12.13简历班

KathyC

How do you adjust an incorrect payroll payment?
Overpayment:
Contact the employee and obtain the consent for deduction of over amount in the next pay;
Underpayment:        
Pay employee the difference in next pay.

How often do you submit your super payment/ PAYG/GST
Super payment: Qtrly
PAYG: Monthly (Annual withholding obligations more than $25k but don’t exceed $1M)
GST: Monthly (annual turnover $20M or More)

How often do you reconcile you bank account and how do you follow up the unreconciled items?
Monthly, internal email to the relevant parties for the unreconciled items and figure out the problem.

What are your largest balance sheet accounts?-----

What is your month end procedure? According to company month end timetable :
WD1: Reconcile Aged Debtors; WD2 Bank Recs; Aged Debtors Recs; WD3 Inter-company elimination Journals WD4 Collate Bank Recs, Update and Reconcile cash lead schedule; complete bad debts recon;Gain/ Loss on sale Rec; WD5 :Corporate debtors AR recos ; Update and Reconcile Lead Schedule-Corporate sundry debtors; Corporate Accured Liabilities-related parties Rec ; Compliance Checklist.

Please writes down the journal for:

An AP invoice entry ($1,100 phone expense incl. 10% GST)

DR     Phone expense $ 1000
DR    GST paid             $100
       CR   Accounts Payable   $ 1,100

Disposal of an asset (Asset $ 10,000. Accumulated depreciation $8,000 totally scraps)
DR Accumulated Depreciation   $ 8,000
DR Loss on the disposal of the fixed Asset $ 2,000
                          CR Asset                        $10,000  

Prepaid expense (one rent invoice incl .GST 11,000, for 4 months beginning from current month)
DR Prepaid rent for Dec to April $ 9,900
DR    GST Paid     $1,100
              CR   Accounts Payable / Cash at Bank $ 11,000

Unrecognized revenue (Unearned Revenue or Deferred Revenue and its amortization (Prebill 11,000 incl GST to recognize in 10 months)
Liability Method
DR   Cash at bank $11,000 (Asset increase)
          CR   Unearned Revenue $9,900 (Liability increase)
          CR   GST                             $1,100

Amortization for each month: $9,900/10= $990
                                             GST: $1,100/10= $110
Month end journal adjustment – recognition $1,100 (Incl GST) as income
DR Unearned Revenue $990 (Liability decrease)
DR GST                     $110
                     CR       income / Revenue $1,100 (Income increase)

Intercompany transactions (intercompany cash transfer, intercompany trading)
1, Company A transfer $ 10,000 to Company B
A Company:
DR    Inter-company Loan -B
CR   Cash at bank
B Company:
DR    Cash at bank
    CR    Inter-company Loan -A

2, Company A paid advertisement fee $ 10,000 (excl GST) on behalf of Company B
Company A:
Debit     Accounts Receivable – Advertisement Fee for B $10,000
Debit     GST Paid $ 1,000
              Credit    Accounts Payable / Cash at Bank    $11,000
Company B:
Debit     Advertisement Fee   $ 10,000
Debit     GST Paid        $ 1,000
             Credit    Accounts Payable / Cash at Bank  for A