A bookkeeper Melbourne records financial transactions into bookkeeping software such as MYOB or QuickBooks.  What process does a bookkeeper use to record transactions in software?  Base transactions are recorded in different modules within the bookkeeping or accounting software. Bills are entered in the Purchases module. Each supplier has its own card within MYOB or QuickBooks. Each transaction needs to be coded to an account which describes the nature of the expense.  It could be advertising, stock or stationery. A relevant GST code needs to be used to identify the purchase as either GST applicable or GST Free.  Purchases give rise to accounts payable which need to be managed to ensure accounts are paid within the relevant credit terms

Sales of products and services are recorded as income through the sales module in accounting software by a bookkeeper Melbourne. The sales need to be recorded against an account which identifies the type of income. It could be sales of a type of product, such as men’s clothing or children’s clothing or shoes for a clothing retailer.  A food retailer needs to identify whether the sales transaction is GST applicable or GST Free. Bread, meats and unprocessed foods are generally GST Free.  The entry of sales in accounting software gives rise to either a cash receipt of accounts receivable. Accounts receivable need to be monitored to ensure that accounts are collected to ensure the cash flow of the business is protected.

Bookkeepers Melbourne is the specialists in keeping your financial records up to date. Qualified and experienced in all facets of bookkeeping their services are both time and cost effective. Whether your requirements are bookkeeping onsite or bookkeeping at a fixed price from the bookkeeper’s office they are able to provide a cost effective solution to your bookkeeping needs. Every company needs a bookkeeper or someone who understands how to prepare a set of accounts that is accurate and meaningful.

Financial reporting is an essential aspect which needs to be take care of by your bookkeeper Melbourne. Current bookkeeping software enables full financial reporting. Reports can be generated for invoices which are still outstanding , bills that are unpaid and profitability by business line and stock item, Tax reports are also available which detail exactly how much is payable to the Tax Office at the end of the financial period.