GST SmartBook Online Book

GST SmartBook Online Book - Page 2

7. Go Menu Popup Forms
Customers, Suppliers, Payees and Jobs
These four pop up forms operate in essentially the same manner as each other. You can access these forms from the Go menu or by clicking on the ‘=‘ or ‘+’ symbols above the relevant box in the Editor bar of the Cash Receipts & Payments page.

Tip: When your cursor is in one of the drop down list boxes (such as Accounts, Customers etc) you can press the F2 or F3 keys rather than clicking on the ‘=‘ and ‘+’ keys. You should not need to use your mouse for any transactions.

When you open these forms you can edit any item by selecting it from the drop down list box at the top right of the form or by clicking the ‘Back’ or ‘Next’ buttons.



You can add or edit any number of items when these forms are open. Add entries by selecting << Add New Item >> in the drop down list box, entering basic details and then pressing the add button.

Press the ‘OK’ button when you have finished adding or editing items.

Employees, Opening Balances
See the Getting Started section.

Stock Balances
The GST SmartBook offers a very simplified method of accounting for stock. If you only wish to record stock balances as a single figure then you can use the Stock Balances form accessed through the Go menu.



In the very first year that you use the SmartBook program you can enter the opening stock balance. In all future years this value is carried over from the closing balance at June 30 in the previous year.

Enter the closing balance figures for each month and press the OK button when finished. The Stock Balance figures will appear on your Trial Balance, Profit & Loss and Balance Sheet reports but will not appear on your Business Activity Statement.

Accounts
See the Adding or Editing Accounts section.

Cash Books
This form operates in the same manner as the Customers, Suppliers, Payees and Jobs form. The main difference is that this form will create a new bank account on the Cash Receipts & Payments page. Each time you select a different bank account the list of transactions will update for the new account.

You shouldn’t normally need to add a new cash book unless your business uses separate operating bank accounts.



You cannot edit the account name of the main bank account. Press the ‘OK’ button when you have finished adding or editing items.

Reminders
The final Go menu popup form is for reminders. You can add or edit reminders and have them appear on the same day each week, the same day in each month or on a particular date. Reminders only appear if you use the program on the day in question.

You may choose to set up reminders for such things as Business Activity Statements, payments of Superannuation or payments of union fees.



8. Payroll Transactions
This page allows you to add, edit or view any basic payroll transactions. The program can automatically create cash entries for net wages cheques and general ledger entries for superannuation and tax that is set aside.

It is important to note that any adjustments made while editing wages transactions are not automatically updated in the cash receipts and payments page or the general ledger transactions page.

The page is divided into 3 sections in the same manner as the Cash Receipts & Payments page. The top section contains the Editor bar where you will add or edit payroll transactions. The middle section contains the list of employee payments by transaction or by subtotal. And the bottom section contains the Viewer bar where you can select the type or period of transactions that you wish to display. You can enter transactions for any month regardless of the 'From' or 'To' months selected in the Viewer bar.

Adding Transactions
Before you enter transactions make sure that the ‘Add / Update’ button shows ‘Add’ and is greyed out. If the button shows ‘Update’ click the ‘New’ button to prepare for a new transaction.



• Enter the transaction date which must be within the current financial year shown at the bottom of the screen.

• Choose the period of payment ie Weekly, Fortnightly or Monthly. The chosen period affects how tax is calculated.

• Select the employee being paid. Click on the ‘=‘ symbol (or press F2) if you want to edit the current employee details and the ‘+’ symbol (or F3 key) if you want to add a new employee. More information about adding and editing employees is available from the Getting Started section in this guide book.



• Enter the normal time hours for the employee. If you have already entered the normal time rate in the employees file then the dollars will calculate automatically.

• Enter the overtime hours.

You can edit the amounts of normal time pay and overtime pay at any time but if you edit the hours you will need to delete the corresponding dollar amount so that the program calculates the valid total.

• Enter the dollar value of any allowances.

The GST SmartBook uses a basic payroll system for allowances, deductions and the like. Details of allowances can be entered in the PaySlips add on package but you will need to create journal entries manually.

This is simply a matter of editing the net wages payment in the Cash Receipts & Payments page, adjusting it for any allowances and deductions and then adding new entries for the allowances or deductions.

Example: A net payment of $500 includes $30 in Meal Allowances and $18 in Union fee deductions. After entering the payroll transaction, the program will automatically create a cash payment of $500 in the Cash Receipts & Payments page.

Edit that amount and change it to $488 ($500 - $30 + $18) then press Update. Add two new entries in the Cash Receipts & Payments page. The first entry would record a payment to say the Employee Meal Allowances account. And the second entry would record a receipt in the Union Fees payable account.



• The Tax Deductions will be calculated automatically based on the employee’s tax settings, the period of payment and the gross wages. You can edit the tax deductions for extra tax payments requested by employees. If you want to return to the calculated value after editing, simply delete the current value and press Enter.

• Enter any other deductions such as Union Fees. As stated previously, you will need to make your own journal entries for allowances and deductions if you so desire.

• The Superannuation amount will also calculate automatically but you can adjust this as well.

The program will automatically post the general ledger entries for the Tax and Superannuaton amounts.

Tip: Superannuation is only payable where gross wages exceed $450 per month (as at 30 June 2002). The easiest way to update your records for any employee that doesn’t exceed $450 per month is to wait until the end of the month then:

• Check the total by employee.

• List the individual transactions for each employee with less than the $450 limit.

• Edit all payroll transactions for that employee in that period.

• Remove the superannuation amount and press Update.

• Go to the General Ledger transactions page and reverse out all superannuation journals for that employee. More information on journal reversing is in the General Ledger transactions section.



The final stage is to add the new payroll transaction. It is a good idea to leave the Auto Post checkbox selected so that the program automatically creates the relevant Cash Receipts & Payments entry and General Ledger journal.



This popup will appear when you press the Add button and have the Auto Post checkbox selected. All fields are defaulted to the expected entries and so after checking these the first few times you will be able to enter through this popup very quickly.

• The first section determines the cash book entry that will be recorded. The program will look for a Net Wages account and prompt you to put the transaction there. If it doesn’t find such an account it will offer you any selection in the Wages account group.

• You can then select the Cash book (basically your bank account) and the Job that you want to allocate this payment to.

• Then enter any details such as the cheque number or payment reference.

• Enter or modify the details that will be transferred to the Cash Receipts & Payments page.

• The next section determines the General Ledger transactions that will be recorded. Again, the program will look for and default to the most apparent account for each transaction.

Tip: The Debit entries for Tax and Superannuation should both be accounts that appear in the Profit and Loss statement. Ie The Tax expense should always be in the Expenses account group and the W2 section of the GST groups. Superannuation should also appear in the Expenses account group but should not be included in the B.A.S statement.

The Credit entries for Tax and Superannuation should both be accounts that appear in the Balance Sheet. Ie You are setting these amounts aside as debts payable to the Tax Office and your Superannuation provider. It is best not to modify the Accounting and GST groupings for these accounts as they are already set up appropriately.

• Press the Post button when you have completed the transaction. The transaction will now appear in the list of transactions and the fields are cleared for the next entry.



Editing Transactions
Editing a transaction is simply a matter of putting the highlighter on the relevant item in the transaction list and then pressing the Enter key or double clicking with your mouse.

Change any entries as required and then press the Update button.

When you modify entries in the payroll page no changes are made in the Cash Receipts & Payments page or the General Ledger transactions page. You will have to edit these manually.

Viewing Transactions
Use the bottom Viewer bar to display transactions or subtotals for each employee.



• Select the first and last months in the viewing period.

• Select the current financial year.



• Choose to display all employees or select an individual employee.

• Choose whether to display transactions or sub totals.

If you choose to display subtotals you can double click on any of them to display the transactions for the selected employee. Double click again to edit that transaction.

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Disclaimer
The information presented on this website does not constitute financial advice and is for general purpose use only. You should always consult your financial advisor before making investment decisions.