Happy New Financial Year

It's hard to believe another financial year is behind us. We hope it has been a good one for you. They seem to just fly by. Those lovely questionnaires from your accountants will be starting to appear and no doubt you’ve been starting to think about your year end.

The beauty of Xero is that everything rolls over very nicely.  However, there are checks that do need to be done to make sure everything is lined up.

Below is a list of some checks  we recommend you do in Xero before giving your accountant the go ahead to start your accounts.


End of Financial Year....What do we need to do?

  • Run a Reconciliation Report.   Check that your bank accounts and credit cards match your statements and bank balance on either internet banking or on your bank statement.
  • Run your Aged Receivables and write off any bad debt – see how to do this here
  • Run your Aged Payables and check that all the supplier totals match their statements.
  • Process all expense claims
  • Run a General Ledger Report. Click on the rectangle box at the bottom of the report called Export detailed General Ledger to Excel. This report will show you all your transactions and the account they have been coded to. If you need to make a change simply find the transaction and edit it. If the transaction will affect the GST the change will pull through to the next return.

Equation offer this service for you if you want to keep things simple and make sure you have it all correct.


Exciting Xero Updates

The Xero development team have been hard at work with some major updates now in place.

You can now track the quantity and value of inventory items.

Xero have updated the Payroll function. We have been working extensively with it over the past month and we love the simplicity of it.  It is particularly user friendly.

Your current subscription includes one employee on Payroll.  It is then $25 for up to 10 employees and $85 for up to 20 employees.

Equation offers full Payroll support and can easily process your Payroll for you if you are short on time.

A few tips
  • You require Payroll Administrator rights to access Payroll. You will require this right to add anyone as a Payroll user.
  • A common anniversary date will need to be the start date.
  • When you code the actual payment from your bank it goes to the wages liability account. As a default it is 814.
  • We recommend that you save a copy of every Pay Summary for future reference.
ANZ Credit Card Customers

There has been known issues for Xero customers that have live feeds into Xero through Yoodlee from their ANZ credit cards. These have now been resolved. We strongly recommend that you check that your Xero balances match your credit card balance. There may be double- ups or missed transactions in the last six month period.

To view all the transactions go to the Dashboard> Manage account> Account Transactions.  You can see all the transactions that have been imported.
If you need assistance getting it to balance to your statement  please let us know.
Xero Small Business Guides

Tips, tricks and accounting essentials for business success. Check this link out there are some very helpful articles hot off the press.
Business Success

Want Smart, Economical Asset Control?

Equation undertakes implementation and training throughout Canterbury for the Havoc Asset Tracker RFID System.
  • Are you constantly trying to locate your tools, your assets or even your staff?
  • Do you struggle to keep up with your employee health and safety requirements?
  • Would it be helpful to know what tools need safety checks at a push of a button?
  • Do you want consistent checks made on tools and sites?
The Havoc Tracker RFID Systems could be the answer for your business.

The Havoc system allows you to track and log assets according to an unlimited number of variables such as a location, staff member, duration of usage, or item, using RFID tags. These tags can be in many different forms and sizes such as stickers, ID cards, tags, key-rings and just about anything else you can dream of. Each tag contains a small amount of memory that holds an unique identifier code for up to ten years. The tag can be read with a RFID scanner on a Smart phone or a USB scanner,on a gate or through a camera on  Anroid tablets.

When a tag is scanned, the Tablet reads the unique ID and then accesses the Cloud database to retrieve the stored information associated with the tag. The asset data can be reviewed, updated and saved back to the Cloud right from the Tablet or Smartphone.

Contact us today for more information.
Nicole has just been at the 2015 Xero Conference. There are lots of exciting things on the roadmap.
We will be in touch over the next few weeks to let you know all about them.
Equation is proud to be partners with...
Keeping in touch with you is important to us, and we'd love to hear from you. Please contact us any time.

Best regards

Nicole and Bonnie



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