The Default Accounts screen in Calxa allows you to nominate important accounts to certain categories (such as Bank, Inventory etc.) for KPI, cashflow, and budget reporting purposes. This help note will guide you through the process of nominating accounts and their purpose.
- Nominating Accounts and Schedules
- Nominating Categories
- Notes on the General Category
- Notes on other Categories
- Default Schedules
Nominating Accounts and Schedules
- Click on the Default Accounts button.
- Select the appropriate organisation from the Current Organisation list.
- Select the category you wish to nominate accounts for (for example, the Bank category).
- In all of the categories except for General, nominated accounts are listed on the left hand side, and available accounts for nomination are listed on the right hand side.
- To nominate accounts from the Available Accounts list you can either drag and drop the account you want nominated to the Nominated Accounts list or select the account from the Available Accounts list and click on the Add button.
- To remove nominated accounts out of the Nominated Accounts list you can either drag and drop the account you no longer want nominated over to the Available Accounts list or select the account from the Nominated Accounts list and click on the Remove button.
- In the General category accounts are nominated by selecting the appropriate account from the drop down menus.
- To nominate schedules you should also select the appropriate schedule from the drop down menus. See Default Schedules for a description of the default schedules.
- Click the Save button to save changes.
Note - To restore accounts to their default nomination, you may click the Restore Default button.
Notes on the General Category
Configure the four required accounts as follows:
The Paid account and Collected account are used for calculating tax collected and tax paid, select the appropriate liability accounts. Also select the Schedule and Calculation type that is used to pay your GST. See Default Schedules for a description of the default schedules.
The PAYG withholding account is used for calculating the amount of withholding for wages tax. Select the appropriate liability account and Schedule that is used to pay your PAYG.
The PAYG instalment account is used for calculating the amount of business tax payable. If applicable select the appropriate account and schedule that is used to pay your instalments. Please also specify the appropriate tax rate. This rate will be used to forecast the tax in your cashflow.
Please specify the retained earnings and current year earnings accounts.
Notes on other Categories
Nominate all bank accounts that you would like to include in cashflow calculations. Calxa is unable to determine which bank accounts will be used for which transaction, therefore for cashflow purposes multiple accounts will be treated as a combined virtual account. This means if you would like your bank balance to reflect your combined bank balances, nominate all appropriate accounts.
Trade Debtors and Trade Creditors
These accounts determine a debtors and creditors balance which are used to calculate debtor and creditor days KPIs and cashflow profiles. Nominate all Trade Debtor accounts and Trade Creditor accounts. Multiple accounts will be treated as a combined virtual account.
Depreciation Expense and Accumulated
Calxa will calculate your accumulated depreciation budget based on your expense budgets. You may nominate depreciation or amortisation accounts in these categories. The cashflow type will be set to none to ensure there is no cashflow effect from budgets on these accounts and multiple accounts in the accumulated depreciation category will be treated as a combined virtual account.
Superannuation Expenses and Payable
Calxa will calculate your superannuation payable liability based on your superannuation expense budget. Once again multiple accounts will be handled as a combined virtual account. In addition to nominating all accounts that apply you should also set a payment schedule for your superannuation. The schedule determines the frequency of your superannuation payments.
The wages accounts will be used to calculate your PAYG withholding liability. The sum of all nominated wages accounts and the Wages Tax value will be used to create the PAYG withholding budget. Please nominate all wages accounts and set the Wages Tax amount. By default Calxa sets the Wages Tax amount to 25%. For best results you should take an annual average of your wages tax and set the value accordingly.
The accounts nominated in this category determine which accounts in your balance sheet are used for inventory or stock. The combined balance is used in some KPI calculations.
Calxa Premier users may set custom cashflow schedules however there are numerous default schedules available. Following is a list of default schedules and their details.
For activity in a given month the payment will be made in the following month.
For activity in a given quarter the payment will be made in the following month. The activity periods are Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec.
AU GST Quarterly
As per the quarterly schedule, except the December ending quarter will be paid in February.
AU GST Electronic
For activity in a given quarter the payment will be made in the second month following the end of that quarter. The activity periods are Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec.
NZ GST 2 Monthly Category A
For activity in the 2 monthly periods the payment is made in the following month, with an exception for March and November ending periods which are paid in May and January respectively. The activity periods are Dec-Jan, Feb-Mar, Apr-May, Jun-Jul, Aug-Sep and Oct-Nov.
NZ GST 2 Monthly Category B
For activity in the 2 monthly periods the payment is made in the following month. The activity periods are Jan-Feb, Mar-Apr, May-Jun, Jul-Aug, Sep-Oct and Nov-Dec.
NZ GST 6 Monthly
For activity in the 6 monthly periods payments are made in the following month. The activity periods are Jan-Jun and Jul-Dec.
NZ GST 6 Monthly FY
The activity periods are Apr-Sep and Oct-Mar where payments are made in Oct and May respectively.