from the ceo - whitepages · 4. restore: the restore destination path now defaults to the cashflow...

2 Cashflow Manager Chronicle

From the CEO

Have you noticed that the older you get the quicker time seems to pass you by?

Maybe you are not as old as I am, but that is certainly a reality for me. It seems like yesterday that we developed the first Cashflow Manager product, but it was actually 24 years ago.

Of course the first Cashflow Manager recordkeeping system was a manual cashbook and believe it or not, we still make sales of it today.

At the time everyone was spruiking the benefits of the ‘new’ computer software technology. However, I knew from working with my own accounting practice clients that many small business clients would not (and could not) readily adapt to using software, and still needed help. That’s when Cashflow Manager was born.

24 years later and the buzz is about ‘the cloud’. But once again, our research is telling us that not everyone wants to move to the cloud. And once again, we are committed to helping those small business owners that need a simple bookkeeping solution but do not want to move to the cloud.

We are committed to having the PC Cashflow Manager program around for many years to come, and not push you into the cloud if you do not want to go there.

Of course we are developing a cloud version of Cashflow Manager and hope to have it available very soon. In just the same way as

PC Cashflow Manager emulated the Cashflow Manager manual system with its rows and columns, so will the cloud version.

You can continue using the PC version and we will continue to update it.

The other exciting news is that clients were telling us that many actually wanted a way to invoice their customers when they were away from their computer, and then sync it back in with their Cashflow Manager program.

So we have also been building an iPhone/iPad app that will allow you to do exactly that. (We will expand to other systems in due course).

With Cashflow Manager...

• You can stay with the PC/ desktop program you have been using if you want to

• You will be able to move to the cloud if you want to

• You will be able to invoice in the field and sync back to your desktop if you want to

We just want to continue to give you the simplest small business bookkeeping solutions on the planet to save you time and money and let you focus on running your business, and having a life too.

Have a great new financial year, thank you for your referrals and we look forward to continuing to serve you.

To your success,

The Cashflow Manager BlogThe Cashflow Manager Blog has some great information about running a better business. Simply go to our website www.cashflow-manager.com.au and click on the ‘Blog’ tab. Please check it out and let us know you have enjoyed the read by leaving us a comment.

3Cashflow Manager Chronicle

Introducing Version 9 and Your 2014/15 Compliance Update

Version 9 has over 40 new enhancements that come directly from user feedback along with the relevant Australian Taxation Office Updates for the 2014/2015 financial year for Wages Manager and Cashflow Manager GOLD clients.

Even better news - Version 9 looks like and generally works like Version 8 and there are no major changes to learn.

Here is a snapshot of just a few of the new features:

1. Reminders: Add and view reminders in the Home section.

2. Search: There is now a ‘Search’ button on the toolbar and you can now switch between ‘Money In’ and ‘Money Out’ in the search window without having to close search to get from one to the other.

3. Email Message Templates: You can create email message templates to save time when emailing. This is available in all sections of the

program.

4. Restore: The restore destination path now defaults to the Cashflow Manager Data folder and does not have to be browsed to manually. The file path can be changed if desired.

5. Bank Reconciliation: The ‘My Records’ and ‘Bank Statement’ tables have a new column named ‘Details to make it consistent with the ‘Money In’ and ‘Money Out’ sections.

6. In Wages Manager, the pay advice now prints historical annual leave, personal carers leave and RDO accruals.

7. The new tax rules for Fringe Benefits have also been incorporated into the program.

8. Standard Business Reporting: ATO changes to SBR that apply from 1 July 2014 have been included.

Instructions for Cashflow Manager Version 9 CD installations are on page 5 of this Chronicle.

Over the next two months our phones will be crazy as people try to lodge their PAYG Payment Summaries and complete their year end records. As well as our telephone support we also have a ‘Support’ tab on our website that you can visit for extra help with your Cashflow Manager program.

Our website feaures a Frequently Asked Questions section as well as a library of training videos to provide you with answers around the clock.

To access the FAQs section, visit www.cashflow-manager.com.au/support.aspx and click on ‘Support Library’. Here you can click on the tab for the section of the program you require help

with and either select a FAQ from the drop down menu or type the subject you are looking for into the search box.

To access our step-by-step training videos click on ‘Training’. Click on the tab for the section of the program you would like help with, and all the videos related to that program will appear. Click the ‘Play’ icon and a video walking you through query will appear.

Around the Clock Support


Accountant Story: Colin McGaffin Chartered Accountant

Chartered Accountant, Colin McGaffin talks family, health and his practice. Colin L McGaffin is a Chartered Accountant located in the suburb of Morphett Vale, South Australia. We had the pleasure of meeting with Colin to learn more about him and his practice.

Colin has been an accountant since 1978 and became a Chartered Accountant in 1980. He set up his own practice in 1992 and started from scratch with 3 family returns. He has now grown his practice to having over 1000 returns in his books.

Outside the practice, Colin loves spending time with his family; wife Cheryl and their three adult children. Colin and Cheryl are also very active in their community through their church.

A few years ago Colin became aware that he wanted to improve his health and took up walking for low impact exercise. He says, ‘the first few weeks were just a stumble around the block, but now I do a minimum of 5 km on weekdays and more on the weekends. I do at least 200km per month’.

In his recent walking history he has completed 7 half marathons and last year finished with 2 firsts and a third.

Colin became aware of Cashflow Manager when we were producing books before the advent of software, so there is a long-standing relationship between our businesses.

Colin says with his SME clients he feels the most effective way for them to give him records he can have faith in, is for him to give them a training session on Cashflow Manager.

Colin goes on to say that all accountants just want records that are accurate, reconciled and that they can trust.

“I set Cashflow Manager up for the client and train them on how simple it is to use. What I get in return is over 97% reconciled records.”‘Most clients don’t understand double-entry recordkeeping and as such muck it up - we would be lucky to get 10% of records from clients using double entry systems properly prepared and presented to us’.

Colin says that he is able to grow his business without any advertising, as most of his clients come about by referral. He feels very blessed by this growth and hopes that he is able to keep his happy clients coming back for many years to come.

‘We believe that our practice will continue to grow and Cashflow Manager will play a substantial part in that growth’.


Cashflow Manager goes Mobile

We are proud to announce our latest solution - an Apple iPhone/iPad application which allows you to issue invoices to customers whilst out in the field.

Version 9 will link to a new Apple iPhone/iPad app so you can issue invoices to customers in the field.

With the iPhone/iPad app you can issue an invoice to a customer on the spot and sync it back in with your Cashflow Manager program resulting in getting your money sooner.

There’s no need to worry about having to enter the data into Cashflow Manager when you get home. The mobile app synchronises with your Cashflow Manager desktop over the internet, so you have peace of mind that when you do your books at the end of the day, all your invoices are already in the system.

The app is currently in testing but not quite ready.

Make sure we have your current email address so that we can let you know as soon as the mobile app is available for download from the Apple Store, or keeping checking our website at www.cashflow-manager.com.au for information.

For more information on Version 9, please read the blog on the Cashflow Manager website (www.cashflow-manager.com.au/blog.aspx) or go to http://bit.ly/1nsT7By


End of Financial Year GuideCASHFLOWManager

A major advantage of Cashflow Manager is that you don’t have to go through any complicated ‘year end rollover’ procedures that are required in some other programs.

However, it is advisable to follow some steps to make it as easy as possible for your accountants to complete your financial statements and tax returns, and for you to access information in the future.

3. Go to the ‘Reports’ section, and print the following reports (or save them as PDFs):

• Bank Reconciliation*

• Cashflow Report

• Cash Reconciliation*

• General Ledger Listing

• GST Report

• Transaction Listing

• Trial Balance

1. Ensure all receipts and payments for the year have been recorded.

2. Complete your Bank Reconciliation as at 30th June and click on the [Finish] and then [Lock] buttons to lock your records.

If you print reports every month or every quarter, you can just print reports for the current month or quarter. If you have not printed these reports during the year then print them for the full year.

* If you have multiple files, you will need to print the Bank Reconciliations for each file.

You will also need to print the Bank Reconciliations Report for each file in which you have used cash.

4. Print the Monthly Summary, Cashflow Report and the Trial Balance for the full year as it will assist in preparing tax returns and future planning.

5. Backup each of your files twice - once for your own records and once for your accountant.

(Use a USB Flash Drive or CD and store the disk safely so you do not overwrite it. Or maybe use a cloud option such as dropbox or OneDrive to store your backup file.)


A major advantage of Cashflow Manager is having the transactions right there on the screen in front of you so you do not have to go hunting in the general ledger to find client mistakes and fix them.

So here is a tip on working with your clients that could save you hours and time and boost your productivity.

1. Get your client to send you in their file. You can use email, Dropbox, Yousendit, CD or USB etc.

2. Open the file in your Cashflow Manager program. Go to the ‘Money In’ section for July 2013, click on the scroll bar at the bottom of the screen and scroll across to the ‘Sundry’ column.

3. Click on the column header to group all those transactions together. You should now be able to see the details on the left and all the transactions together. Do this for each column you wish to check.

4. If you find any transactions that need correcting, click on the Bank Reconciliation and then the [Unlock] button.

5. Go back to the ‘Money In’ section and reallocate the amount to the correct column.

Working With Clients

6. Now go to the ‘Money Out’ section and do the same thing.

7. When you have finished editing, return to Bank Reconciliation and click on the [Lock] button.

8. Move to the next month and do the same thing.

9. When you have finished the year, click on the ‘Options’ icon and select ‘Accountants General Ledger Format’. Ensure the GL package you use is selected. (This must be done for each account.

10. Click on Reports and print the Trial Balance. Check the account codes are correct and use ‘Customise Columns’ to make any changes.

11. You are now ready to export the client’s information into your general ledger knowing that you have fixed any client allocation errors in Cashflow Manager and won’t have to spend time looking for them in your General Ledger program.

12. Click on ‘File’ and ‘Export’ to export for your General Ledger program.

To view a video that walks you through this, go to our YouTube channel www.youtube.com/user/CashflowManager


End of Financial Year GuideWAGESManager

1. PAYG Payment Summaries for Employees

Employers are required to report all wages paid to employees throughout the year to the Tax Office. This can be done by means of the ‘Pay As You Go Withholding (PAYGW) Payment Summary Annual Report’.

This information can be submitted to the Tax Office by submitting an electronic file that Wages Manager calls the Electronic PAYG Payment Summary File (and the ATO calls an ‘EMPDUPE file). This file contains all the information required by the Tax Office as an encrypted file, so sensitive information is protected. The file can be submitted by post (along with a Magnetic Media Form), or you can upload an electronic file to the Tax Office web portal.

You also have the option to use Standard Business Reporting if you are registered for this service with the Tax Office.

Employers have until the 14th of August to submit their annual report to the Tax Office. You

Employers are required to provide employees with a PAYG Payment Summary by the 14th of July and then provide the Tax Office with the information they require by the 14th of August. If you have been using Wages Manager this will be a breeze.

1. Ensure you have completed all pays for the year and that there will be no changes.

2. Click on the ‘Reports’ tab and select the ‘PAYG Payment Summary’ Report. Click on the [Continue] button.

3. You can select to print for ‘All Employees’ or ‘Selected Employees’. [Important: if you intend to email the PAYG Payment Summary to your employee, ensure you select the employee individually.]

There is also an option to choose the PAYG Payment Summary layout:

‘Window face envelope’ is for mailing out to employees where the employee address will show through a clear window on the envelope, hiding other information.

‘Tri-fold layout’ is for a simple tri-folded letter, with information split into three sections.

4. You must now choose an option to [Save As], [Preview] or [Print].

[Save As] gives you the option to save the report. You can also select different formats in which to save it by clicking on the down arrow next to [Save as type], but the default is an ‘Acrobat PDF file’ which will save the file to your computer and give you the opportunity to view them or print them using Adobe Acrobat Reader.

[Preview] displays a preview on your screen. You then have further options to [Save As], [Email*] or [Print].

* If you intend to email the PAYG Payment Summary to your employee, ensure you select the employee individually.

[Print] send the PAYG Payment Summaries directly to your printer.

2. Tax Office Reporting

Continued on Pg 9



Continued on pg 11

may need to contact the Tax Office for information regarding submission of the report.

Creating the Electronic PAYG Payment Summary File1. Make sure all pays have been processed for the year, and employee PAYG summaries have been printed and checked.

2. Click on the [Tools] menu and then [Create PAYG Payment Summary File].

3. You will be asked if you have already sent a file to the ATO. Answer ‘Yes’ or ‘No’ as appropriate.

4. Ensure the supplier information, company information, and suppliers business address details are completed and correct.

5. Click the [Create File] button.

6. The Windows ‘Save’ window will allow you to choose where to save the encrypted file. The Tax Office accepts computer media on a number of different alternatives including CD-ROM and USB Flash Drive. You can either save the file to the default location and transfer it later onto the media, or change the ‘Save’ location to your Flash Drive. You may need to save the file to the computer’s hard drive in order to burn the file to CD.Once you have selected the location to save the file, click on the [Save] button. NOTE: the file created will contain information on the financial year you are currently viewing, and will need to include details of any employee terminated during the financial year.

7. Once the ‘EMPDUPE’ file is saved, you will then be asked if you wish to print the Magnetic Media Information Form that is required to accompany the electronic file to the Tax Office. Click [Yes].Note: You can choose [No] and print this form later from the Reports tab.

8. Most of the information required on this form will be automatically completed. Tick the appropriate box for the media type you are using i.e. USB or CD-ROM in Section B of the form.

9. Record an identifier on the outside of the media i.e. disk you are using, and write the identifier in Section C of the form. The Identifier should have 6 characters e.g. the first 6 characters of your business name.

10. Section D asks whether the report has been tested on the Tax Office’s electronic commerce (ECI) validator. While Cashflow Manager has run validation tests we suggest you tick the ‘No’ box unless you are using the ECI alternative and test it yourself.

Continued from pg 8


John’s Tipple

John Maddock, Operations Manager

Craig Peace, Consultant

Chicken in Garlic Sauce

Ingredients

• 1kg skinless chicken thighs, trimmed of any excess fat, cut into thirds

• Sea Salt & Cracked Black Pepper• 1 tblsp Sweet Paprika• 2 tblsps Olive Oil• 8 large Garlic Cloves unpeeled• Zest of 1 lemon (keep to juice later)• 1/4 cup Sherry or whatever fortified

wine you may have• 1/2 cup Chicken Stock• 1 Bay Leaf• Handful of chopped Flat Leaf Parsley

MethodCombine paprika with salt & pepper in a bowl. Add the chicken and toss to coat.

Heat half the oil in a large frying pan over high heat, add garlic unpeeled and cook until they brown up. Remove from the pan and set aside.

Add the rest of the oil and cook the thighs in batches for 5 minutes or until browned all over.

Return all the chicken to the pan, add the sherry, boil for 30 seconds, and then add the stock and bay leaf. Reduce to a simmer, cover pan with a lid and cook over low heat for 10 minutes.

Meanwhile, squeeze the garlic pulp from the skins and pound with the parsley and lemon zest into a paste using a pestle and mortar. (If you don’t have one, you can squash it together on a cutting board with the back of a spoon or whatever you have handy).

Stir the paste into the chicken, then cover again and cook for a further 10 minutes or until tender.

Squeeze over the juice from the lemon you zested earlier.

Serve hot with some crusty bread and a garden salad.

‘Cork or screw cap closure?’ is a headline that has been getting a workout in recent years with the majority of Aussie wine producers moving away from corks to screw caps. I agree with this change, the majority of my wines have screw caps and I avoid buying wines with a cork. Gone are the days where I remove a cork only to experience the disappointment of a wine that has gone off. I also enjoy the ‘freshness’ that screw capped wines have over cork. This view was supported by a back vintage tasting of some premium Aussie Shiraz from one maker. There were a dozen wines ranging in age from 20 + to 3 years of age, those over 12 were under corks and the newer wines had screw caps. My taste buds said ‘no contest’. They loved the fruit that was still there with a 10 year old screw cap and were disappointed with the lack of fruit in the bottles still under cork!

Cork or Screw Cap?

Cooking With Craig


done this for lodging your BAS via SBR, some of your details such as your lodgement details and Auskey credentials will already be saved. The Payer and Intermediary information previously recorded will also be saved, but this section requires more information than the BAS section.

Your lodgement details and Auskey credentials are supplied to you by the Tax Office when you register for Standard Business Reporting.

The ‘Keystore’ or ‘Auskey’ is a file supplied by the ATO and needs to be saved on your computer and selected in the startup process.

The ‘Payer Information’ is information about your business. The ‘Intermediary Information’ relates to any intermediary such as your accountant who lodges information on your behalf. When you have completed this information click on [Next].

Note: This information will automatically appear when you next open this section. However, you will need to type in the ‘Keystore’ or ‘Auskey’ password supplied by the ATO each time you use the SBR lodgement.

When you click on [Next] your employees will be listed. Select the employees to include in the report.

Once you have completed the form, click on [Prelodge] to have the ATO check your form or [Lodge] to lodge your form.

Note: Fields that can be edited are highlighted in blue.

3. Other Reports

There are many other reports in Wages Manager covering different topics. for example, you can print a PAYG Summary List that lists the PAYG Payment Summary Details for all employees. To calculate WorkCover we suggest the ‘Combined Payroll Summary’, ‘Payroll Categories Summary’ and ‘Termination Pays Summary’ reports. (You have the option to include Termination Pays in the ‘Combined Payroll Summary Report’.

11. Post the disk and form to the address listed on the Magnetic Media Information Form, depending on the media type.

Lodge PAYG Summaries via Standard Business ReportingThe ATO Standard Business Reporting (SBR) allows you to lodge your PAYG Payment Summaries via the program. To use this you must first have registered for this option with the Australian Tax Office and be connected to the Internet.

Click on [Tools] > [Lodge PAYG Summaries via SBR]

The SBR Settings page will open.

The first time you use this you will need to create the settings. However, if you have already

Continued from pg 9



End of Financial Year GuideINVOICEManager

1. Ensure all invoices have been finalised, and adjustment notes and receipts applied.

2. Check the Aged Debtors Report for any customers/clients who have credit balances and apply them to outstanding invoices. (Credit balances appear under the client details).

3. Print the Aged Debtors Report for 30th June.

4. Print the Sales GST Report (Closing Balances) for 30th June. This will provide information about the GST component of your Accounts Receivable.

5. Change to the ‘Supplier’ section.

6. Ensure all invoices, returns and payments are recorded.

7. Print the Aged Creditors Report for 30th June.

8. Print the Purchases GST Report (Closing Balances) for 30th June. These will provide details of your Accounts Payable with a breakdown of GST.

9. If you are using the Inventory Tracking feature, click on the ‘Inventory’ tab.

10. To conduct a stock take:

a. Click on the [Track Inventory] button.

b. Click on [Print].

c. Count the number of items in stock and record the amount on the ‘Inventory Count’ report.

d. Record the actual number of items on the ‘Inventory Count’ report in the ‘Count’ column of the ‘Track Inventory’ screen. (Note: If you have processed any invoices or adjustment notes

between the time the count was made and then recorded, you will need to make an adjustment for any items processed).

11. Click on [Reports] and print the ‘Inventory Valuation’ report. (This should be done on the 30th of June or before processing any transactions in the new financial year.

You do not have to go through any complicated ‘year end rollover’ procedures with Invoice Manager, but there are some steps you should follow to obtain the information you need for managing your business and completing your tax returns.


ATO Standard Business Reporting

Changes to ATO Standard Business ReportingThe Australian Tax Office encourages all Australian businesses to lodge their reports electronically using Standard Business Reporting (SBR). It is expected that SBR reporting will eventually become mandatory.

SBR includes BAS reports and Wages, including lodgement of Tax File Number (TFN) declarations and end-of year PAYG information.

The ATO has made changes to SBR reporting which will come into effect from July 2014. These changes are incompatible with Cashflow Manager Version 8. The new SBR has been incorporated in Cashflow Manager Version 9, so it is important that you upgrade.

If you know someone who is using an earlier version of Cashflow Manager, please let them know this important piece of information.

How to Lodge Your BAS using SBRTo lodge your BAS via Standard Business Reporting, click on the BAS report in Cashflow Manager and select your dates as normal. You must be connected to the Internet. When you click on the [Lodge via SBR] button, the BAS information is updated ready to process through the ATO SBR.

The SBR settings page will open.

The first time you use this you will need to create the settings. Your lodgement details and Auskey credentials are information supplied by the ATO when you registered for Standard Business Reporting.

The ‘Keystore’ or ‘Auskey’ is a file supplied by the ATO that needs to be saved on your computer and selected in the setup process.

The Payer information is for your business. The Intermediary information relates to any intermediary, such as your accountant, who lodges this information on your behalf.

When you have completed this information click on [Next].

Note: This information will automatically appear when you next open this section. However, you will need to type in the Keystore or Auskey password supplied to you by the ATO each time you use SBR lodgement.When you click on [Next] the program sends a request to the ATO for any forms that apply to that period. If there is only one form outstanding, this will open in the next window. If there is more than one form outstanding, they will be listed and you will need to select the form you wish to complete and click on the [Prefill Form] button.


A Bit of Fun!

SudokuFill in the blank squares so that each row, each column and each 3-by-3 block contain all of the digits 1 through 9. If you use logic you can solve the puzzle without guesswork.

The form is prefilled on the left side with information from Cashflow Manager in relation to the BAS report as well as other information from the ATO. Fields that can be edited are highlighted in blue.

The GST reporting field has a 0 that needs to be changed to a 1 or 2, depending on information from the ATO.

Once you have completed the form, click on [Prelodge] to have the ATO check your form, or [Lodge] to lodge your form.

Please Note: Lodging end of year PAYG Summaries using SBR is described in the End of Financial Year Guide.

Continued from pg 13

Did you know?‘Yahoo’ is an acronym for ‘Yet Another Hierarchical Officious Oracle’.

The most productive day of the work week is Tuesday.

Sixty-four percent of consumers have made a purchase decision based on social media content.

The Rubik’s cube is the best-selling product of all time. The iPhone is second.

In 2000, Coca-Cola launched a stealth campaign against water called ‘Just say no to H20’.

The ‘Candy Crush’ App brings in a reported $633,000 a day in revenue.


Updating to Version 9

13. Type in the name of your business and click on [Next].

14. Browse to the location of your Version 8 file or backup and select it. The program will automatically open to C:\Program Files\CFM\Cashflow8\Datafolder). Click on [Open].

15. You will now return to the Cashflow Manager window. Click on [Next].

16. You can now save your file. Note that the default location is C:\Users\Username\AppData\Roaming\CFM\Cashflow9\Data. (Username is the name Windows uses for your account. For example Bill Smith might have a Windows username of BillSmith. The file would then be located in C:\Users\BillSmith\AppData\Roaming\CFM\Cashflow9\Data).

17. Your file is now ready to use.

Please follow these instructions when updating to Version 9.These instructions apply if you are updating from Version 8 and only have one business file. If you have an earlier version with different files for different bank accounts you will need to import them seperately.1. Insert the Installation 9 CD into your CD drive.

2. Generally, the ‘Autoplay’ will start the install, but you may be asked if you wish to RUN AUTOPLAY.exe. If so, answer [Yes]. If nothing happens at all, open Windows Explorer, navigate to your CD drive and double click on ‘autorun.exe’.

3. A window will open with several options including the option to install Version 9. Click on the link to install Version 9.

4. Follow the prompts to install the program. A message will let you know when the installation is finished.

5. Once the installation is finished, a Cashflow Manager 9 icon will appear on your desktop.

6. Double click on the program icon to start the program.

7. Click [Unlock] and then select [Next].

8. Type in your new CD Key and Member ID which has been provided to you on the cover page of the Chronicle, and click [OK].

9. Your Version 9 program is now unlocked and ready to use. 10. When you open the program you will need to import your Version 8 file.

11. Open the program and click on ‘Create New Business’.

12. The next screen will ask ‘Do you have an existing Cashflow Manager file you wish to import?’. Click on [Yes] and then [Next].


COMING SOON to

NEW product...NEW home...As SIMPLE as ever!

The SIMPLEST small business accounting solutions on the planet!

from the ceo - whitepages · 4. restore: the restore destination path now defaults to the cashflow...

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