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L80 Accounting

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Nick Dimitrov
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Page no: L80

Area Related Pages
L8x Accounting L81 Accounting Basic Info
L8x Accounting L82 Client Invoices
L8x Accounting L83 Supplier Bills
L8x Accounting PRIV L83d Supplier Bills 2022
L8x Accounting PRIV L83е Supplier Bills 2021
L8x Accounting PRIV L83f Small Bills
L8x Accounting PRIV L83g Supplier Invoices 2020
L8x Accounting PRIV L83h Supplier Bills 2019
L8x Accounting L83j Supplier Invoices 2017
L8x Accounting PRIV L83i Supplier Invoices 2018
L8x Accounting L83k Supplier Invoices 2016
L8x Accounting PRIV L83l Invoice Milos
L8x Accounting L84 Invoices Collector & Accounting Software
L8x Accounting PRIV L85 Get My Invoices
L8x Accounting L86 PRIV Bank Accounts
L8x Accounting PRIV L87 Bookkeeping
L8x Accounting L88 Depreciation


 

This is the mother page for all invoice and accounting related stuff.

 

How does accounting work?

 

Step Title Proper way of doing Alternative ways Software aided
1) Setup FX rates:

  • Obtain Official FX rates from Swiss tax authorities
  • Do FX Rates setup (e.g. in Banana)
  • Choose base currency

Accounting Schema:

  • Choose an accounting schema (in Banana)

Date Format:

  • Prefer YYYY-MM-DD, like 2019-01-19
 FX Rates:

  • Maintain FX rates in an Excel
  • Transactions converted into base currency in the Excel

Accounting:

  • Do not set up foreign currencies
  • Only base currencies
2) Collect supplier bills When bill is obtained:

  • scan if required
  • move into tax declaration folders
  • Label with payment account, date, amount
  • Go through old mails
  • Search for keywords like invoice, rechnung
  • identify if this bill is for company or private
  • Details in Trello Card
 GetmyInvoices:

  • Connect your suppliers
3) Collect client invoices GetmyInvoices:

  • Connect your invoicing platform
3) Prepare payment accounts Pay invoice with business account

  • Revolut business for foreign currency
  • UBS Y account for CHF booking
  • Paypal with connected Revolut Business
  • other company credit cards

Export account statement for accounts into Excel
  • Export account statements for all accounts and credit cards
  • Identify if this payment is for company or private
  • Match payment against invoice

 
3) Prepare Accounting Excel Copy the account statements into the Accounting Excel

  • one sheet for each account
  • same columns in all sheets
 Same as left except that

  • there are more accounts (including private ones)
4) Fill additional data into accounting Excel Add additional columns for accounting to Excel statement

  • Purpose (Company, FX conversion)
  • FX rate: obtain from FX conversion entry (e.g. Paypal), if in different currencies or from official exchange table of the tax authorities
  • Local currency amount: Convert amount into local currency, if required.
  • Invoice: Yes, No, Scan if scan still required

 

 Same as left except that

  • There are also private and other purposes.
5) Prepare accounting plan For each payment account

  • Create exactly one booking account under 10XX

Categories: e.g. costs, income, assets, liabilities

  • Verify the needed categories / cost accounts according to your business
 Same as left
6) Enter bookings into bookkeeping software For each row create booking

  • Copy paste accounting text from step 4.
  • Copy paste date from step 4.
  • Use FX rate from step 4 if foreign currency if bookkeeping software allows for it. Otherwise use local currency amount as determined in step 4.
  • Choose the category
  • Choose the payment account
 Same as left
7) Do final bookings Enter final bookings like

  • Capitalization of intangible assets
  • Depreciation of assets
  • prepayments
 Same as left  
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About Nick Dimitrov
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