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Online accounting software

Discussion in 'Sydney | Uber Drivers Forum' started by edddiiie, Jun 10, 2018.

  1. Hi, I hope I am not breaking the forum rule but I will be careful moderators. I am working on an online accounting software to track my ride share income and expenses. It will provide a GST report for BAS and income summary at the end of the year. I've been using it for 3 months now and fine tuned the settings. I am wondering if anyone would be interested in helping me testing it by using it (for free) and share their feedback? Only looking for 2 or 3 drivers - preferably that know a bit about accounting. Thanks.
     
  2. Myshkin

    Myshkin New Member


    New
    Happy to try it out for you.
     
  3. Thanks Myshkin I'll setup you up with an account so you can log in and start using the online software. Start by having a look around and then get back to me with your questions and feedback.

    Do you have any accounting background or knowledge that we can draw on to fine tune the general ledger and accounts? It would be good to know your level of knowledge; are you are a general tester/user or have experience with accounting and can provide help me in setting up the foundations for this?

    I'll PM you so we can get the ball rolling.
     
  4. Myshkin

    Myshkin New Member

    No worries. I don’t have any accounting experience.
    You can use a default name if you like:
    Ben Murphy
     
  5. Check you PM for log in details
     
  6. Hi Myshkin and anyone else reading this in the future. When setting up a new company profile this software is very flexible in terms that it will allow you to break down your income and expenses as much as you like. You can also keep things simple and not spend too much time on setup. So the more you spend time on setting up different customers and suppliers plus itemize the products/services that you are selling/buying then the more you can later drill down in your reporting.

    For me personally, and I am still tweaking my setup, I have created the main buyers I make my income from and sellers that I buy products and services of.

    In addition I created Items that I buy and sell for better reporting, for example my items list include these services: Ride Fee Uber, Ride Fee Taxify, Cleaning Strata, NSW Government CTP Levy, NSW Government Transport Levy - No GST, Taxify Booking Fee, Toll, Miscellaneous purchase item. If you have a commercial accounting software such as MYOB all of the above will need to be created, if you have a commercial software maybe you can duplicate what you have there. It's worth noting that some settings can be imported into our online software from other applications.

    You can always keep things simple and not worry about drilling down in this case you create a customer called Buyer where you enter all your ride sharing income from. For items create an item called Services which you select as the item on your invoice to record all your ride sharing income under. You can enter a bit of details in the Description field to differentiate between different items. For myself I went ahead and created accounts and items for everything I can think of which allows me to look back and better understand where the money is coming from and being spent; I have customers such as Uber Rides Customer, Taxify Rides Customer and for purchases I have NSW Goverment, Uber, Taxify, petrol, etc.

    In summary first create your customer and the places you spend money then create items and then you have what is required to create a Sales Invoice or a Purchase Invoice. Make sure you allocate the GST (if applicable) tax code where needed when setting up items, buyers and vendors as this will be required when using the software for BAS reporting.
     
  7. Update - After completing the tax return for last year I found many places where to improve the General ledger setup. For the new year I created a new profile and setup the accounts and items in a way to allow me to get my BAS liability with a click and later at the end of the year the tax return very quickly.

    I can see how much money I owe in taxes as I enter my income and expenses and put that money aside weekly so there are no big tax bills surprises. I don't need to spend money on accountants either.

    So far I have items setup for Uber and Taxify and all the main deductions like petrol, toll, insurance...

    Myshkin if you need a hand setting your profile up let me know mate and I'll give you a hand now that I got mine done and working correctly. It is very impressive the reporting and foresight you can see in your ride sharing profit and loss statement and tax report.
     

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