Activity 1: Appendix D; Financial Activity Tasks
A: Asset Register (for the Month of June)
B: Transaction Allocation and Coding
C: Identification of receipts and payments
Coding: R = Revenue, P = Payment, CR = Cash Receipt
D: Allowances and deductions
E: Other statutory reports for a partnership
Option 1: calculate GST and report quarterly
G1: 420,000
Does the amount show at G1 include GST: YES
PAYG tax withheld:
W1: 12,500
Option 1: Pay a PAYG instalment amount quarterly
T7: 2,210
Summary:
1A: 38,181
4: 2,040
8A: 40,221
1B: 36,298
8B: 36,298
Payment amount: 9: 3,923
Annual income tax
Fringe benefits tax
Taxable Payment Reports
E. Draft email
Activity 2: Double Entry Bookkeeping
Example 1:
Example 2:
Example 3:
Example 4:
Possum Plumbing Services
The purpose of double entry bookkeeping:
Activity 3: Digital technologies to report financial activities
Information technology makes use of digital devices, computers and telecommunications equipment to store, retrieve, transmit and manipulate data. The use of technology in business transactions for the purpose of accounting records is considered to be important and advantageous. The current trend for financial accounting is to minimize the generation of paper reports due to the reason that it requires a significant amount of space for storage. Computer and information technology eases this burden. Accounting information systems are interrelated subsystems to ease the collection, processing, storing, transforming, and distributing of financial and non-financial information for financial users. Financial users can use these financial data for planning, decision making, and internal control purposes.
The STATA technology system is perceived to be appropriate for the needs of the JIMMON CONSTRUCTION Company. The main advantage of the system is that it uses advanced management tools to store spatial data in the computer system. Another advantage is that it has a huge management database that can be used to store relevant information such as the client list as well as reliable sub-contractors and their respective fees. The value of the system is that it can be used to track small and large value transactions as well as contain the day-to-day expenses and revenues of the company. The system further minimizes the occurrence of misplaced documents, which is common in manual bookkeeping operations.
The additional value is that the financial user can require the technology to develop relevant reports such as the estimated time of completion for a job or whether the company will generate profits from a prospective construction job. The data from the system can be imported or exported to other applications such as the Excel, which can be used to develop business plans or job construction proposals. Its greatest value is that it can be used by a single bookkeeper.
Works Cited
ATO. Before you start preparing an activity statement. ATO, 2016. Web. 14 May 2016. <https://www.ato.gov.au/Business/GST/In-detail/Managing-GST-in-your-business/Reporting,-paying-and-activity-statements/GST---completing-your-activity-statement/?page=2#Before_you_start_preparing_an_activity_statement>
ATO. Business Activity Statement. ATO, 2016. Web. 14 May 2016. <https://www.ato.gov.au/uploadedFiles/Content/CAS/downloads/BUS25199Nat4189s.pdf>
ATO. Due dates for lodging and paying your BAS. ATO, 2016. Web. 14 May 2016. <https://www.ato.gov.au/business/business-activity-statements-(bas)/lodging-and-paying-your-bas/due-dates-for-lodging-and-paying-your-bas/>
Wood, Frank and David Horner. Business Accounting Basics. Harlow, England: Financial Times Prentice Hall, 2010. Print.
