News This Month Tips Why do we do Bank by sparrowjacc


									News This Month
We hope that all of your End of Financial Year procedures went well, and that this year brings even better
things to you and your business. This month we've attached some information on Bank Reconciliations,
Stocktakes and BAS.


If you haven’t completed your tax return yet, it may be worth having a look at the Australian Tax Office’s
website to see how your Business can benefit from some of the support or incentives on offer. You can do this
by visiting the ATO website,

Why do we do Bank Reconciliations?
Our support desk receives a lot of enquiries on a variety of subjects, but it still surprises us that some of our
customers who use General Ledger don’t do regular Bank Reconciliations, if at all.

So, why do we do Bank Reconciliations? Simply put, we do this to ensure that the balance on your actual bank
account matches the theoretical balance in the General Ledger. Just using the General Ledger bank balance to
achieve this is not sufficient, as your General Ledger bank balance is the sum of both transactions on your Bank
Statement and those processed in ProfitPak, but as yet unpresented to the Bank. It also allows you to take up
bank fees and interest that only appear on a Bank Statement.

The next question is, how often should Bank Reconciliations be done? The answer to this very much depends on
your business, most of our customers choose to at least reconcile monthly, but more likely is Weekly and even
Daily reconciliations. Leaving your Bank Reconciliation until the End of Financial Year will almost certainly open
up a major bag of worms, no matter how large or small your business is.

Remember the next Business Activity Statement (BAS) is due on the 28th of July - to help you get ready for
this, we've attached a BAS step by step booklet! The table below shows the dates that are of importance to
your business for the remaining months of 2009.

ProfitPak Release Information

We are currently in the process of upgrading our customers to the latest version of ProfitPak - V3.10.
Remember, to be eligible to receive ProfitPak Release Upgrades you must have a current support agreement in

For any information about the current or future releases of ProfitPak please email us at

Support & Enquiries
When you need assistance with any problems you may have encountered while using ProfitPak, please send an
email to, instead of a specific employee’s email address.

All general enquiries should be sent to from now on. This will allow faster response
times with a number of possible recipients supplying you will the answers you may need.

Thanks for your assistance.

Contact Us:

Rimtech Software
Head Office
2/37 Windorah Street
(P.O. Box 1301)
Stafford, QLD 4035
Tel: +61 7 3356 2772
Fax: +61 7 3356 2823





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