What does a typical primary production record keeping system look like?
Income records • Use pre-numbered invoices. This helps keep track of all goods and services sold and monitor outstanding accounts. • Keep Recipient Created Tax Invoices (RCTIs) issued to you in a systematic manner ie by date order or in alphabetical order. • Regularly update and summarise income into a cash receipts book. • Maintain a filing system to keep track of paid and unpaid accounts. • Perform bank reconciliations between bank statements, invoices issued, RCTIs received and cash receipts book at least monthly. • Keep records of any elections or estimates made. Expense records • Make payment of expenses by cheque or bank transfer. This helps keep track of allowable deductions. • Use separate bank accounts for business and personal use. • Use a petty cash system to keep track of minor cash expenses. • Record payments to contractors in a secondary record such as a cash payments book. You will need a valid tax invoice if the contractor is registered for goods and services tax (GST)
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