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Thread: Quickbooks Journey

  1. #21
    Platinum Member AmithS's Avatar
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    Another related Q for my understanding. Say everything is done correctly and as per the law etc in capturing all data... is the profit & loss statement that QuickBooks generates essentially the same figures that will be submitted to SARS as the companies annual return?

    What I am getting at is even though you may have R100 worth of stock remaining from the previous FY which was paid for in full in the previous FY... This R100 will contribute to the now current years FY? in terms of tax returns?

  2. #22
    Platinum Member AmithS's Avatar
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    Quote Originally Posted by Andromeda View Post
    Transport inwards in that example, especially if material, is a cost of sale and is also part of the stock value at the end of any reporting period.

    Quickbooks is elegant at dealing with it.

    Have a look at the Help data for a Group Item. Bear in mind unit of sale and then explore the possibilities...
    I did abit more reading and correct me if I am wrong - QBs uses the average cost method to determine product cogs? Additional to that it uses the perpetual method continuously calculating the average price? and this is determined directly from the invoice for the product not the cost the QBs user allocates to the product...

  3. #23
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    100% correct. It values stock at average cost and therefore cost of sales too.

    Regarding the transport issue, and in fact the apples, you would probably expense the whole lot as cost of sales on acquisition, then add back the stock on hand at every reporting period, at latest cost.

  4. #24
    Platinum Member AmithS's Avatar
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    Kewl thanks Andromeda,

    So how does one handle using QBs with an accountant.

    For annual returns, do you hand over the file once all capturing is complete for them to prepare the annual returns?

    and for VAT do you hand them the file as VAT is due?

    and can you do any new capturing while the file is with your accountant?

    What would be the process?

  5. #25
    Platinum Member AmithS's Avatar
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    Hello,

    What accounting standard is applicable in South Africa. Cannot seem to get a definitive answer on the net.

    Is it IFRS or SA GAAP? or are these the same with SA GAAP adapted from IFRS...

    and how does GARP relate to this?

  6. #26
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    You should basically use IFRS for SMEs, but see the attached anyway Summary of frs audit and review v1.pdf

  7. #27
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    Quote Originally Posted by AmithS View Post
    Kewl thanks Andromeda,

    So how does one handle using QBs with an accountant.

    For annual returns, do you hand over the file once all capturing is complete for them to prepare the annual returns?

    and for VAT do you hand them the file as VAT is due?

    and can you do any new capturing while the file is with your accountant?

    What would be the process?
    Does your version produce an Accountant's Copy?

  8. #28
    Platinum Member AmithS's Avatar
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    Quote Originally Posted by Andromeda View Post
    Does your version produce an Accountant's Copy?
    Yes I can produce accountant's copy...

    Is this file sent to the accountant? and must one wait until the accountant is completed before you can continue with capturing...

    Thanks for all your input, appreciated!

  9. #29
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    Yes. Essentially you decide on the effective date. For example you would make 28/02/2018 for that financial year. Your accountant would be able to make changes up to that date. You would be able to make changes after that date.

    Once he is done he exports a very small change file which you import on your side. It helps if your accountant is familiar with Quickbooks and has your version or a later one.

    If your accountant is not QB proficient, then you would just supply the printouts asked for and he would send you a list of adjusting entries, as with other packages.

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    AmithS (07-Nov-18)

  11. #30
    Platinum Member AmithS's Avatar
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    Thanks a mil, this has been a very helpful answer

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