Over the years I have seen everything.
Some of the most common problems, mistakes and issues I have found when checking clients work when it comes to bookkeeping are :
1. Super: Super payments that have been entered into the superannuation expense account instead of the liability account, this effectively means claiming it twice, which then will cause problems when you do your Profit and Loss Statements.
- Loan Repayments: Again clients are entering this into their expense account and not their liability account with GST. There is no GST on loan repayments. Also loan repayments are not tax deductible, you can only claim the interest and depreciation.
If this might sound like you, please give me a call and let me go through your documentation so I can pick up any issues or problems now!
Maree’s Mobile Bookkeeping
M: 0429 363 047