Accounting News Archives - InterAcct

General Ledger Budgets made fast. Increase by Month or Year from Budget or Actuals.

Paul Rainbow — Thu, 20 Apr 2023 00:58:41 +0000

We have made some improvements on the functions to calculate the Fiscal Budgets for the next year. You can now setup to use the Actual or Budgets from a prior fiscal year and add a percentage increase or decrease to the numbers on a monthly or yearly basis.

These new features and defaults are setup under the Chart of Accounts, and will be remember for future years. They can be adjusted at any stage if changes are expected in that general ledger account. E.g. Electricity Prices are expected to rise by 4% next year for example.

Then under the Budget versions, you can have setup as many different versions depending on your optimism of the forecast.

Each Version, then can have a Budget for each fiscal year.

Then you can copy the prior year’s Actual or Budget and use the percentages in the General Ledger Setup to create you your budget super fast.

Then you can create a 12 Month Budget Report which shows you the whole picture for the year.

This is the type of report you will then see when you want to run a Multi Year Budget Report.

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New Fiscal Year

Paul Rainbow — Tue, 28 Jun 2022 00:13:20 +0000

Some times it seems like Blink and you will miss it, and that is 2021/22 done. As always the new tax tables are being sent out to our clients and a new batch of people are getting ready to start with the software at the start of the new Financial year. Hopefully the new year will be smoother for the Australian Business world.

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STP 2.0

Paul Rainbow — Mon, 28 Mar 2022 01:25:59 +0000

We have completed over 60 STP 2.0 tests and are just waiting for confirmation on the last test before rolling out the change to the client base. A bigger job than STP 1.0 in some ways.

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STP 2.0 Testing

Paul Rainbow — Fri, 25 Feb 2022 02:11:28 +0000

InterAcct Software have completed the changes and testing for the STP 2.0 roll out. Now we are just waiting for the ATO to greenlight its use with clients.

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ABN Lookup

Paul Rainbow — Wed, 01 Dec 2021 05:07:17 +0000

Recently in Training a client asked when keying in details for a supplier “Can it check that the ABN is right”. For years we have had a check that its a valid ABN but no way to check that it was their valid ABN.

But the info was there online and easy to check so we recently added a quick lookup to check a suppliers ABN is for them. Taking you to the Internet lookup of that ABN.

Clicking on the link will take you to…

Quick and simple to check if you are worried.

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E-Invoicing

Paul Rainbow — Tue, 30 Nov 2021 22:31:12 +0000

The majority of these changes have now been incorporated into our standard system.

If you would like to be amongst the first to take up these changes please contact support to be part of the pilot program.

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STP2.0

Paul Rainbow — Tue, 30 Nov 2021 22:30:13 +0000

As the end of the year approaches, we are very close to putting this into production but to avoid the risk of fines for being late we have applied to the ATO for a deferment for a few months. I have been advised that even large software houses like Xero have deferred until next December. We will let people know when the testing is completed with the ATO guidelines.

The main changes relate to the level of detail that the ATO will be requiring.

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Subbies Insurance Report

Paul Rainbow — Wed, 07 Jul 2021 02:32:22 +0000

A new report yesterday was added to the standard system. Looking at reminders to subbies insurance details that have expired. The video below does a quick run through the process.

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STP Phase 2

Paul Rainbow — Mon, 11 Jan 2021 23:29:34 +0000

STP Phase 2 will come into affect for all Australian Businesses on the 1st of July 2021. InterAcct are set to meet this deadline and have the changes rolled out to all of our clients well before this date. If you have any questions please contact the Support Department.

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New Tax Tables

Paul Rainbow — Mon, 19 Oct 2020 03:22:48 +0000

InterAcct Software has the new tax tables based on the changes in legislation.

Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020.

As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.

Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020–21 income year when they lodge their income tax return.

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