Frequently Asked Questions 

These are some of the most commonly asked questions about Xero, bookkeeping & accounting procedures.
If you can’t see an answer to your question, please feel free to contact us and we’ll be happy to help.

BENKORP SERVICES

About Xero

  1. You seem to be encouraging that we use Xero Accounting software.  Why is that?
  2. Can we start a new accounting system half way during the financial year?

Training & Support

  1. What Sort of Training does Benkorp provide?
  2. Where does Benkorp provide training ?
  3. Does Benkorp provide ongoing onsite Bookkeeping & Accounting services at our office?

Bookkeeping Options

  1. Benkorp provides Bookkeeping & Accounting services, can this be shared to reduce costs?         
  2. Can Benkorp provide a Chart of Accounts for us to use?

GST RELATED QUESTIONS

Simpler BAS

  1. What is Simpler BAS?
  2. Is there GST on Hall Hire?

Tax Invoices

  1. What information needs to be on a Tax Invoice?
  2. What GST code do we use for transactions between same religious entity?

BAS/IAS & Esigning  

  1. Who is authorised to sign the IAS/BAS Activity Statement ?  (Sydney Anglican Diocese)
  2. Why does the BAS/IAS Activity Statements need esigning?

MEA GST

  1. How do we claim back the GST from the MEA account expenses?
  2. How do we account for the GST component if the expenses have already been entered & paid?
  3. What if the benefit of the GST component of his MEA expenses is given to the minister?

 

MINISTRY EXPENSE ACCOUNTS

Ministry Expense Account – Anglican

  1. How much can be salary sacrificed to the MEA Account?
  2. What can be claimed from the Ministry Expense Account?
  3. Can the balance of the MEA be paid out to the minister when leaving the position?

Ministry Expense Account – Uniting

  1. How much can be salary sacrificed to your MEA Account?
  2. What can be claimed from the Ministry Expense Account?
  3. Can the balance of the MEA be paid out to the minister when leaving the position?

FRINGE BENEFITS FOR PUBLIC BENEVOLENT INSTITUTION EMPLOYEES

Fringe Benefits

  1. How do we process Salary Sacrifice & Fringe Benefits Tax Free processes for Public Benevolent institutions (PBI)

XERO

About Xero

  1. What are the benefits of Xero?

Report Layouts

  1. How do we change the Layout of Reports?

PROCESSING

Bank Feeds

  • How do we Set up Bank Feeds?
  • How do we Import Bank Feeds?

Processing

  1. How do we allocate the deposit paid for the purchase of a property?
  2. How do we process gifts and donations received for specific purposes, called restricted Funds?

SUPERANNUATION

Superannuation Information

  1. Is Xero Super Stream Compliant?
  2. How do we set up Auto Superannuation in Xero?
  3. How do we lodge and approve superannuation payments?

Terminations

  1. When an employee is made redundant or terminated – what SGC Superannuation is payable?

Super Guarantee Charge |  Australian Taxation Office

YEAR END PROCEDURES

Payroll & Payment Summaries

  1. What is the process in issuing annual payment summaries?
  2. How do we do a payroll reconciliation for the 1st July to 30th June?

BAS Reconciliation

  1. How do we do a BAS reconciliation for the 1st July to 30th June?

Audit Process

  1. What is the audit process at the end of the financial year?

EMPLOYMENT

Tax File Declaration Form

  1. Where to find a Tax File Declaration Form?

Payment of  Services

  1. What is the procedure to pay itinerant Preachers?
  2. How do we work out if a worker is a contractor or employee, for tax and super purposes?
  3. How do we Pay people for their services?

My Payroll & Leave

  1. What is MY Payroll?
  2. Why are leave balances displayed differently in Xero in the employees profile, the leave balance report and on the payslip?

© Benkorp Management Services 2018

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