Bizz Wizz : Setup , Main Menu , Ledger , Phone Book , Invoice Book , Stock Book , Order Book , Creditors , Point of Sale , Business Name , Diary , Wages , Document Manager , Unlock , Backup
See Also : Ledger Terms , Ledger Menu , Category List , Add / Change Record , Transaction Lists , End of Year Procedure , Bank Reconciliation , Import bank
Terms used in Book Keeping Ledger
Bank Reconciliation: The Year Start figure as of July 1 must be entered for each bank account from your bank statement, this also includes credit cards. At the end of each month when you receive your bank statement check and tag these against the transactions you have previously entered. Do not reconcile any transactions until they appear on your statement. The amount in the Bank Reconciled Total on your program should always be the same as balance on your statement.
Personal: This is the percentage that is not a business expense and therefore not claimable. For example 60% of petrol is claimable and 40% is personal. This will give you a true business expense total. If this facility is not required, leave all personal fields blank.
Categories: There are100 expense categories and 50 income categories. They can be edited to suit your particular type of business. Each category must be GST coded and have an Account group code allocated to it.
Income: Monies received from sales generated by the business.
Expenses: Monies spent on running the business including wages.
Deposit Slip: This is a printed list generated if selected, to take to the bank instead of handwriting the deposit list in your banking deposit book.
Cash Flow: Shows income less expense and stock variation.
Profit and Loss: Details general business income less general business expenses not including capitol purchases or taxes.
Trial Balance: Details general business income less general business expenses including capitol purchases and taxes.
Account Group Code: A code used in each income and expense category to group transactions for the trial balance and profit and loss reports. These groups are: GENERAL ( general business expenses and personal), SALES (cost of sales/ parts purchase), CAPITOL (capitol asset purchase ie plant equipment), OTHER (miscellaneous ie rentals, shares) and TAXES (GST, income tax and PAYG). (Pay As You Go)
GST/BAS Codes: These are specific 'ATO' G codes used in each category for information on the BAS forms. The most commonly used codes are G1, G2, G3, G4, G10, G11, G13, G14 and G15.