Accounting

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Accounting

Law on Itemised bills

POS SOFTWARE

This came up yesterday, a customer wanted an invoice from some items he purchased a few days ago on a statement.

Firstly our understanding is that any customer has the right to ask you for an itemised bill or account for up to 30 days after receiving the statement and must be provided free of charge within seven days of the request.

The main reason is my experience people do request this, is because some of the items have GST and some do not. 

It is actually very easy to do in our system as we have automated the operators and you can print in seconds.

I would suggest here using the A4 receipt, in the cash register look for the item, click on the "Receipts" button, find the receipt you would like to print, then select the "A4 Print" button:

 

Out will come an A4 receipt:



 

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MYOB integration Free

POS SOFTWARE

MYOB software is the most popular accountancy system in our market space, and our point of sale software integrates into MYOB Essentials and AccountRight. 

This is available free to our clients. 

Using this integration will save an MYOB user saves our clients time as it removes manual data entry; this reduces errors and is quicker in transferring the information.

Having worked extensively with MYOB for many years and is one of the first software companies to have done the integration, we have gained much respect for this accountancy program. 

One function they have that I like is the "smart bills", where a person can drop an image of an invoice into MYOB, and it can often read all the information even if the invoice does not have an ABN number. This function is not available in many other accounting programs.

If you are interested check out the automatic MYOB Data Transfer section in your POS software.

MYOB

Once set up, all you need to do is select the dates to go.


By doing this both your point of sale software and MYOB will work together to bring businesses like yours, an integrated point of sale and accounting platform to helps you better manage your business.

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Large organisations payments systems are in trouble

POS SOFTWARE

 

If you deal with large organisations, what you will notice is that currently, their payment is now all over the place.

What has been happening is that their payable processing cycle works by the accounts department getting a bill from you. This bill is then passed by them to the relevant department to match your quote, review that your work been done and to approve the payment. Once they get that approval, then they schedule a payment to you. As it is this schedule can take a while.

However, what been happening now is that in this current crisis, this procedure is not working, mainly as some key people are not at work. It only takes now one guy and suddenly this cycle halts. The accounts department will not pay until the cycle is done, and they have approval. I also suspect that everyone is looking for an excuse to delay payment anyway.

We are now suffering from big organisations taking even longer than before to pay.

If you have a solution to this problem, please share as we all need an answer.

One of my clients is attaching this note to his bills.

"Please take care of this invoice and clear the payment because we have also the cash flow issue and also can't get jobkeeper due to Government policies. So we have to pay salaries to our staff and we need the cash to clear the salaries.

Hope you understand and clear the payment soonest." 

 

 

 

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Debt controlling

POS SOFTWARE

Debt is everywhere, it affects almost every human organisation, in my lifetime, I have seen the greatest empire in the world, the USSR and most important people like the Shah of Iran collapse from it. 

They did not have money to pay for people, and because of the debt no-one would lend them more money, soon their worlds collapsed.

Debt is part of modern life. If you sit back and wait, the worst might just happen. Here is a quick way of determining just how much debt your business is owed.

So go to main menu.

Register reports


Now usually, I would recommend using Trial Balance(excel), but for this example, I just wish it to be simple, so I selected Trial Balance.

 

 

Now select today's date, although just to show you the power of our system, I picked a random date many years ago.

I also selected by order by Surname as I think it makes it easier to find, and I ignored the "More Criteria" because I do want to keep it simple, but I urge you to experiment later with these options.

 

 

Now out pops among other details a page like this one below Although for security reasons, I blanked out the names, you can see all the relevant information is here.

 

A total will be printed at the end.

This gives you a quick look to understand your situation.

 

What interesting exercise is to go back in and select today's date last year and see how your debt situation is shaping up. If it is dramatically going up, I would suggest that you take action rather then praying for the best.

 

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Invoicing

POS SOFTWARE

Invoicing is now easier in our cash register in the new version as we have automated more the operators' work easier. Using it you can print the invoice in seconds, with minimum steps, you do not need a keystroke as it can use a touch screen but if you like you can use the keyboard shortcut keys.

This will save you time and effort, mainly if you are dealing with busy businesses and customers.

If your customers want an A4 receipt which is often true of business customers it is elementary to do, click on the "Receipts" button, find the receipt you would like to print, then select the "A4 Print" button:

Out will come an A4 receipt:

What we do suggest is that invoicing immediately and getting the customer email address to email these invoices immediately too while it is still fresh in everyone mind.  The quicker they get it the quicker you get paid.

Besides being a double hit on the bill, this email address can then be used for loyalty marketing purposes so serving another function.

 

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Balancing the till

POS SOFTWARE

Balancing your tills is essential to any retail business. It actually should be part of your daily routine, but now suddenly you sense that something is not right and you want to balance the till. This is where we use X-offs,

What we strongly suggest is that every cashier has their cash drawer. There is no problem as our system allows many tills to work on one computer,

At the start of each shift, the staff member gets the float. This can be easily balanced at any time.

Go to the End of Day section in the cash register and select X-offs

With this summary of sales what will get extra information which may help with your investigations such is the net sales, voids, paid ins/outs, taxes, the breakdown of various methods of payment and more.

Select on the end of day page choose the X-off option that is below the EOD option marked in green. Select the time the staff member assigned to the register started and the current time. You now run the report.

Now it’s time to count your cash.

When balancing lookout for overages and shortages, an overage is not to be ignored as it can mean that people are not recording all their sales. If so, why are they not recording all the transactions?

 

 

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Integrate accounting

POS SOFTWARE

One point that can in retail save you time is automation that saves you time.

Consider that you save a lot of time of manual bookkeeping every year by integrating your POS system into your accounting system.

 

 

 

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GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

 

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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GST eliminate errors

POS SOFTWARE

Our software has inbuilt a powerful GST auditing tool inbuilt which gives you a fast and accurate audit of your GST.

Now what sometimes happens is that people have some queries about their GST and they want to check in their accounting programs that it is giving the same result as their point of sale software.

Here is how you do it in our software.

Go to the Register reports > Sales > GST Summary for a given period

 

 

This will give you a detailed report which including this.

 

 

Now, this you can check with your accounting program.

If the two are not the same, then what you need to do is track down the incorrect figure. This can be extremely difficult as sometimes, it is not actually wrong in either system. So we need to audit.

The problem here is that three (3) is often a big job to audit in practice. So what we do is try to break it down to a short period, generally a day and audit just that day. This process can take time.

So what we suggest is to run this report for one month, then the accounting program for the same month. If the problem is not noticeable in that month, we go to the next month and run both again. It does not take long in our system as its Microsoft SQL which sets the standard for speed.

If it is noticeable, then we look at the first half of the month and check that with the accounting program and so keep going making the period smaller and smaller until we get to a day where the problem is noticeable. Then I check the transactions on that day.

It will take you using this method about seven (7) attempts to get to that day. Once you get into the rhythm, it is relatively quick.

Sometimes though it can be tough to find, I remember once, I could not figure it out why a $2000 transaction was not there. It turned out that it was an insurance claim that had wrongly been put down in the accounting software as a sale. Doing this check, as a result, saved the retailer $200. 

 

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MYOB

POS SOFTWARE

 

There were problems this morning with MYOB, with people trying to log in, when we tested it then there was a problem however according to MYOB the problems have been fixed.

Also, I have tested it now and it seems all fine.

 

 

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