Business details
Andrews Slabs
Business details
ABN number 45010669271
Registered for GST with the ATO.
Workshop and shopfront is located at 22 Mount Albert Road, Tyagarah, NSW 2481
Phone number is (02) 66842389
Account opening balances
as of 01 July of the financial year you are currently in.
1-1110Cheque Account$19,783.00
1-1200Petty Cash- $300.00
1-1800Accounts Receivable
1-2000Furniture and fittings$14,200.00
1-2410Motor Vehicles$7,520.00
1-2500Office Equipment & computers$4,750.00
1-2610Plant and Equipment
2-1130MasterCard$5,735.00
2-1200Accounts Payable$3,6732.00
2-2300GST Collected
2-2400GST Paid
2-2600PAYG Withholding payable526
2-3300Superannuation Payable
2-4400Bank Loan
3-1100Andrew contribution$45,000
3-1200Andrew drawings
3-1400Income tax
3-9999Historical balancing
3-1800Current year earnings
4-2420Slab Sales
4-2440Furniture SalesNote: all non-slab sales are considered to be Furniture sales
5-2000Freight
5-2400Timber treatment
5-2500Slab purchases
5-2700Timber
6-1200Advertising
6-2000Electricity and gas
6-2600Insurance
6-3600Office supplies
6-4600Rent
6-5500Superannuation expense
6-6000Sundry expenses
6-6200Wages
6-6600Work cover insurance
8-1500Furniture renovation
Suppliers
Name:Wood is Us
Address:23 Wayward St, Myocum, NSW 2481
Phone:(02) 6683 6870
Email:woodisus@gmail.com.au
Contact:Jeremy Smith
Payment terms:30 days
Credit limit:$2,000.00
ABN: 74103449663
Name:The Timber Guys
Address:234 Pacific Hwy, Tyagarah, NSW 2481
Phone:(02) 6683 5834
Email:timberguys@bigpond.com
Contact:Joseph Armstrong
Payment terms:30 days
Credit limit:$2,000.00
ABN: 78130117225
Name:Jack Daniels
Address:26 Main Rd, Upper Main Arm, NSW 2482
Phone:(02) 6684 2736
Email:jackiedan@hotmail.com.au
Contact:Jack Daniels
Payment terms:30 days
Credit limit:$2,000.00
ABN: 45085024415
Name:Shady Timber Mill
Address:273 Tweed Valley Road, Stokers Siding, NSW 2484
Phone:(02) 6737 9375
Email:shadymill@gmail.com.au
Contact:Derek Stevens
Payment terms:30 days
Credit limit:$2,000.00
ABN: 90093211708
Name:Local newspaper
Address:34 Chambers Road, Ewingsdale, NSW 2481
Phone:(02) 6682 9225
Email:weeklyecho@hotail.com.au
Contact:Gladys Enfield
Payment terms:30 days
Credit limit:$2,000.00
ABN: 23000246006
Customers
Name:Lennox Furniture
Address:276 Ocean St, Lennox Head, NSW 2478
Phone:(02) 6294 4583
Email:lennoxfurniture@hotmail.com.au
Contact:Dave Hall
Payment terms:30 days
Credit limit:$2,000.00
ABN: 92041518154
Name:Tables and Chairs
Address:26 Machinery Drive, Ballina, NSW 2478
Phone:(02) 6293 6384
Email:tablesnchairs@gmail.com.au
Contact:Trudy Perkins
Payment terms:30 days
Credit limit:$2,000.00
ABN: 45010669271
Name:Kingscliff Kitchens
Address:23 Pacific Drive, Kingscliff, NSW 2487
Phone:(02) 8732 1614
Email:kingskitch@bigpond.com
Contact:Raphael Meier
Payment terms:30 days
Credit limit:$2,000.00
ABN: 56123109017
Name:Domestic Bliss
Address:27 Pine Ave, Billinudgel, NSW 2483
Phone:(02) 6685 3485
Email:Dombliss@hotmail.com.au
Contact:Anwar HeriantoPayment terms:30 days
Credit limit:$2,000.00
ABN: 86087899456
You will also have to create a Cash sale business contact to record daily sales.
Andrews Slabs
Financial Policy and Procedures
Purpose
The purpose of this policy is to provide clear guidelines for the handling of transactions for Andrews Slabs. These guidelines are such that that Andrews Slabs carries out all financial dealings in a way that ensures transparency, legislative compliance, the best value for money, complies with good management practices, probity and environmental performance.
Scope
This policy applies to all employees of Andrews Slabs and to any external entity overseeing, or having any involvement in, the procurement or sale of goods and services for the Company.
Objectives
This document directs Andrews Slabs compliance with legislation and regulations relevant to trading practices, as well as standards and codes including the Australian Accounting Standards Board (AASB) codes of conduct.
General
When receiving goods, Accounts Clerks must ensure they counter-check this against the receipt record.
Petty cash
Petty Cash is kept in a locked Petty Cash Box.
The imprest system is used for the companys petty cash.
A float of $300 has been created, and this amount remains with the companys bookkeeper unless another person has been authorised, by the bookkeeper or by Andrew, to take over responsibility.
Payments are made from petty cash only on the presentation of a petty cash voucher and a docket or receipt from the purchase.
All petty cash transactions are recorded in the petty cash book.
Petty cash payments of more than $50 will require Andrews authorisation before the purchase is made. In these cases, a petty cash voucher is to be made out for the amount of the purchase and justification for the purchase given. All such vouchers will be approved (or not) ate the end of every month.
All petty cash vouchers and receipts are seen and approved by Michael before petty cash is reimbursed at the end of every month.
The monthly Petty Cash reconciliation withdrawal is to be recorded in the General Journal within 24 hours of the withdrawal being made.
Petty Cash reconciliation withdrawal slips are to be filed with the (approved) Petty Cash vouchers and Petty Cash receipts, batched and filed by month.
Cash deposits and withdrawals
Each days deposits and withdrawals are to be balanced daily.
Expenses are not to be paid from receipts prior to banking.
Cash is to be banked daily.
Cash from trading should be deposited into our banking facility by close of (the banks) trading on the following day.
All receipts and deposits are to be entered into the Cash Receipts Book within 24 hours of the deposit being made.
All cash journals must be submitted to Andrew for approval before these are posted to ledger.
Deposit Facility
Only the bookkeeper, Andrew, or a person delegated by either the bookkeeper or Andrew are to take cash to the deposit facility.
The deposit facility chosen should enable all relevant security and safety precautions to be taken.
Specifically, the procedure should enable the cash to be deposited without compromising the safety of the person carrying the cash in any way.
The procedures that are followed to ensure the safety of the cash and the personnel should be changed as often as appropriate, after discussion between the bookkeeper and Andrew. These changes may involve a change in the deposit facility, and/or changes to the methods used to bring the cash to it. Regular reassessment and changes to the deposit procedures will help ensure that safety and security are maintained.
Cheques
Before a payment by cheque can be accepted, the following points must be checked by the sales person responsible for the sale.
The date must be current
The customers name and signature must be checked against another form of identification, preferably the customers drivers licence.
Ensure that the words and figures agree with each other and the amount of the sale.
Invoices
Invoices should be written on the first business day following the end of the month in which the sale was made.
Invoices should be set out so items and services can be listed
Dont position the suppliers address for windowed envelope.
Dont show Andrews Slabs trading name or website on the invoice
Use the following logo
16637013779500
Logo size should be about of maximum
Where possible, the invoice headers colouring style should be renaissance, and get the header colour as close as you can to the logos trapezoid. The text colour should be black.
Until further notice, online payment will not be offered. Customers should send payments to the business address.
Journals and Ledgers
All journals must be approved by Andrew before being posted to Ledger.
Credit
This credit policy must be agreed to in writing by all customers before credit sales are allowed.
Credit limit of $2,000 per customer unless a different credit limit has been set by Andrew personally.
The customer is sent an invoice for transaction(s) at the end of the month of purchase(s).
Payment is expected within 30 days of the invoice date unless different payment terms have been set by Andrew personally.
Procedures:
30 days overdue:
A copy of the overdue invoice is sent out (with the invoice for any subsequent purchases made that month if there are any) with an Overdue sticker on it.
60 days overdue:
A copy of the overdue invoice is sent out (with the invoice for any subsequent purchases made that month if there are any) with an Final Notice sticker on it.
61 to 90 days overdue:
A telephone call is made to the customer, asking the reason for non-payment of the invoice(s) and when payment can be expected.
A debt recovery plan can be discussed with the customer.
91 days:
A telephone call is made informing the customer that their credit facility will be put on hold unless payment is received directly. No more credit is to be extended to this customer until the account has been settled.
115 days:
The customers account will be turned over to a collection agency.
Data entry
Entering data has two stages. The first is transferring the data, either from source documents or electronic sources, to the appropriate form. The second step involves carefully reviewing each data point to ensure that it is the same as the original. Any errors that are found are to be corrected immediately. In situations where large amounts of data is to be entered, a second person is to check the entries.
Filing Documents
Bank receipts and withdrawal slips are to be filed with the days receipts.
Petty Cash reconciliation withdrawal slips are to be filed with the (approved) Petty Cash vouchers and Petty Cash receipts, batched and filed by month.
Electronic documents are to be named according to the subject matter of their contents, followed by the date.
They should be filed in a folder named after the responsible department (such as Accounting, Sales, or Products). If an appropriate folder does not exist, it can be created.
Both electronic and hard copy documents must be filed such that they can be easily located should an audit take place.
