Accounting@MacRob2015

Tuesday, 21 April 2015

Cloud Accounting ...

This term was unknown when I did accounting at school and uni.

link
http://www.kbbtv.com.au/video/cloud-accounting-business/

Monday, 20 April 2015

A day in the life of an accountant ...

This video is produced for prospective accountants!

Link:
https://www.youtube.com/watch?v=2A8IE309u0o

Friday, 17 April 2015

Next week is our last week of SAC preparation. I have lots of practice tasks for you to do in class and NEO has lots more! I am optimistic that this group is going to do well. Use your time effectively next week and you should go into SAC2 with confidence. It is essential that we start Outcome 2 either last period next week or 1st period the following week. There is never enough time at 3/4 ... this is a problem shared by all VCE students ... so when I say we have to move on ... we have to move on! Will you cope? Of course.

Please get this book!

I want to use the Practice Exams book (the Red Book) next week, thus could you please arrange for your parents to pay for this on Compass. It is $16.50. Or you can pay at the General Office. Once paid, collect the book from me in the Senior School Office. It is an important part of our preparation program in 2015.

Preparing for SAC 2 ...

SAC 2 is in week 3, term 2. Preparation has started.

Wednesday, 15 April 2015

Who is this?

In the cabinet of the Federal Government, there are only 2 female ministers: this is one of them. Who is she? What is her role? What is her background?

The Treasurer at the New York Stock Exchange recently ...

That is Joe Hockey, Federal Treasurer (in front of Aussie Flag) at the NY Stock Exchange this week. Because he is Treasurer, he is also the minister in charge of the ATO.

Tuesday, 14 April 2015

NSW Treasurer ...

Gladys Berejiklian is the Treasurer of NSW.

Bio
http://www.parliament.nsw.gov.au/prod/parlment/members.nsf/0/89C3317E637E318ACA256CFA0012D282

You cannot follow her ambition ...

Hillary Clinton has just announced she is a candidate for the presidency of the USA. The election is not until November 2016!!! To be a candidate for this role, you have to be born in America. It will be interesting to watch her progress over the next 18 months as she attempts be become the first female President of the United States.

Her bio ... http://www.biography.com/people/hillary-clinton-9251306

Move into the 'stretch zone' ...

Check out this diagram. It was presented to staff on Monday April 13th at MHS.
Most of us like to work in the comfort zone for obvious reasons ... it is comfortable! However, to improve our performance, we need to move into the stretch zone and sometimes the stress zone to extend and push ourselves.

When is the last time you moved out of your comfort zone?

Friday, 10 April 2015

Tax minimisation ...

Who is this successful person? Christine Milne ... leader of the Australian Greens.

Bio ... http://www.themonthly.com.au/issue/2008/february/1334530750/amanda-lohrey/green-christine

There has been lots of media coverage lately of how much tax companies, such as Google, Apple and Microsoft pay in Australia. Of course, they all use the services of accountants and lawyers in their aim to reduce their tax liability. Some of you will be CEOs, accountants and lawyers in the future. Will you just go for tax minimisation or perhaps take a more ethical position? Hard call. Time will tell.

Here is a relevant article.

http://www.theguardian.com/australia-news/2015/apr/10/ato-has-comfortable-relationship-with-big-accountancy-firms-senate-hears

And more ...

Do you know who this person is?

More on her ... https://au.lifestyle.yahoo.com/marie-claire/work-and-wellbeing/career-and-money/a/21975220/industry-influencers-maile-carnegie-managing-director-google-australia-and-new-zealand/

She is Maile Carnegie, MD (Managing Director) of Google Australia and New Zealand. Great job. She has been involved in the recent tax debate. Have you seen her in the media? How would you handle this difficult issue?

http://www.theguardian.com/australia-news/2015/apr/08/google-apple-and-microsoft-defend-tax-set-up-that-shifts-revenue-offshore

Wednesday, 8 April 2015

Accounting for creditors ...

Let's consider the new recording and reporting in relation to creditors

1. Recording

Document.  The documentary evidence of a credit purchase is an Invoice.
Stock card.  Same as cash purchase but use Invoice in the details column not Cheque.
Journals.  Use Purchases Journal (or Credit Purchases Journal) for creditor invoices.
Creditor payments: The Cash Payments Journal will include a Creditor or Creditors Control column. This will record cash paid to the creditor plus any discount revenue that the creditor offered and the business took advantage of. There will also be a discount revenue column to record the discount revenue taken by the business. This discount column, is a non cash item. Discount revenue is cash that was not paid. Remember that!
General Ledger.  Will include Creditors Control ledger account which is a summary of all creditor transactions. Think summary or total account for creditors.
Debits will be Bank/Discount Revenue.
Credits will be opening balance and Stock Control/GST Clearing.
Creditors Control is a key account so remember these debits and credits.
The Trial Balance will include Creditors Control.
Creditors Subsidiary Ledger.  This is a ledger just for individual creditors. Remember to use the specific date of the transaction in the CSL.
Creditors Schedule.  This shows the individual creditor balances and the total which should equal the balance in the Creditors Control Account.

2. Reporting

Cash Flow Statement.  Payments will include creditor payments. This will be the total of the Creditors column in the CPJ less any discount revenue. Remember that!
Income Statement.
'Other revenue' will usually include Discount Revenue. That's it!
Balance Sheet. Creditors will be reported as current liabilities as they represent a current obligation that will lead to a future outflow that will be paid by the business within 12 months (usually 30 days).