No matter how large or small your business is, the bookkeeping can either make or break your business. There are many things that can go wrong when doing your own bookkeeping, so we asked our team of bookkeepers for a list of the most common mistakes they see. Here’s what they had to say:
· Claiming full amount of GST on Rego (including trailers which don’t have any GST on them).
· Claiming full amount of GST on insurance which has a BAS Excluded portion.
· Claiming GST for example on Milk, Tea, Coffee etc.
· Just because Xero says that the account is reconciled, it does not necessarily mean it matches the bank statement.
· Coding payments incorrectly for super to the incorrect account (example: expense instead of liability).
· Xero – Coding wages paid to the expense – staff wages account instead of the liability – wages payable account.
· Coding of ATO payments/refunds incorrectly.
· ASIC fees – claiming GST, eBay fees – claiming GST, Facebook adverts – claiming GST
· Using N-T or BAS Excluded for bank fees instead of FRE.
If you have any questions or need a consultation please contact one of our bookkeepers on 1800 750 919 or email email@example.com to have someone call and book in a time time that suits you. Alternatively message us through our CONTACT US page via www.stoneconsulting.com.au
***Don’t forget, always BACK UP!!!.. and keep your hard copies as computers are not always reliable.