不知道这样对不对，但我以前做bookkeeper时，遇到cash payment，要么就写personal expense，要么写company exp- misl。不管怎么做，先把bank那里弄平了再说。

michaelbbc

为什么不设置一个cash payment和cash receivable来做cash transcation，bank的话看着每个月的银行的balance sheet做吧，应该来说不会有什么问题的，无非就是有一个延时paying 的问题，但是只要有哪个transaction refer或者invoice number就好了

cg8180

原帖由 GC-QLD 于 2009-3-28 11:47 发表
but how to handle the cash transation, if no cash transaction, bank rec is very easy to get balance, but in my company, 90% cash transation, please let me know how to handle the cash transation, thank ...

CASH的是什么支出你就记什么支出好啦,如果是公司的EXPENSE你照样给它EXPENSE掉...只是贷方不要记BANK就好啦..
CASH跟BANK的RECONCILE没有什么关系的..你只要做到帐实相符就好了..

michaelbbc

同一楼上的，cash跟bank没关系的

maccat

如果老板用公司的账户付个人expenses，record transaction to director's loan account, cannot expense in company P&L and cannot claim GST. if receive income by cash, need to deposit into bank, amount should be under account cash for deposit. but if director spend for personal use, still need record as income for P&L and report GST, but cash received should record as director's loan. or can do two transactions to cash for deposit then director's loan. if director pay company expenses with his own money, need record in company P&L and claim GST, on balance sheet to director's loan account as director pay back the loan. the company and director should have a loan agreement, and keep an eye on the account to avoid Div7A if dont want to pay interest.

LONELYMELBOURNE

Need to prepare a petty cash account schedule. Pick up business expense and income, the rest are personal/director loan.

Cash is cash, bank is bank.

joaquin

这公司帐可够乱的……

chongqing

原帖由 maccat 于 2009-3-28 18:23 发表
如果老板用公司的账户付个人expenses，record transaction to director's loan account, cannot expense in company P&L and cannot claim GST. if receive income by cash, need to deposit into bank, amount shou ...

外行问以下,什么是Div7A,是起什么作用的,谢谢

MrsLiang

agree with #11

LONELYMELBOURNE

原帖由 chongqing 于 2-4-2009 16:07 发表

外行问以下,什么是Div7A,是起什么作用的,谢谢

Private company loan is deemed as unfranked dividends under certain circumstances.

chongqing

原帖由 LONELYMELBOURNE 于 2009-4-2 18:52 发表

Private company loan is deemed as unfranked dividends under certain circumstances.

谢谢，不过对于我这外行来说还是有点迷糊，什么是unfranked dividends，certain circumstances是指什么，谢谢

LONELYMELBOURNE

Unfranked dividends mean the company has not paid tax on it and people who receive the dividend cannot get franking credits.

As for circumstances, it is not easy to explain in detail here. I recommend you read some relevant tax book for further details. Anyway, Div 7A is not a topic for entry level. Hope this can help.