Australian Accounting & Taxation

Australian Accounting & Taxation Course

Xero, GST Taxation, Payroll Processing & MYOB Training

Develop practical skills in accounting software, Australian taxation, GST and BAS reporting, payroll processing, inventory management, financial reporting, and business accounting procedures with Computec Professional Group.

Module 1 – Getting Started with Xero

• Introduction
• Where Is Xero and How to Access It
• Making Xero Ready
• Making Xero Ready – Adding Bank Accounts

Module 2 – Recording Money In, Money Out & Transfers

• Recording Receive Money
• Recording Transfer Money
• Recording Spend Money
• Uploading Bank Statements and Bank Reconciliation
• Manual Journal – Accountants

Module 3 – Sales Invoicing & Receivables

• Recording Income
• Customizing Invoices
• Emailing Invoices to Customers from Xero
• Raising and Sending Credit Notes
• Sending Statements to Customers
• Automating Overdue Invoice Reminders
• Reconciling Receipts from Customers in the Bank

Module 4 – Expenses & Bills

• Recording Expenses as Bills
• Recording Payments Against Bills
• Recording Expense Returns (Credit Notes)
• Paying Bills from the Bank Statement

Module 5 – Products, Services & Inventory

• Introduction and Creating the First Service Item
• Uploading Product/Service Items (Untracked)
• Adding the First Tracked Inventory Item
• Recording Sales of Tracked Inventory Items
• Uploading Tracked Inventory Items
• Recording Inventory of Tracked Inventory Items
• Recording Inventory Returns
• Recording Inventory Write-Offs
• Inventory Valuation in Xero

Module 6 – Fixed Assets

• Recording a Fixed Asset Purchase
• Setting Up the Fixed Asset Module
• Registering Fixed Assets in the Fixed Asset Module
• Running Depreciation

Module 7 – Accounting for Sales Tax (GST)

• Introduction to Sales Tax
• Setting Up Sales Tax in Xero
• Applying GST on Sales
• Receiving Invoice Payments and Their Impact on GST
• GST on Purchases and Expenses
• Recording GST on Expenses
• Recording GST on Spend Money and Receive Money Transactions

Module 8 – Tracking Income & Expenses

• Introduction
• Adding Tracking Categories
• Recording Income and Expenses
• Filtering Reports for Tracking Categories

Module 9 – Accounting & Reporting for Multicurrency in Xero

• Setting Up Xero Multicurrency
• Raising a Foreign Currency Invoice
• Understanding Automatically Calculated GBP Receivables
• Receiving Payment Against the Invoice
• Creating a Foreign Currency Bank Account
• Transferring Money to a Foreign Currency Bank Account
• Recording Foreign Currency Receive Money Transactions in a Bank Account
• Amortization of Prepaid Expenses

Module 10 – Other Miscellaneous Topics

• Inviting and Managing Users
• Activity History and Audit Trail
• Locking Periods
• Conversion Balances

Activity Statements & Simpler BAS

1. What Are Activity Statements?
2. Rules and Obligations
3. Starting the Simpler BAS
4. Completing the Simpler BAS
5. Checking the Simpler BAS
6. Lodging the Simpler BAS
7. Lodging the Simpler BAS – Part 2
8. Simpler BAS Return Journal
9. Paying for the Simpler BAS
10. GST Reconciliation Report
11. Starting the IAS
12. Completing the IAS
13. Checking the IAS
14. Lodging the IAS
15. IAS Return Journal
16. Paying for the IAS
17. Full BAS vs Simpler BAS

GST Tax Rates & Transactions

18. Advanced Tax Rates
19. Input Taxed Sales
20. Capital Purchases
21. Input Taxed Purchases
22. Full BAS Summary
23. Tax Rate Confusion
24. Basic vs Advanced Tax Rates
25. 0% GST Tax Rates
26. Tax Rate Selection Process
27. Mapping W1 and W2
28. Items to Include and Exclude
29. Allowances
30. Deductions
31. GST on Imports
32. GST Corrections

BAS Setup, Withholding & Other Taxes

33. Introduction and BAS Setup
34. No ABN Withholding Tax
35. Other Amounts Withheld
36. PAYG Income Tax Instalments
37. Fringe Benefits Tax Instalments
38. Wine Equalisation Tax
39. Luxury Car Tax
40. Fuel Tax Credits
41. Complete BAS Journal
42. GST Reconciliation Report – Lesson 2

Module 1 – Pay Runs

• Introduction to Pay Runs
• Pay Runs Tour
• Single Touch Payroll
• Posting Pay Runs
• Emailing Pay Slips
• Unscheduled Pay Runs
• Reconciling Pay Runs
• Editing and Resetting Pay Runs
• Payroll Settings

Module 2 – Payroll Settings (Organisation)

• Linking Payroll to a Bank Account
• PAYG Withholding Tax Liability Account
• Wages Expense Account and Wages Payable Account
• Superannuation Expense and Superannuation Liability Account
• Payroll Tracking – Employee Groups and Timesheet Categories
• Displaying Information on Pay Slips
• Pay Calendars – Weekly and Monthly
• Public Holidays

Module 3 – Payroll Settings (Pay Items)

• Earnings – Ordinary Time Pay Items
• Earnings – Overtime Pay Items
• Earnings – Laundry Allowance Pay Item
• Earnings – Car Expense Mileage Allowance Pay Item
• Earnings – Bonus Pay Item
• Earnings – Commission Pay Item
• Deductions – Union Fees Pay Item (Post-Tax)
• Deductions – Workplace Giving Pay Item (Pre-Tax)
• Reimbursement Pay Items
• Leave – Paid Annual Leave Pay Item
• Leave – Other Paid Leave Pay Items
• Leave – Other Unpaid Leave Pay Items

Module 4 – Payroll Settings (Superannuation)

• Adding Regulated Super Funds
• Adding Self-Managed Super Funds (SMSFs)

Module 5 – My Payroll Portal

• Inviting Employees to My Payroll

Module 6 – Leave

• Introduction to Leave
• Quick Tour – Leave
• Adding Leave Opening Balances
• Managing Leave Requests
• Leave Reports
• Adjusting Leave Balances
• Cashing Out Annual Leave on Termination

Module 7 – Timesheets

• Introduction to Timesheets
• Quick Tour – Timesheets
• Adding and Approving Timesheets
• Revert to Draft
• Timesheet Templates
• Timesheets and Pay Runs

Module 8 – Superannuation

• Introduction to Superannuation
• Paying Superannuation Directly from Xero
• Reconciling Superannuation Payments
• Salary Sacrifice Superannuation

Module 9 – Reimbursements

• Introduction to Reimbursements
• Payroll Reimbursements Through Bills
• Payroll Reimbursements Through Expense Claims

Module 10 – Employees

• Introduction to Employees
• Setting Up a Full-Time Employee
• Setting Up a Part-Time Employee
• Setting Up a Casual Employee
• Checking New Employees
• Checking and Posting the Pay Run
• Paying and Reconciling Salary and Wages
• Paying and Reconciling Superannuation

MYOB – Software Setup & Basic Accounting

1. Complete Installation Procedure of Latest Software
2. How to Re-Access Company File
3. Important Message
4. Edit Existing Accounts in MYOB
5. Customize and Create Chart of Accounts
6. Creating New Chart of Accounts and Defining Account Levels – Part 2
7. Extract Opening Trial Balance
8. Creating Customers and Vendors
9. Create Inventory Items with Opening Balances
10. Dealing with Inventory Opening Balances
11. Purchase of Non-Trading Product
12. Dealing with Advance Rent
13. How to Record Security Deposit Payment
14. Dealing with Repair & Maintenance in MYOB
15. Receiving Payments in Full from Customers
16. Recording Credit Purchase Invoices
17. Handling Purchase Invoice with New Vendors

MYOB – Sales, Purchases & Inventory Transactions

18. Recording Cash Sales in MYOB
19. Book Credit Sales to Credit Customers
20. Dealing with Customer Advances in MYOB
21. Dealing with Direct Sales in MYOB
22. Entering Purchase Orders
23. Dealing with Bad Debts
24. Dealing with Service Invoices
25. Payments for Service Invoices
26. Conversion of Sales Order to Sales Invoices
27. Entering Purchase Returns
28. Dealing with Sales Returns in MYOB
29. Receiving Complete Payments from Customers
30. Converting Purchase Orders to Purchase Invoices
31. Dealing with Loss of Inventory
32. Adjust Expenses Against Prepayments
33. Checking Final Reports

MYOB – Manufacturing Company Accounting

34. Manufacturing Company Project Overview
35. Setting Up a New Manufacturing Company
36. Customizing Names of Ledgers
37. Entering Manufacturing Company Opening Balances
38. Entering Balances – Part 2
39. Entering Vendors with Opening Balances
40. Putting Vendors and Opening Balances
41. Entering Inventory Balances
42. Dealing with Opening Balance of Raw Material
43. Dealing with Bill of Material in MYOB
44. How to Settle Accrued Expenses Payments
45. Booking Purchase Orders for Raw Material
46. Retrieving Records of Purchase Orders
47. Converting Purchase Orders to Purchase Invoices
48. Entering Direct Purchase Invoices with Early Settlement Discount
49. Booking Sales Orders for Finished Goods

MYOB – Banking, Suppliers & Customer Transactions

50. Petty Cash Withdrawal from Account
51. Cash from Customers Against Pending Invoices
52. Receiving Cash Payments from Customers
53. How to Change Default Currency
54. Paying Suppliers Against Previous Invoices
55. Dealing with Purchase of Services
56. Dealing with Purchase of Services from a Common Vendor
57. Receiving Customer Advances
58. How to Deal with Payment for Travel Expenses
59. Handling Repair and Maintenance Expenses
60. Dealing with Transactions for Purchase of Vehicle
61. Manufacturing Finished Goods from Raw Material
62. How to Deal with Bad Debts
63. How to Convert Sales Orders to Sales Invoices
64. How to Book Direct Sales Invoices
65. Converting Sales Orders to Sales Invoices
66. Receiving Payments Against Invoices
67. Handling Payments Made to Suppliers

MYOB – Assets, Expenses & Financial Reporting

68. Dealing with Purchase of Fixed Assets
69. Dealing with Payment of Loan
70. Handling Purchase Returns of Raw Material
71. Entering Sales Returns of Finished Goods
72. Understanding the Process of Service Purchases in MYOB
73. How to Handle Director Cash Withdrawals in MYOB
74. Managing Inventory Loss in MYOB
75. Recording Income Tax Payments in MYOB
76. Managing Accrued Expenses with Compound Entries in MYOB
77. Customizing and Extracting Final Reports in MYOB