Xero Accounting GST, Reporting & BAS Training Course
This Xero Course builds on the Xero Bank Reconciliation Course. It explores a full quarter worth of transactions using a case study which features a budding entrepreneur and we’ve chosen this case study because it enables us to include transactions that make GST and BAS reporting tricky; including:
- purchases which are GST-free,
- those which have partial GST, or are
- international payments.
- varying GST Transactions
The course includes capital purchases (a vehicle) and includes the different costs of running a vehicle should be treated, as well as expenses like entertainment; when FBT applies and an introduction to Payroll where you’ll explore how various aspects of wages are treated in the BAS.
BAS Report and PAYG Introduction
After correctly coding all of these transactions, you’ll set up the Financial Settings of a Business in Xero with regard to the GST registration (Cash vs Accrual and quarterly vs monthly). You’ll run a BAS report, which is combined with our specially-designed “Ad Hoc Payroll” Excel spreadsheet case study calculations in order to work out the final liabilities.
As you progress through this course you’ll see the results of the business owners ‘change of strategy’ and focus for the business. You’ll see what these results look like at the end of the quarter, as well as month-by-month comparisons of Profit and Loss and Balance Sheet reports.
Decisions Based on Financial Reports
At the end of the course you’ll explore how the business owner can use the information in the reports to change the direction of the business, as well as how he will be able to configure their software to obtain even better reports at the end of the next quarterly reporting period.
Apart from performing all of a businesses compliance requirements, decision making is one of the biggest reasons for business to maintain detailed records and use computerised accounting software.
Xero Accounting Cashflow, Budgets & ROI Training Course
Xero Cashflow Reporting, Budgets & ROI Training Course follows the scenario and case study featured in our Xero GST, Reporting and BAS Course by expanding on the sample company scenario for an extra quarter for BAS and Reporting purposes.
In this Xero Course you’ll learn how to import the bank transactions (rather than enter them manually that we teach in the Xero Daily Transactions “Essentials” Training Course) and manage the many and varied transactions that our typical entrepreneur, Jerry, enters into, for instance:
- getting a commercial building loan
- buying a commercial property
- completing a real estate agents’ course (because he’s changing business direction and running several enterprises at the same time).
In this Xero course we explore the typical overspending that some new entrepreneurs go through and understand how these transactions affect the cashflow of a business.
You’ll learn about the financing, operational and investment aspects of a cashflow statement and about alternative strategies that a business can take regarding its spending and credit risk management.
You’ll go through other Credit Management reports like Aged Receivables and understand the tools available to small businesses for:
- reigning in their accounts receivable
- getting money into their bank accounts quicker
- using their accounting software to help perform better marketing and operational management by budgeting and understanding their Return On Investment.
Accounting for real-world changes for start ups
These are some of the topics included:You’ll explore some business opportunities that reveal how corporate employees can become small business owners and consultants in their local area with the use of cloud accounting software.
- Changing a business name
- Subscribing to HiPages (HomeImprovementPages.com.au) and using it as a lead source for trades
- Real estate agents’ course and setting up a real estate agency
- How to earn money selling software training courses – including creating quotes, invoice and receiving payments
- Advertising on LinkedIn to find a real estate agent employee
- Setting up a professional WordPress website
- Exploring strategies to win regular work
- Using car trailers as an advertising medium
- Borrowing cost for Cubbyhole
- How to make a loan and purchase transaction for Cubbyhole commercial warehouse
- Deposit and loan for commercial property purchase
- Making changes to inventory
- Creating invoices for sales and marketing contract work
- Importing bank statements to save on data entry
- Creating bank rules
- Matching transactions for bank statements from a bank file
- Create transactions for BAS refund
- Accounting for motor vehicle depreciation
- Accounting for commercial premises depreciation
- PAYG & superannuation
- Cash flow statements
- Setting budgets
- Return on investment (ROI) analysis
Real life case study examples
Learn about the experiences as an entrepreneur traverses the leap from one business type to another; how he manages financials, marketing and work life balance.
Xero Accounting Projects Training Course
Measuring the true profitability of a small labourers building project
In this course you will learn the importance of keeping track of all product AND labour costs for every project. You’ll see how the erection of a small tin shed can actually cost the builder money once he start to have to use his truck and some extra men to collect the shed in it’s original packaging, lay down a concrete slab and require several trips to the hardware store for components that wasn’t planned for as well as the costs associated with being rained out on one of their days on site.
Here’s a summary of the activities that you’ll learn to track.
Key elements in this case study are:
- Some products are in stock in the builders truck, others need to be bought to complete the job
- Cost of labourers time to dig a plot for the rio and put aside on the site
- Trips to the hardware shop for wood and nails for formwork
- Time to build and assemble the formwork
- Leave the project halfway through the day
- Filling the formwork with concrete but needing to buy another 10 bags because they underestimated the volume needed
- Fill and smooth the concrete then leave for the day
- Collect and deliver the shed to the site (requires 2 people)
- Cost of unknowns at the site like no power, negotiating with the neighbour and getting an extension cord
- Calling over a third person who is working 25 minutes away because they need him to erect the shed
At the end you will see how much the estimator quoted, how much the whole exercise cost and whether that little project was even worth doing.