The banking view now offers a simple solution for your bank reconciliation. Log on to your Internet banking website and download the statement in QIF format. Some banks offer 2 or 4 digit year options, select the 4 digit option if offered. You will need to save the file on your computer and then log on the Web Practice live and select upload from the banking view. Each of the transactions will need to be categorised. Once done, from the reports view you can print account summaries, Tax returns and GST returns.
Tip #1: Each time you download your statement from the bank make sure you do at least a whole month. This will make sure you are not missing entries or doubling up on entries.
Tip#2: Delete the saved file from your computer for security and empty your trash bin.
Tip#3: Make sure all payments are done electronically. i.e. don’t withdraw cash and spend it on your business. This will enable you bank statement to become a ledger and save you time as prove record of transaction for the tax department.