Cashbook Accounting System - With Sample Data
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About This Cashbook Accounting System
Created ByAdelaide Hills Business Centre
OverviewYour Cashbook system has been design for businesses that require a basic account system. The system is based on money entering and exiting a bank account (Cash System) rather than a accrual account system whereby transactions are considered at time of creation and not when received. You may also use a bank account that includes your own living expenses. The “Profit and Loss” reports provides an area to separate business and private transactions.
TabsThe Spreadsheet contains 5 sections (Tabs) which are outlined below.
SettingsStart here and enter your business details, GST and Depreciation. The “Estimated Depreciation per month” is a value that represents the wear and tear of Assets that could not be expensed for tax purposes in the one year. For example a motor vehicle purchased at $12000 has a potential life of 5 years. Using a basic fixed rate of depreciation, that means that you may wish to claim as a business expense in the order of $2400 (20%) per year or $200 per month. Depreciation can be complex and the ATO laws change regularly so your accountant should be able to advise you of an estimated monthly cost.
Opening Balances for your bank and get are based on the start of your financial year. (Start Month) The opening Bank Balance is that as show on your bank statement. The GST is the amount you are due to pay or receive with the ATO that is still out standing at the start of the new financial year (Start Month)
Lookup CodesWhen you create sales or incur expenses, they need to be assigned to a Code. The Codes assist in presenting your financial records on your “Profit and Loss” (P&L) report. Codes must be a four digit text value from 1000 to 9999.
Codes from 9000 to 9998 are GST exempt. Eg Bank Fees, Raw Food Products etc
Code 9999 should be used for GST payment or credits with the ATO. Code 9999 will show the same entered expense amounts for GST and Net values and for income no GST value in the Cashbook columns.
CashbookThe cashbook is where you enter each of your bank transactions (Business and Private). In effect, it should mirror your bank statement monies received in and out of your bank. To get started, simply enter the date of your transaction, a description and the account Code from your Lookup table. Income values (Money Received) are entered in the light Green column and expenses in the Pink column. The GST will be calculated based on the percentage entered on the “Settings” sheet.
NO GST - Transaction that have no GST, such as Bank Fees should used a Code within the range of 9000 - 9998. No GST are displayed for these codes.
ATO - GST payment or credits with the ATO, need to show the same value in all 3 columns (Use Code 9999 for GST transactions with the ATO and the GST Description background colour will turn blue for all 9999 codes). Eg, A GST payment to the ATO of $250 need to have $250 in Total Expense, GST Out and Net Out columns. This will ensure the amount of GST due is reduced in the running GST Owing value.
GST - You can manually enter the GST amount if the calculated GST is not correct. Simply overwrite the GST value in the darker Green and darker Pink GST Columns.
Profit & LossThe values that appear in your “Profit & Loss” (P&L) statement are calculated from the Cashbook transactions.
Please note that GST payment are not considered in your P&L as they are not business expense or income. As such the GST code 9999 does not need to appear in your P&L report unless you wish to display under the section called “Other Transactions”.
The P&L column called “Code” enable you to establish the account codes to reports from the “Lookup Codes” sheet. Simply edit the “Code” column with your account codes.
Cash FlowThe Cash Flow Statement provides an outlook of your bank account with opening and closing balance each month.
CopyrightTemplate is copyright to Adelaide Hills Business Centre. Data is owned by the User and may share this sheet and it content with others.
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