Tax Return Geelong | Warnock Accounting Geelong

Geelong Small Business accounting & bookkeeping of expenses is made so much easier when using Cloud Accounting software solution Xero.  At Warnock Accounting we love helping local businesses enjoy the effiicencies of cloud accounting solutions.

You can do your business bookkeeping in Xero anywhere in the world with internet access.

Scenario: So you are running a business and have just received a bill for the  stationary you have purchased but have not yet paid for. So how do you record this event in Xero?

• The stationary purchase is $1,100 GST inclusive with GST amount of $100.00 from supplier Simones Stationary
• Invoice for Bill is dated 23/3/2016 and bill due date is 31/3/2016
• Purchase is for 100 stationary notebooks at a price of $11 each including GST.
• Your business has not previously recorded this expense transaction in Xero
• Your business has not previously paid for this expense transaction in Xero
• Your business is registered for GST.

Xero Bookkeeping: Record a Business Expense (Bill):

Xero navigation steps

1. Log in to Xero
2. Select menu path: Accounts > Purchases
3. Click on the ‘New’ button
4. Click on the ‘Bill’ button to display the ‘NEW BILL’ screen
5. Enter Bill details

Xero field Suggested Data value to enter

Amounts are Tax Inclusive

From: Simones Stationary

Date: 23 Mar 2016

Due Date: 31 Mar 2016

Reference: INV123456

Description: Notebooks

Qty: 100 Unit Price: 11.00

Account: Printing & Stationary

Tax Rate: GST on Expenses

 6. Check that the info you have entered into the Xero New Bill screen is consistent with the information recorded on the actual bill. Double check that the Bill Total and GST Amount is correct. Amend if required.
7.Click the green ‘APPROVE’ button to approve the Bill creation in Xero
8. ‘Bill Approved’ confirmation will be displayed to confirm that the bill has been successfully created in Xero.

Tips for young players!

• Make sure that the GST Tax Code and GST Amount is correct. It is easy to get this wrong!
• Upon bill creation as per above steps the newly created bill will now appear in the Xero Report 'Aged Payables'
• User may attach a scanned copy of the bill via the attach icon during bill creation or via the edit bill option.Your business should scan your business expenses and either store them in your cloud accounting solution or alternate cloud data storage solution

Contact Warnock Accounting today to get help with an appropriate cloud accounting solution for your small business.