ABN Cashbook
ABN CASHBOOK is a basic user-friendly program to record all of your business income and expenses whether you are GST registered or not. It is a great replacement for e-record, spreadsheets and manual records and assists in complying with ATO requirements. You can record your income and expenses anywhere with internet connection and on the go via internet connected devices. Categories are able to be altered so you can tailor them to suit your business. If you are in the building and construction industry you can create a different category for each subcontractor to assist with the completion of the Taxable payments annual report.
This application is designed to assist in complying with the Australian Taxation Office requirements for ABN and GST record keeping.
TIPS, HINTS & LINKS
Home takes you to https://www.taxrecord.com.au/home/
APPLICATIONS ABN SETTINGS – If you are registered for GST please ensure the box is ticked. If you are not registered for GST please ensure the box is not ticked. This can be changed and will alter entries only from that time if your GST status changes.
APPLICATIONS ABN INCOME – record your income here.
Add new ABN income complete the following:
- Date
- Payee (who pays you income) “Manage Payees” creates a standard list.
- Details of income – include extra information if required.
- Category – Drop down list for standard ABN income. To add your own category click “Manage Categories”. Add new category plus GST type and create. The categories will be saved for future use. Please note that if you change a category name it will change it on all previous entries. Please add a new category rather than changing a current category name. Only change a category name prior to starting or if you are happy for it to alter all previous entries from the current category name to the new category name. Although the category list shows them set as GST if you are not registered for GST it will only show no GST on entering. Leave the category tax code in case you change to GST registered in future.
- Amount $ price of income
- If you want to see the amount of GST calculated click on the grey box next to the amount.
- Business Percentage if the income is not 100% for business change the % to the business percentage
- Save creates the income item
APPLICATIONS ABN EXPENSES – record all expenses for ABN.
Add new ABN Expense complete the following:
- Date
- Payee who the expense was paid to. To add a regular payee use “Manage Payees”. The payee will be saved for future use
- Details enter extra information in relation to the expense
- Category – Drop down list for standard ABN expenses. To add your own category click “Manage Categories”. Add new category plus GST Type and create. The categories will be saved for future use. Please note that if you change a category name it will change it on all previous entries. Please add a new category rather than changing a current category name. Only change a category name prior to starting or if you are happy for it to alter all previous entries from the current category name to the new category name.
- GST if the type is GST& No GST or Capital enter the $ amount of GST in the box. GST, No GST and Not Reportable will automatically calculate. If you want to see the amount of GST calculated click on the grey box next to the amount.
- Amount $ price of expense
- Business Percentage if the expense is not 100% used for business change the % to the business percentage
- Save creates the expense item.
Once income and expenses have been created they will be summarised in a quick view form when you log in. You can view, edit or delete by using the icons on the right hand side.
REPORTS
Generated – Shows reports generated. Data is as at generated date a new report must be generated to reflect any changes.
Income – enter start date and end date and click “generate report”. This will generate an “ABN Cashbook Income Report”, showing all income for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Expenses – enter start date and end date and click “generate report”. This will generate an “ABN Cashbook Expense Report”, showing all expenses for that period. Click on View/Edit and you can edit and delete entries direct from this report.
GST – enter start date and end date and click “generate report”. This shows all information ready for your BAS form, if relevant.
Cashflow Summary – enter start date and end date and click “generate PDF”or “generate CSV”. This shows a detailed cashflow report for that period. It is recorded as Total Gross, GST & Net under each category.
Detailed Entries – enter start date and end date and click “generate PDF”or “generate CSV”. This shows a detailed report of all income and expenses for that period in date order. Click on View/Edit and you can edit and delete entries direct from this report.
Expense Category – enter start date, end date and expense category eg ; bank fees, and click “generate report”. This shows a detailed report of all expenses in that category for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Income Category – enter start date, end date and income category and click “generate report”. This shows a detailed report for all income in that category for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Expense All Categories Report – enter start date and end date and click “generate PDF”or “generate CSV”. This shows a detailed report for all expenses in all categories for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Income All Categories Report – enter start date and end date and click “generate PDF”or “generate CSV” . This shows a detailed report for all income in all categories for that period. Click on View/Edit and you can edit and delete entries direct from this report.
All Reports can be saved to your device or printed using the information on the screen.
USEFUL LINKS:
Australian Taxation Office – Record Keeping, Income and Deductions
https://www.ato.gov.au/business/record-keeping-for-business/Setting-up-and-managing-records/
https://www.ato.gov.au/business/starting-your-own-business/
https://www.ato.gov.au/Business/income-and-deductions-for-business/
https://www.ato.gov.au/General/Property/Property-used-in-running-a-business/
Australian Taxation Office – GST
https://www.ato.gov.au/Business/GST/
Australian Taxation Office – building and construction industry Taxable payments annual report
https://www.ato.gov.au/Business/Reports-and-returns/Taxable-payments-annual-report/
Disclaimer
The information included on these pages is of a general nature and should be used only as a guide. Information may apply differently to different people in different circumstances. Taxation and related laws and practices can change frequently and without warning and caution must be exercised when relying on any information. Advice specific to an individual’s situation should be sought from a qualified and, where required by law, registered source.