Resource Kit Institute of Certified Bookkeepers Making you count

Transcription

1 Resource Kit 2015 Institute of Certified Bookkeepers Making you count

2 Ltd Executive Director: Matthew Addison Company Directors: John Birse Amanda Linton James Carter Garry Carter General Manager Rick Van Dyk Events and Network Meetings Co-Ordinator Carmel Wright Management Support Simone Hall Emily Wood Member Services Jan Tacey Toni Ortika Jessica Mierke Resource Production Helen Harrison Technical Resources and Support Chris McComb Deb Thompson Jo Voight Pauline Walton Education Sector Marian Brown Website Thamer Al-Merry Enquiries Phone: Fax: Web:

3 Institute of Certified Bookkeepers The Institute and its Objectives Making you count The Institute of Certified Bookkeepers is the largest bookkeeping institute in the world. It promotes and maintains the standards of bookkeeping as a profession, through the establishment of a series of relevant qualifications and the award of grades of membership that recognise academic attainment, working experience and competence. The Institute s objectives are: To promote bookkeeping as a profession To enable bookkeeping to gain recognition as an integral part of the financial profession To promote training in the principles of bookkeeping To develop personal study skills and improve confidence of those persons who undertake a course in bookkeeping To enable the achievement of a qualification, which may be used to enhance prospects for progression into higher levels of study To improve the career prospects of its members Consultation with commerce and industry has confirmed and amplified the Institute s assessment of the need for qualified bookkeepers. Employers both large and small are fully supportive of the objectives of The Institute of Certified Bookkeepers The Institute of Certified Bookkeepers (ICB) provides bookkeepers with the co-operative forum to be the best they can be. ICB is about bookkeepers. Bookkeepers helping bookkeepers help business. ICB aims to bring certainty to the bookkeeping profession and all involved in it and all those affected by it. We answer the questions: What does a bookkeeper do? What does a BAS Agent do? How do I prove my bookkeeping skills? How do I improve my bookkeeping skills? How do I do bookkeeping better? What are the benefits of being part of a professional organisation for bookkeepers? Page 3

4 Resources - Explanations BAS Agent providing services Templates for a BAS Agent to use with their clients Guidance on how to act as an agent Templates for BAS Agents to use Working with your clients as a competent BAS Agent Relevant for BAS Agents. Being a BAS Agent provides systems and knowledge on how to become a BAS Agent, how to be a BAS Agent and how to comply with the obligations of being a BAS Agent. Guidance on completing the TPB forms Explanation of the Code of Conduct Relevant for BAS Agents or those aspiring to be. Business Matters includes those items of knowledge and other areas a bookkeeper often becomes involved in providing to businesses that aren t strictly bookkeeping but are about running a business. End of Year covers all those areas of tax and compliance that are unique to end of year processes. End of year Payroll, preparation and lodgment of Payment Summaries TPAR Taxable Payment Annual Reports Preparation of End of Year accounts and information for the business or the accountant Relevant for all people doing end of year bookkeeping. GST & BAS is the bookkeeping and knowledge to get GST correct and prepare and lodge the BAS (It is not about being a BAS Agent, as such although it covers work a BAS Agent may do). Relevant for all people involved in how GST applies and in preparing a BAS. Payroll provides knowledge on all areas a bookkeeper needs to think about when preparing or advising on Payroll. Relevant for all people involved in payroll Software gets specific about how to use software. Guidance on the respective Partner programs Feature by feature comparison of product vs product How to use software in different ways How to get help on the software Relevant for everyone using software. Your Bookkeeping Business is a library of resources and information about being in the business of providing bookkeeping services. Page 4

5 Resource Kit - Bookkeeping Institute of Certified Bookkeepers Process Kit ICB Guide to the Bookkeeping Process ICB Guide to Chart of Accounts ICB Guide to Cash vs Accrual ICB Guide to Debit and Credits ICB Guide to Ledgers ICB Guide to Assets ICB Guide to Fringe Benefits Tax Resource Library ATO AUSKey and Lodgement ATO Debt Management Bank Feeds Budgets and Cashflow Break Even Analysis Capital Gains Tax Car Allowances and Reimbursements Chattel Mortgage, Novated Lease and Hire Purchase Consignment Sales Contra Transactions Crown Funding Detecting Problems, Mistakes and/or Fraud Export/Import of Goods, Landed Costs and Foreign Currency Debt Factoring Disbursements vs OnCosts Insolvency Concerns Making Payments on Behalf of clients Point of Sale Operations Prepayments Pre-Establishment Costs Record Keeping Single Ledger Taxable Payments Reporting Trade Finance Trusts, Partnerships and Companies Page 5

6 Resource Kit - Payroll Process Kit ICB Guide to PAYG Withholding ICB Guide to Payment Summaries ICB Guide to Terminations ICB Guide to Superannuation and Superstream ICB Guide to Reportable Superannuation Contributions (RESC) ICB Guide to Payroll Tax ICB Checklist for New Employee ICB Guide to Employer Obligations Resource Library Allowances Allowances Apprentices Awards Casual Workers Child Support Payments Contractor vs Employee Death of an Employee Employment Contract Requirements Entitlements Long Service Leave Medical Certificates Overseas Workers Paid Parental Leave PAYG Withholding Payslips Policy Payroll Management Public Holidays Annual, Personal and Long Service Leave Salary Sacrifice Single Touch Payroll Voluntary Withholding Agreements Workers Compensation Page 6

7 Resource Kit - End of Year Institute of Certified Bookkeepers Process Kit ICB Checklist for End of Year (EOY) ICB Checklist for End of Year Payroll ICB Guide to EOY Reconciliations of Banks, Debtors and Creditors, Inventory PAYG Withholding, Superannuation, Loans, GST Control Accounts, Payroll Tax and Asset ICB Guide to EOY BAS Reconciliation ICB Guide to EOY Preparing and Lodging Payment Summaries ICB Guide to EOY Reportable Superannuation Contributions (RESC) ICB Guide to EOY Payment Summaries, Terminations and Correcting Errors ICB Guide to EOY Taxable Payments Annual Report (TPAR) Resource Library Checklist Information for Accountants Client Pack for Accountant Client Pack for Bookkeeper EOY Considerations EOY Project Plan for Business Owner EOY Project Plan for Bookkeeper EOY Tip Sheet EOY Intuit Guide EOY MYOB Guide EOY Reckon Guide EOY Saasu Guide EOY Xero Guide EOY Last BAS correcting GST Mistakes Payment Summaries Amending and Re-lodging Payment Summaries Unclaimed Payment Summaries Who is Allowed to Sign Page 7

8 Resource Kit - GST & BAS Process Kit ICB Guide to GST ICB Guide to GST reporting on the BAS ICB Checklist for GST Compliance ICB Checklist BAS Preparation ICB Guide to BAS Reconciliation and Preparation ICB Guide to Fuel Tax ICB Guide to Deferred GST Scheme ICB Guide to PAYG Instalment on the BAS ICB Guide to PAYG Withholding on the BAS Resource Library Charities, Donations, Grants and Sponsorships Checking ABN and Tax Invoices of Suppliers Converting Cash to Accrual Converting Accrual to Cash Correcting GST mistakes on BAS Deposits, Laybys and Part Payments Disbursements / Reimbursements / OnCosts Gift Vouchers and Sale Discounts GST for Commercial Accommodation GST for Hire Purchase and Chattel Mortgage GST Importing Goods from Overseas GST Luxury Car and Motor Vehicle Car Limit Recipient Created Tax Invoice Retention Payments in Building and Construction Industry Second Hand Goods Tax Codes in Software Tax Invoices Wine Equalisation on the BAS Page 8

9 Resource Kit - BAS Agents Institute of Certified Bookkeepers Knowledge Base ICB Definitive Guide to being a BAS Agent ICB Guide to BAS Agent Code of Conduct ICB Guide to taking Reasonable Care ICB Guide to Applying and Renewing as a BAS Agent ICB Checklist for BAS Agents ICB Guide to Business Structures for BAS Agents Resource Library ATO BAS Agent Portal Use AUSKey - How to Obtain and Use BAS Agent Education Requirements Conflict of Interest Contractor Relationships for BAS Agents Correcting a Mistake on a BAS Integrated Client Account Professional Indemnity Insurance Professional Development Registering Clients for PAYGW on Portal Requesting for an Extension Supervising BAS Agent Varying PAYG Instalments Tax Practitioner Board (TPB) TPB Relevant Experience Requirements Use Online Services First Using Another Agent for Supervision Using the Mail Facility in the BAS Agent Portal Varying PAYG Instalment Details Your BAS Agent Checklist Page 9

10 Resource Kit - Software Process Kit ICB Guide to GovReports ICB Software Feature Comparison Resource Library Accounting Software Options for your Clients and Business ATO Portal and using the AUSKey Business use of IT Cloud Accounting Converting Accounting Software Systems Common / Single Ledger Comparison of SBR Enables Software Dropbox and SugarSync Implementing an Accounting Software System Ownership of the Desktop Datafile Ownership of the Cloud Based Software SBR Reporting Subscriptions Expires Who owns the software Subscriptions Terms and Conditions Access to the Financials Subscriptions Terms and Conditions Backup of Online Data Subscriptions Terms and Conditions Privacy Page 10

11 Resource Kit - Your Bookkeeping Business Knowledge Base ICB Conference 2011 Engaging and Working with Clients ICB Conference 2012 Bookkeepers Embracing the Changes in 2012 ICB Conference 2013 The Cloud, Bank Feeds and Technology ICB Conference 2014 Essential Learning, Essential Knowledge ICB Conference 2015 Bookkeeping Now and the Future ICB Pathway to Credibility ICB Tips to starting a New Business Resource Library Audit, Statement of Review Charge Rate Client Information Privacy Confronting a Dodgy Client Disclosure of Commissions to Clients Dispute Resolution Engaging a Bookkeeper Fixed Fees Insolvent Clients Price Changes Using a Site Report Page 11

12 Resource Kit - Business Matters Knowledge Base ICB Guide to Business Structures ICB Guide to a Business Plan ICB Guide to Developing your Business Resource Library Audited by the ATO What to Expect AUSKey Charging Late Fees Civil Claims Action How To Client Information Privacy Collecting Debts Debt Factoring Disclosure of Commissions to Clients Dispute Resolution Dumping your Client Emergency Plans Employing and Managing Staff Engaging a Bookkeeper Growing your Business Marketing for New clients Obligations of being in Business Stop your Employees taking your Clients when they leave Uniforms Valuing a Business for Sale Page 12

13 Resource Kit - Templates, Checklists, Forms Bookkeeper Checklist - End of Month Checklist - Initial File Review Policy Financial Management Template Payroll Checklist Payroll and Payroll Tax Employment Agreement Leave Application Authority to Payslip Policy Payroll Management Template Employee Termination Template End of Year Authority to Payment Summary Authority to Lodge Payment Summary Bookkeeper End of Year Client Meeting Template Bookkeeper End of Year Project Plan Template Checklist - End of Year Preparation Checklist - Payment Summary Checklist - Payroll End of year Checklist for Accountant Checklist - BAS Reconciliation End of Year GST and BAS Checklist - BAS Preparation BAS Agent Authority to access Client Information on Portal Your Bookkeeping Business Site Report or Bookkeeper Task Report Engagement Letter Fee Increase Letter BAS Agents BAS Agent Authority to Lodge a Business Activity Statement BAS Agent Authority to Lodge Payment Summary Page 13

14 Resource Kit - Webinars Library of Webinars Bookkeeping Bookkeeping Cycle Sales Bookkeeping Cycle Purchases Bookkeeping Cycle Banking Bookkeeping Cycle End of Month Bookkeeping Cycle BAS Bookkeeping Cycle End of Year GST & BAS Quarterly BAS Review BAS Agent Online Renewal End of Year Preparing for End of Year Preparing Payment Summaries and Superannuation Payroll Terminations and ETP Payroll Bookkeeping Process Payroll Entitlements Superstream Software MYOB Bank Feeds How to Setup and Use Xero Payroll How to Setup and Use Gov Reports How to Use Gov Reports CLM Intuit Quickbooks Online BAS Agents Using the BAS Agent Portal BAS Agent Online Renewal Page 14

15 Becoming a member of the Institute is like joining a club. You will receive strong on-going support from a team of qualified professionals. You will have access to free technical advice. You will have the opportunity to meet other bookkeepers at network meetings and to update your skills through continuing professional education seminars. Benefits of ICB Membership Resources Practical, usable, everyday help. An extensive knowledge base, information library, how to guides, checklists and templates. Support Phone, and webbased support for all bookkeepers provided by bookkeepers. Accessing a network of experts when required. Updates and News Updates and News, from the website or from social media, stay right up to date with developments in the bookkeeping community. Education and Training / CPE for Bookkeepers ICB generated and monitored access to the most appropriate education and training for bookkeepers. MICB.com.au Address Enhance your professional image by adopting a your.name@micb.com.au . Client ebrief Newsletters Template newsletter provided to you for tailoring, personalising and providing to your clients. Podcasts Access the newsletter information by podcast allowing you to listen at your leisure. Professional ICB Name Badge Promote your accreditation and membership of ICB with this professional badge. Products and Solutions for Bookkeepers ICB selected and screened third party solutions for you and your clients at ICB member preferential pricing and on ICB member only terms. Books, manuals, ebooks, technical references, Cert IV providers, software solutions, lodgement and business management solutions. Webinars ICB designed and provided webinars on information, topics, training and resources for bookkeepers. Provided in a context for bookkeepers. Includes monthly network meeting webinars to work through key topics from the newsletter. Page 15

16 Network Meetings Meet with other members of ICB to discuss your world of bookkeeping. Discussions centered around (but not limited to) the newsletter discussing and solving bookkeeping issues. Join the 700 members per month in over 60 locations. Forum for Bookkeepers Access to engaging in peer to peer support and discussions (link to forum) - Insurance: Professional Indemnity Insurance, aswell as other insurance needs, preferentially priced and provided to ICB members. Newsletters ICB Members newsletter contains member only resources and information for bookkeepers. Provided as , pdfs, podcasts and webinars. Access the version that suits you. Listed on ICB Find a Bookkeeper The ICB published and promoted list of Members in Practice. The directory of the best Certified Bookkeepers available to assist businesses. Notifications of Business looking for Bookkeepers In Practice Members can receive notifications when a business is looking for help with their bookkeeping. BAS Agents Specific guidance and assistance to members who are BAS Agents or involved in preparation of the BAS. Gain Certification in your Bookkeeping Skills Gain ICB certification to assist in your promotion of your skills. Government access, lobbying, information and connection through ICB ATO Access and liaison through the ICB. Use of the ICB Crest on your stationery and website Access to Experts in Providing Support ICB has personnel and external experts able to be provide extensive bookkeeping and business support. Mentoring Program of Members by Members Business Information Sheets Explanations for you to provide to your clients ICBenefits ICBenefits provides commercial advantage to members on everyday items. Page 16

17 Workforce Guardian Factsheets for Members Factsheet 1 - Dismissal Period Notice Factsheet 2 - Record Keeping Requirements Factsheet 3 - Cashing Out Leave Entitlements Factsheet 4 - Long Service Leave Factsheet 5 - Fair Work Inspections Factsheet 6 - Enterprise Agreements Factsheet 7 - Redundancy Factsheet 8 - Unfair Dismissal Factsheet 9 - Adverse Action Factsheet 10 - Displinary Action Factsheet 11 - Workplace Bulling Factsheet 12 - Probationary Periods Factsheet 13 - Modern Awards Factsheet 14 - National Employment Standards Factsheet 15 - Payroll Deductions The above factsheets are available for ICB Members to download at: Page 17

18 Insurance Facility for Members of the Institute of Certified Bookkeepers (ICB) Professional Indemnity You Get What You Pay For Frequently Asked Questions of ICB s Preferred Insurance Provider Question: Does the policy incure an excess on claims? Answer: The IME/Chubb insurance policy does not charge an excess on claims for businesses whose turnover is less than $200,000. Question: Run off cover - what is it? Answer: The IME/Chubb insurance policy provides Run-Off Cover for Seven Years- Free of charge. Most Professional Indemnity policies only provide at an additional cost. When you sell your business, retire or simply close it, you may still be responsible and liable under the Statute of Limitations for claims made against you for up to 7 years. Question: How many reinstatements of the limit of cover are offered? Answer: The IME/Chubb insurance policy provides Unlimited Reinstatements of Cover. Should you have a Professional Indemnity Claim(s), your Insured Limit simply resets to the full amount. This ensures you will always have full cover Question: Does the Policy Include Legal Defense costs in addition tothe sum insured? Answer: The IME/Chubb Insurance policy offers cover for legal and defense costs in addition to the sum insured. Thereisno limitation on legal anddefense costs. We have noticed some insurer s sublimit this cover to $50,000 Question: Does the policy include cover for the sale, installation, configuration & training of commercially available software and the use of remote location software? Answer: The IME/Chubb insurance policy has no exclusions relating to the above and provides cover for all of the above activities. Question: Does the policy cover Cloud Computing services such as Offsite Accounting & Data Storage? Answer: IME/Chubb Includes cover for Breach of Privacy or losses incurred by your negligence Question: Does the Policy offer Return of Professional Fees? Answer: The IME/Chubb policy provides cover for the Return of Professional Fees,under Fee & Mitigation of Costs. We all have clients that push the boundaries regarding their payment for services you supply. Often out of goodwill you continue to supply these services until you or they terminate the relationship. It is at this time that any payment from your client may not be forthcoming. After much chasing you usually give up because the legal costs are too high to recover your outstanding fees. The ICB preferred Insurance Policy includes an automatic benefit covering legal costs to chase up those outstanding amounts. The legal costs are sub-limitedto $50,000. Question: Does the policy cover the completion of regulatory documents, such as super guarantee, workers compensation etc? Answer: The IME/Chubb policy provides cover for such work where the bookkeeper has written authority from the client to complete such documents. Question: Does the policy coversigning of cheques and/or electronic transfer of monies? Answer: The IME/Chubb policy provides cover for such work where the bookkeeper has written authority from the client to undertake such work. This authority also needs to stipulate the levels of authority for such money transactions. Question: Does the policy cover privacy remediation costs Answer: Breach of Privacy can be verbal, written or simply losing data on a USB stick. IME/Chubb policy covers up to $100,000 to rectify any damages caused by the loss. Question: Does the policy cover Statutory Fines & Penalties as imposed by government department such as Fair Work, ATO, ASIC, and TPB Answer: IME/Chubb cover up to $ 50,000 automatically. Toapply or for further information please call us on Made Easy Financial Group Pty Ltd ABN Member of NIBA, FBAA & FCA AFSL Page 18

19 Copyright 2015 The Institute of Certified Bookkeepers Ltd. All rights reserved. No part of this booklet maybe reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying or by information retrieval systems) without permission in writing from Institute of Certified Bookkeepers. ICB may take legal action against a person who infringes on their copyright though unauthorised copying. The Institute of Certified Bookkeepers Ltd is a member based company limited by Guarantee. ABN: Limitation of Liability The material contained within this manual is designed to provide information for Bookkeepers based on the presentation at the conference. We note that different circumstances might apply from Bookkeeper to Bookkeeper and situation to situation. Before you rely on this information for any important matters you should make your own enquiries and validation to ascertain if it is appropriate and correct to your circumstances. Page 19

20 Making you count Institute of Certified Bookkeepers Level 27, Rialto South Tower 525 Collins Street Melbourne Vic ICB Strategic Partners