Awesome, thanks! Given the nature of business, I do not have the bandwidth
to determine the best practices of using GnuCash for my circumstance
through the reading of tutorials and understanding the related accounting
requirements. But I'd happily pay someone to advice and get the company
clerk do the bookkeeping accordingly.
Also I don't mind paying for features. Some features look big, such as
GST support for cash accounting, but some small features such as
configurable fiscal year for reports seem to be just a few days of
work to make it into gnucash, which I can support.
Regarding your comments, please read on. My reply between the lines.
On Wed, 28 Jul 2021, flywire wrote:
You're on cash accounting for tax.
I expect receiving no more than 5 income payments a year (although the
amount might be bigger than other businesses). We do have lots and
lots of expenses that are quite small, such as $70 for a month's
internet bill. Do you think we are still on "cash accounting" given
this information?
Also, I don't mind not record just a sum of expense items, but I don't
see how I can get a sum without syncing the transactions with the
online banking access. Also, I'm sure some Aussie banks' online APIs
are more friendly than others, and I'm okay to change bank for that
reason.
I'm not an accountant but from an accounting perspective, you
probably should have separate books for the company and trust
anyway. Classifications are probably a more sophisticated feature to
help understand how different parts of the business are performing.
mmh, this indeed look like a problem that limits my choice of
software. I hope someone in Australia can shed some light on this.
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