2 Cents Worth Bookkeeping

September is a perfect time to get your books organised before the next quarter.

Here’s what to check off your bookkeeping list this month.

Swipe to learn more!

Falling behind? Let’s get those books off your to do list.

Book a call using the link in our profile or comment “books” below to learn more about our services.

📅 September is here… and so are the ATO due dates! 😅

Don’t let those deadlines sneak up on you! ⏰📣

Here’s your handy reminder of what’s due this month 👇

Balances in accounts like Uncategorised Income, Uncategorised Expense or Uncategorised Asset usually mean there's a transaction that needs your attention.

Here's what to do:

- Run the Account Transactions report for the uncategorised account.

- Review each transaction to identify the correct customer, supplier or bank activity.

- Recode the transaction to the correct income, expense, asset, liability or equity account.

- Reconcile your bank account and review your financial reports to make sure everything is accurate.

These issues are more common than you think, and they can affect your Profit & Loss, Balance Sheet and the accuracy of your tax return.

That's why it's important to review and clean up your books regularly.

Have questions? Drop them in the comments below.

Save this post for later and follow for more practical bookkeeping, business and money tips to help keep your business finances organised.

You may have noticed a few new AI features when reconciling your bank transactions in Xero.

Here's what you need to know:

- Match means the transaction already exists in Xero. You're simply matching it to the bank statement line.

- Categorise means Xero is creating a new transaction and suggesting which account it should be coded to.

- AI can suggest matches and categories to help speed up your bookkeeping, but suggestions aren't always correct and should always be reviewed before accepting.

- It's still important to regularly review your reconciled transactions to make sure everything has been coded correctly.

Think of AI as your bookkeeping assistant. It helps you work faster, but you're still responsible for keeping your books accurate.

Ready to spend less time on bookkeeping and more time growing your business?

Book a call using the link in our profile or comment "books" below to learn more about how we can help.

Happy Love My Accountant Day!

Today we're celebrating the accountants who work behind the scenes to help businesses thrive!

Tag an accountant who deserves a big thank you today!

We love helping our clients stay organised, improve cash flow, understand their numbers and feel confident making financial decisions.

Ready to spend less time worrying about your books and more time growing your business?

Book a call using the link in our profile or comment "books" below to learn more about our services.

A business loan is not income. It's a liability that you'll repay over time.

Here's how to record it correctly:

1. Create a loan liability account.

Set up a Long Term Liability or Other Current Liability account (depending on the loan terms).

2. Record the loan deposit.

When the loan funds are deposited into your bank account, categorise the deposit to the loan liability account, not income.

3. Record your loan payments correctly.

Each payment includes:

- Principal, which reduces the loan balance
- Interest, which is recorded as an interest expense

4. Reconcile your loan account regularly.

Compare your Xero loan balance to your lender's statements to ensure they match.

5. Keep all loan documents.
Save your loan agreement, payment schedule and monthly statements for your records.

Recording business loans correctly helps keep your Balance Sheet accurate, your financial reports reliable and your books tax ready.

Need help cleaning up your books or reviewing your Xero?

Book a call using the link in our profile, or comment "books" below to learn more about our bookkeeping services.

If you've been feeling overwhelmed by your business finances, it doesn't mean you're bad with money.

It may simply mean you haven't had the right financial support.

We help business owners:

- Understand their numbers
- Improve cash flow
- Keep their bookkeeping up to date
- Stay tax ready year round
- Make confident financial decisions

Ready for the support your business deserves?

Book a call using the link in our profile or comment "books" below to learn more about our services.

1. We keep your books organised so you always know where your business stands.

2. We help you monitor cash flow so you can plan ahead and avoid surprises.

3. We prepare accurate financial reports so you can make informed business decisions with confidence.

4. We keep you tax ready by maintaining accurate, up to date financial records throughout the year.

5. We prepare lender ready financials when you're applying for a business loan or financing.

6. We save you time and reduce stress so you can focus on growing your business instead of managing your books.

Ready to spend less time on your business finances and more time running your business?

Book a call using the link in our profile, or comment "books" below to learn more about our services.