What accounting/money software do you use?

[RockNRollPig]

What software do you use to keep up with all you income, profit, expenditures, etc.?

[r2d2]

A Post-It note. There isnt much too add up :)

But I would probably use Excel to keep track of things.

[eMEraLdwPn]

i'm actually planning to do this later today, since i haven't been keeping track of anything, or taking out any taxes... i'm just going to make a spreadsheet in excel.

[Westech]

Excel. I tried using Quicken once, but it's just too much trouble for what I need. I just make sure I put in each income and expense into Excel as it happens, and I'm good to go. Then at tax time I just sum everything up, print it out, and bring it to my accountant.

[pas]

I used Quicken for a while, but lost interest - didn't feel it was providing much benefit. I've tried out Quickbooks - it's quite powerful, but never really used it. I do use TurboTax every year - huge timesaver. I use Excel too for some stuff.

[Chris]

I tried using Quickbooks once, way too overbearing. All I wanted to do is keep track of expenses and income, and it was throwing all this crap at me, wanting me to do invoicing through it, etc etc. Plus it just about takes over your computer with it's digital rights management.

I use a simply mysql database I made to keep track of expenses, although I only enter into it at the end of the year (until then I have my huge file). And I keep track of income in excel.

[James]

Income and profit... These are words I'd like to get a little more familiar with ;)

[chromate]

I just use excel with three columns: transaction, income and expense. Maybe not the best way to do it, but my accounts are so simple I don't really need anything else. If I started an ecommerce store, then I would probably use Sage. Though, I haven't really looked into it.

Thankfully, in the uk under we can just enter the total amounts online at the inland revenue website and it will work out the tax for you.

[AndyH]

I have not used, or do not use any yet.

I will be using what my accountant tells me to, soon.

Because of not using any I will be paying 48% tax on my income. Not anymore though. :)

[moonshield]

i use quicken... its quick and easy, or maybe i dont know any better...

I use an older version to keep away from that activation crap.

[ozgression]

I have not used, or do not use any yet.

I will be using what my accountant tells me to, soon.

Because of not using any I will be paying 48% tax on my income. Not anymore though. :)

You incorporated? Did you have an ABN before you formed a company? If so, did you keep the same ABN for your company? Do you pay yourself a salary? And if so, do you need to make super contributions (on your own behalf)? :)

Sorry for all the questions, but i am considering considering starting a company soon... just wondering what's involved (i will see an accountant soon, but would like to hear any input you may have).

Cheers...
________
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[incka]

Currently I don't keep track of things, but soons I will send all info to an accountant I'm getting...

[AndyH]

You incorporated? Did you have an ABN before you formed a company? If so, did you keep the same ABN for your company? Do you pay yourself a salary? And if so, do you need to make super contributions (on your own behalf)? :)

Sorry for all the questions, but i am considering considering starting a company soon... just wondering what's involved (i will see an accountant soon, but would like to hear any input you may have).

Cheers...

Not exactly. I didn't have an ABN and still won't. I am selling all my websites to a trust that I am principal of (I can explain the "parts" to a trust, what is needed and what everyones role is if you want).

It is a very basic setup and just suggest it to your accountant and see what their opinion is.

For me, it is perfect for two main reasons -

Tax benifits - I can control the personal income I make (keep it under $52,000/yr). The trust can buy shares and property so I don't need to get it out, then buy them.

Assest protection - in the case I was sued and made to pay loads of money I won't have any assests in my name - car, house etc.

My personal income will be from selling websites to the trust (sell 5 at $10,000 each a year) and/or being a benerficiery of the trust. I could also get an income by working on the websites.

Got a letter yesterday about signing the trust deed, will do that this week coming. :)

Edit: All up it will cost about $1,200 to set all this up so it is very very very worthwhile.

[Xander]

I think the important thing is to keep as much info as you can, you can always throw it away later but can't retrieve it as easily. Using a spreadsheet should be fine for most people, but if you want to do reports/costing/etc the right accountancy programs can help.

[moonshield]

yes, Xander is right... keeping info on everything that you do financially is key.

[ozgression]

Thanks for the details Andy...

Cheers
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[LuckyShima]

My personal income will be from selling websites to the trust (sell 5 at $10,000 each a year)
Great idea Andy, but if you are not paying capital gains tax then these sales are subject to GST (10% sales tax).

[ozgression]

No they aren't.
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[LuckyShima]

No problem for me ... but can you explain exactly why you think it is exempt?

http://www.ato.gov.au/individuals/content.asp?doc=/content/17199.htm&page=1&pc=001/002/036/001&mnu=1148&mfp=001/002&st=&cy=1

"For GST purposes a supply includes:

A supply of goods and/or services
Provision of advice or information
A grant, assignment or surrender of real property
A creation, grant, transfer, assignment or surrender of any right
A financial supply (see page 42 of the BAS Instructions) and
An entry into or release from an obligation to do anything, to refrain from an act or to tolerate an act or situation"

[ozgression]

Because if your turnover is $50k p.a or less you have the option to not register for GST.

The only thing I think Andy needs is an ABN (but that's for him and his accountant to decide).
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[LuckyShima]

Oh yes ... you are correct. It is still subject to GST, it is not exempt, but GST is not payable by the seller and the seller cannot charge for the GST, and any problems arising later, such as the seller's GST liable income going over the $50,000 level, means that the seller must pay accrued GST on all sales made in the period.

[ozgression]

I never said it was exempt, I said he doesn't have to worry about paying it.
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[AndyH]

Not sure on the capital gains tax. There might be, in which case I will simply sell the websites for much less ($1 each if I wanted) and then get the personal income out of the trust by doing work on the sites.

Just whenever I want to do something such as get money out, buy property etc. I will have to give the accountant and quick call and see how to do it.

[LuckyShima]

I never said it was exempt, I said he doesn't have to worry about paying it.
There might be some misunderstanding here, but you never said he "doesn't have to worry about paying it" until I asked you why you thought it was exempt.

I said:

Great idea Andy, but if you are not paying capital gains tax then these sales are subject to GST (10% sales tax).
You said:

No they aren't.
i.e. they are not subject to GST, rather than that he does not have to worry about paying the GST (because they are in fact subject to the GST).

So I asked you why they were exempt:

No problem for me ... but can you explain exactly why you think it is exempt?
And the reason you gave for them being exempt was:

Because if your turnover is $50k p.a or less you have the option to not register for GST.
Not that they were exempt but that he did not have to pay.

[ozgression]

Yes it is an misunderstanding. I was talking about why Andy doesn't have to charge his trust GST ;)
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