E-Zee Bookkeeping: "Making Bookkeeping Simple"
By Len Walczak
()
About this ebook
I have been self-employed for 25 years. During this period, a major part of my work has involved collaborating with, and acting as a consultant to small business owners as well as assisting them in setting up, monitoring and controlling their accounting matters.
I have a passion for helping students to develop self confidence in their studies so that they can endeavour to reach their goals in life.
See Len for anything regarding:
Help with Business studies
Tutorials and Class work
Len Walczak
My name is Len Walczak and I hold an Arts Degree with a double major in Economics. I also hold a Certificate IV in Training and Assessment, which has enabled me to pursue my teaching aspirations. I have taught Accounting, Computer and Management subjects, at both Certificate and Diploma levels, at a number of institutions in Brisbane which have complied with the Australian National and Training Agenda. I have been self-employed for 25 years. During this period, a major part of my work has involved collaborating with, and acting as a consultant to small business owners as well as assisting them in setting up, monitoring and controlling their accounting matters. I have a passion for helping students to develop self confidence in their studies so that they can endeavour to reach their goals in life. See Len for anything regarding: Help with Business studies Tutorials and Class work
Related to E-Zee Bookkeeping
Related ebooks
The Home Business Handbook Rating: 0 out of 5 stars0 ratingsThe Beginner's Guide to Starting a Successful Business Rating: 0 out of 5 stars0 ratingsAn Everyday Aussie's Guide to Business Structuring Rating: 0 out of 5 stars0 ratingsImmigrant Success Planning: A Family Resource Guide Rating: 0 out of 5 stars0 ratingsAccounting Revolution: How To Instantly Connect With Your Clients In a Way That Makes You Money Rating: 0 out of 5 stars0 ratingsThe Property Investing Formula: Millionaire Property Strategies for the Everyday Investor Rating: 0 out of 5 stars0 ratingsReal Estate Dangers and How to Avoid Them: A Guide to Making Smarter Decisions as a Buyer, Seller and Landlord Rating: 0 out of 5 stars0 ratingsMiddle Class To Multi-Millionaire: How I Did It Through Real Estate Before 30 And How You Can Too! Rating: 0 out of 5 stars0 ratingsFive Ways to Promote Your Business for Online Success: Personal and Business Success Series, #1 Rating: 0 out of 5 stars0 ratingsFrom Nothing to Millionaire in Six Months Rating: 0 out of 5 stars0 ratingsHow To Make $1000.00 Per Month By Freelancing and Consulting” Rating: 0 out of 5 stars0 ratingsInvesting for beginners Rating: 0 out of 5 stars0 ratings101 Ways To Save Money on Your Tax - Legally! 2018-2019 Rating: 0 out of 5 stars0 ratingsHaving Your Cake and Eating It Too:: Getting the Most out of Your Flexible Spending Account (Fsa) Rating: 0 out of 5 stars0 ratingsBuild your empire: learning to lead the life of a leader Rating: 0 out of 5 stars0 ratingsSweat, Scale, Sell: Build Your Business Into An Asset of Value Rating: 0 out of 5 stars0 ratingsHow To Start A Camera Store: A Complete Camera & Photography Supply Store Business Plan Rating: 0 out of 5 stars0 ratingsThe Home-Based Business Blueprint: Essential Strategies for Success Rating: 0 out of 5 stars0 ratingsYour Portable Empire (Review and Analysis of O'Bryan's Book) Rating: 0 out of 5 stars0 ratingsInvesting In Ethereum Cryptocurrencies & Profiting Guide Rating: 0 out of 5 stars0 ratingsService Delivery Model A Complete Guide - 2021 Edition Rating: 0 out of 5 stars0 ratingsHow To Start A Bussiness Rating: 0 out of 5 stars0 ratingsHow To Sound Great When Speaking On Camera Rating: 0 out of 5 stars0 ratingsProfit from Change: Retooling Your Agency for Maximum Profits Rating: 0 out of 5 stars0 ratingsHow To Start A $1 (One Dollar) Book Store: A Complete Used Book Store Business Plan Rating: 5 out of 5 stars5/5Payroll Outsourcing Services Second Edition Rating: 0 out of 5 stars0 ratingsHOW TO EARN A BILLION OR THE INTELLECTUAL CAPITAL OF AN ENTREPRENEUR Rating: 0 out of 5 stars0 ratingsDouble-Digit Returns: In Good Markets And Bad Rating: 0 out of 5 stars0 ratings
Accounting & Bookkeeping For You
Accounting For Dummies Rating: 5 out of 5 stars5/5The ZERO Percent: Secrets of the United States, the Power of Trust, Nationality, Banking and ZERO TAXES! Rating: 5 out of 5 stars5/5Taxpayer's Comprehensive Guide to Llcs and S Corps: 2016 Edition Rating: 5 out of 5 stars5/5Bookkeeping For Dummies Rating: 5 out of 5 stars5/5The Tax and Legal Playbook: Game-Changing Solutions To Your Small Business Questions Rating: 3 out of 5 stars3/5The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors Rating: 4 out of 5 stars4/5Start, Study and Pass The CPA Exam FAST - Proven 8 Step CPA Exam Study Playbook Rating: 5 out of 5 stars5/5How to Start a Nonprofit Organization: The Complete Guide to Start Non Profit Organization (NPO) Rating: 4 out of 5 stars4/5Bookkeeping: An Essential Guide to Bookkeeping for Beginners along with Basic Accounting Principles Rating: 4 out of 5 stars4/5QuickBooks 2023 All-in-One For Dummies Rating: 0 out of 5 stars0 ratingsProfit First (Review and Analysis of Michalowicz's Book) Rating: 5 out of 5 stars5/5Profit First for Therapists Rating: 0 out of 5 stars0 ratingsAccounting for Non-Accountants: The Fast and Easy Way to Learn the Basics Rating: 4 out of 5 stars4/5Small Business Accounting Guide to QuickBooks Online: A QuickBooks Online Cheat Sheet for Small Businesses, Churches, and Nonprofits Rating: 0 out of 5 stars0 ratingsAccounting Rating: 5 out of 5 stars5/5Bookkeeping: Step by Step Guide to Bookkeeping Principles & Basic Bookkeeping for Small Business Rating: 5 out of 5 stars5/5Accounting for the Numberphobic: A Survival Guide for Small Business Owners Rating: 4 out of 5 stars4/5Finance Basics (HBR 20-Minute Manager Series) Rating: 5 out of 5 stars5/5CPA Review Notes: BEC 2022 Rating: 3 out of 5 stars3/5QuickBooks: A Beginner’s Guide to Bookkeeping and Accounting for Small Businesses Rating: 0 out of 5 stars0 ratingsBookkeeping Kit For Dummies Rating: 5 out of 5 stars5/5Rigging the Game: How to Achieve Financial Certainty, Navigate Risk and Make Money on Your Own Terms Rating: 0 out of 5 stars0 ratingsCPA Review Notes: Audit 2022 Rating: 5 out of 5 stars5/5
Reviews for E-Zee Bookkeeping
0 ratings0 reviews
Book preview
E-Zee Bookkeeping - Len Walczak
Copyright © 2013 by Len Walczak. 503928-WALC
All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.
Screen images are part of copyright programs of Bestware,
Data-Tech Software Pty Ltd and M.Y.O.B Australia
Limitations of Liability:
While every precaution has been taken in the preparation of this material, the writer cannot anticipate user requirements. For this reason, no warranty is given that the information or advice is appropriate in a particular user environment and no liability is accepted by the writer for any error, omission or reliance upon information or advice.
Rev. date: 07/22/2013
To order additional copies of this book, contact:
Xlibris Corporation
1-800-455-039
www.xlibris.com.au
Orders@Xlibris.com.au
Contents
Forward
Why Do Business Owners
Need Reports?
Who Are the Interested
Parties?
Summary of Accounts Found
in the Accounting Equation of Most Business Structures
Summary of Accounting Rules
Deciphering Debits (Dr’s) and
Credits (Cr’s)
Steps in the Accounting Process
Transactions Journalised
How Do We Record Gst Collected
And Gst Paid?
Steps in Transferring
Transactions to Journal
All Transactions in the Journal
Need to be Posted to the Ledger
A Report called An Unadjusted Trial Balance
is Produced from the Ledger.
Producing A Profit and Loss and Balance Sheet
Additional Information
of Importance
Steps In Myob
APPENDIX 1
Forward
Why another accounting book?
Through my teaching over the years in the accounting field at both certificate and diploma levels and my hands on experience in the business world, it was clear that while business owners had a passion for their business and may have excellent people skills, some business owners had little or no accounting skills. There appears to be a limited amount of material available in the marketplace which provided a simple, easy to understand approach to accounting terms and the accounting process.
I seek to overcome this shortfall by leading the reader through a manual system using a practical example and applying the same exercise by using a computer accounting package. My hope is that the reader will obtain a complete understanding by using these simple steps. To quote Lord Macaulay Knowledge advances by steps, not by leaps
I would like to thank my wife Chris for helping me to realize that actions not words is required to complete any project. My daughter Sarah, thanks for teaching the teacher.
The purpose of this publication is to allow people interested in bookkeeping to set up their own business from home using a practical, hands on example to develop their self-confidence.
A good starting point for understanding bookkeeping is to use
the accounting equation:
A = L + E + I – E
(Don’t worry I will explain what each of the letters stand for)
This formula is used to produce a number of reports for business owners as well other interested parties.
Why Do Business Owners
Need Reports?
Business Owners
Need financial information so they can guide their business ventures in the right direction. For example, if a business is continually conducted at a loss, it may have tax advantages but, on the other hand, it could be confronted with expansion problems.
Imagine a business (let’s call it Bob’s Business) running at a loss and the owner (Bob) going to a bank to seek additional funds to expand. In the majority of cases, the application would be rejected because the business would not be able to service the loan (in other words, it would not be able to meet the required repayments).
If the accounting reports of Bob’s Business indicate that sales have decreased while expenses have increased, corrective action would be needed.
Who Are the Interested
Parties?
Interested Parties
Would include:
• The Australian Taxation Office (ATO) which is concerned with collecting the tax that Bob’s Business owes.
• The Union Movement, which would be interested in the financial records of Bob’s Business, in order to seek better pay and working conditions for Bob’s workers/staff.
• Suppliers of goods and services to Bob’s Business (Trade Creditors) would be interested in getting paid for the goods and services provided.
Businesses around Australia can be classified as sole traders (people working for themselves) partnerships or companies.
Sole Traders
Generally speaking, when a decision is made to start a business as a sole trader, the owner is naturally interested in keeping costs as low as possible. The sole trader business structure allows the set up costs to be kept to a minimum. To register as a sole trader, the business person needs to register the business name with the Corporate Affairs Office in their state. It is also necessary to obtain an Australian Business Number (ABN) from the Taxation Department.
A sole trader will take full responsibility for the financial outcome of his/her business. Whether the business makes a profit or a loss is completely under his/her control. It can be a very exciting time, and with good management and control, dreams can