This practical guide covers not only bookkeeping essentials but also a range of accounting and taxation issues that tax agents, bookkeepers, accountants and business owners need to be aware of when dealing with their clients. It has a very practical approach, with numerous worked examples, diagrams, checklists, tables and FAQs.
Topics covered include:
- an overview of basic bookkeeping and accounting principles
- how to prepare a set of financial statements for clients
- key taxation principles that bookkeepers need to be aware of, including income tax, GST, and FBT
- guidance on the practicalities of payroll and KiwiSaver
- comprehensive examples of how to prepare a GST return under both the invoice and payment basis.
A list of commonly asked questions is included at the end of each chapter.
New in this edition:
The third edition contains a new chapter on basic income tax principles supported by examples on how to calculate the income tax liability for an individual and company. Practical information on how to file income tax returns is also provided. This edition has also been updated to take into account recent changes in relation to payday reporting and Inland Revenue’s business transformation programme.
Read some sample questions and answers which touch on some of the areas covered in the book HERE
Table of contents:
Chapter 1 — Introduction to bookkeeping
Chapter 2 — Recording transactions
Chapter 3 — Adjusting entries and the preparation of the financial statements
Chapter 4 — Accounting for GST and completing the GST return
Chapter 5 — Accounting for cash, debtors and creditors
Chapter 6 — Accounting and taxation consequences of inventory
Chapter 7 — Accounting for non-current assets
Chapter 8 — Financial statement analysis
Chapter 9 — Calculating income tax
Chapter 10 — Understanding GST
Chapter 11 — Depreciation for taxation purposes
Chapter 12 — Payroll and KiwiSaver
Chapter 13 — Understanding fringe benefit tax
Chapter 14 — Resources and checklists