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- Keep separate business and private bank accounts if you’re a sole trader.
- Regularly bank all the money your business receives so your income and expenses information is always up-to-date and you can easily reconcile your accounts and analyse your cash flow
- Register for internet or online banking – this may simplify your record-keeping and bank reconciliation process as you can
- easily get detailed records of your business transactions
- usually download financial information from your online account to the accounting package of your choice
- identify extra transactions in your account, including bank fees or interest charges, and direct debits and credits
- check and record any errors or omissions
- Regularly reconcile your bank records, which may help
- you be more confident that your records contain all the information you need to prepare your tax return and activity statements
- you to better understand your cash flow
- reduce the time it takes to prepare your activity statements or tax returns.
Last modified: 26 Aug 2022
Record keeping
| Steps | Progress | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Record keeping overview |
10 mins | |||||||||||||
Tasks and tips |
6 mins | |||||||||||||
Starting your business records |
2 mins | |||||||||||||
Digital record keeping |
5 mins | |||||||||||||
Manual or paper record keeping |
2 mins | |||||||||||||
Banking records |
2 mins | |||||||||||||
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Income records |
3 mins | |||||||||||||
Accounting for private use of assets |
9 mins | |||||||||||||
Motor vehicle deductions records |
2 mins | |||||||||||||
Home-based business deductions records |
1 mins | |||||||||||||
Other deductions records |
1 mins | |||||||||||||
Stock and asset records |
5 mins | |||||||||||||
GST records |
1 mins | |||||||||||||
Employee records |
7 mins | |||||||||||||
Car fringe benefits records |
1 mins | |||||||||||||
Expense payment FBT records |
2 mins | |||||||||||||
Contractor records |
2 mins | |||||||||||||
Sharing economy records |
1 mins | |||||||||||||
Cryptocurrency records |
1 mins | |||||||||||||
Records for other taxes |
5 mins | |||||||||||||
Sole trader structure records |
4 mins | |||||||||||||
Partnership structure records |
3 mins | |||||||||||||
Company structure records |
3 mins | |||||||||||||
Trust structure records |
1 mins | |||||||||||||
Changing your business structure records |
1 mins | |||||||||||||
Selling or closing your business records |
2 mins | |||||||||||||
Related courses |
1 mins | |||||||||||||
Course Feedback |
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