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My interpretations of the coming changes:

I have had a couple of discussions with people now about the new financial reporting standards which are, apparently, meant to change the accounting industry away from compliance.

It looks like the reporting has been general purpose and was mostly driven by accountants in the past, now IRD are taking the reins to determine what is required and what is unnecessary.  But don’t get too excited, the minimums look still to require similar to what is already being done and may not change anything for many companies.

Along with IRD, the requirements also look to be lead by stake holders.  So if you are working with a bank, the bank may determine the reporting required, or a factoring company maybe?  Xero reporting is changing significancy in time for the Financial Year End – which also takes this new customised reporting standards into account.  Xero will allow customisation of the reporting required.

I wonder how easy it will be to understand who determines the reporting required for each company – who will have access to this information, will there be a register – who will police it?

These are my interpretations from a few conversations, so please don’t quote me at this early stage.

 

From IRD – December 9th,2013:

Minimum financial reporting requirements under review

We’re calling for submissions on proposed changes to the preparation of financial statements by small and medium companies.

From 1 April 2014 and later, all active small- and medium-size companies would be required to prepare financial statements to a minimum level, instead of the current general purpose requirements.

The suggested minimum requirements include:

  • double-entry, cost-based accrual accounting
  • a balance sheet, profit and loss, with available specified supporting notes and/or schedules
  • tax values used to determine income and expenditure, and the preparation of the balance sheet where reasonably possible
  • a statement of accounting policies and changes
  • if necessary, a financial statement to taxable income reconciliation
  • a schedule of certain related-party transactions (for periods commencing 1 April 2015 and later).

We encourage companies who think they may be affected to submit feedback on the:

  • proposal to exclude non-trading companies, which don’t file tax returns from the preparation requirement
  • level of detail suggested for financial statements.

View the officials’ issues paper Minimum financial reporting requirements for companies.

Submissions should be made by 20 December 2013 to [email protected] (subject line “Financial reporting”) or by post to:

Financial reporting
c/o Deputy Commissioner
Policy and Strategy Division
Inland Revenue
PO Box 2198
Wellington 6140

Footnote

Business Tax Update comments generally on topical tax issues relevant to businesses. Every attempt is made to ensure the law is correctly interpreted, but articles are intended as a brief overview only. The examples provided are not intended to cover every possible factual situation.

GlennisB

 

The Roadshow last week didn’t disappoint as per normal.  There is some major updates coming out over the next few months and some other unexpected releases.

 

Various releases announced or updated:

  • Reporting 2.0 – Major changes to the reporting in Xero, add formulas, move columns, select columns you want, resort etc – due shortly
  • Banking 2.0 – World leading, banking changes – integration with Xero for payables (with authority) and loan applications via Xero to your bank
  • Supplier feeds – Major suppliers are working with Xero to start data feeds for their invoices, with attachments
  • Files – Getting their own tab, you can now also use an email link to send files directly into Xero, video formats – available now, but some changes due soon.  Have you thought about taking a photo of assets and serial numbers incase things are stolen?  Then you can download and send to your Insurance broker.
  • Invoices – Bulk Export coming (not sure if this is the invoices (bills/sales, or the images attached)
  • Auto Feeds – TSB and ASB are already offering auto feed signup – including historic import of feeds
  • ACC and Companies Office – Are working with Xero to integrate systems
  • Sending sales invoices with attachments direct to Xero (currently avaialble via online invoice, but you have to save the invoice which can duplicate)
  • Quotes – Includes revisions and online; acceptance, query, revise and decline.  Also templated terms and custom templates – Next Year
  • Touchify – All areas of Xero are undergoing a touchify re-write, so all areas are easier for touch screen and mobile devices like tablets
  • Contacts – Add multiple contacts
  • Remove yourself from Organisations – previously you had to be removed
  • User role – There will be a standard role without reporting access
  • Statement search – I am hoping this is a global bank statement search
  • Reference field on bank transactions – I am not sure what this is yet

 

Unconfirmed Timeframe/no updates on:

  • Stock

 

Recently Released:

  • Purchase orders – you can turn PO’s into a sale etc
  • GST – new process has been released – will show any un-reconciled areas

 

For assistance with any changes, please call us at the office on 09 269 5466.

 

 

Windows are no longer supported XP from April 14 onwards, this means that security patches won’t be provided and it will be vulnerable to hackers and viruses etc.

Consider what this might mean to your business as well as home.  See the photo for a visual of what XP looks like to see if you have it – you can also see where to find the Windows version there.

Screen Shot 2013-12-16 at 2.37.32 pm

 

There are a couple of options

From Trevor as Darkwing

 

  • Upgrade from XP to Windows 7 – If your PC is new enough – Approx. $400 – $500 (software and time)
  • Replace current PC with Win7 or Win8 PC – Approx. 2-3 hours’ work + new PC cost

For the details from Microsoft

Click here for details from the Microsoft website.

Purchase Orders

The Purchase order function in Xero looks very good indeed.  You can partially receipt or fully receipt, turning the purchase order into a bill to save data entry.  You can also create custom templates to better brand your purchase orders, you can also use the email settings for purchase orders.

The full history as you expect in Xero applies here as well, as well as drafts and submit for approval.

To find purchases, so to Accounts tab, Purchases, then scroll down the screen, purchase orders appear under the bills.

Screen Shot 2013-11-11 at 5.32.23 PM

GST

The new improved GST process has also been released today.  This process will now show you any unreconciled transactions in the period, so you know to complete them.  Our rules still stand if you were taught by us – check the recon report for every account on the dashboard, prior to running your GST.  This is still a good process to follow as you will be alerted to any issues early on.

Also, make sure you save a copy of the published report off Xero.  We have found our lovely GST reports deleted from time to time by well meaning people…

 

Check out the blog for more information and other updates.  Still coming this year, I expect, are quotes and stock.  Purchase orders are a part of this set, so it is looking good that Xero have released purchase orders.

Definitely one to pass around.

This e-book provides a brilliant and impartial guide to choosing a real estate agent and you can find the link to it at http://thepropertymarket.co.nz/market-intel/guide-to-choosing-a-real-estate-agent

 

Screen Shot 2013-11-08 at 1.59.30 pm

Xero has done it, they have gone fully document enabled!  And (insert appropriate swear word), it is awesome!!!

We have been talking about this for some time, so we are absolutely stoked they have done it.  Quite simply called Files, it is awesome!!!

You can now:

  • Attach multiple documents
  • Attach documents to spends and receives
  • Attach multiple format documents – jpgs, excel, pdfs etc
  • Add purchase orders to Sales
  • Plus more

Under Settings, there is now a file link, you can add folders to organise docs.  You can do a bulk upload, then assign them as you wish.  You can create Sales and Bills etc from the Files menu.

Click the screen shot to check out the video:

Screen Shot 2013-10-21 at 10.47.24 AM

 

We are stoked to be providing some WorkflowMax training to The Fred Hollows Foundation.

I love what these guy do, they are truly awesome!  I have had Lasik to correct my sight which was amazing, so I can only imagine what the recipients of the foundations work must feel.

Screen Shot 2015-10-08 at 2.40.09 pm

To donate to this worthy cause – click here.

The NZ Bookkeepers Association inaugural conference was held yesterday and it was excellent!  It was sold out, so that bodes well for the next one.

We had many speakers, with representation from Xero, Moneyworks, Reckon and MYOB, so it was very interesting to hear positive comments from all providers.  Viv Brownrigg was especially interesting, from The Accountants Republic.

All members of the association were positive about how things are going and everyone had a great time.  There was a bit of a mix of long timers and new, and people using various accounting software.

Some terms I learned:

  • Sponders – from Mel Morris and Andy Thorn of Rightway (Sponsers)
  • Half Pregnant – from Greg Sheehan of Rightway
  • ‘Keyboarders’ vs ‘Mousers’ from Susan Carlow Computer Coaching

For the awards, I was very pleased to be nominated for Individual Bookkeeper of the Year and I was told I was also nominated for Green Bookkeeper of the Year – as we use a lot of cloud software and are paperless for some clients, but I will confirm this.

So you have the following in a single column in Excel:

Glennis Stuckey

Highlight the whole column, then from the Data menu, select Text to Columns.  Select Delimited, then next, then select Space.  This will now be two columns – Super Easy!   :-)