Account code relevance: Make sure the account names suit your business. E.g. a café could have account codes such as ‘food purchases’ or ‘beverage purchases’ whereas a tradesperson could have ‘material – steel’ or ‘R&M – work ute’.

Account code tax type:

Ensure that you have the right tax code for the account type, particularly if you are registered for GST, e.g. ‘beverages’ would be GST on expenses, ‘food GST free’ would be GST free. It will be time consuming to amend tax codes at BAS time if they have been set up incorrectly.

Account code categories:

Double check that you have only account codes listed under their relevant account category. If account codes are put in randomly, then reports and financial statements will reflect incorrect data and figures. Now might be the time to go over your Chart of Accounts and ensure it reflects the above mentioned. Christine Genocchio employee rightsChristine Genocchio Imperium Corporate Services Phone: 0408 788 829]]>