Bank Reconciliations
Match accounting records to the bank so duplicated, missing, uncategorised or unusual transactions can be identified earlier.
Bookkeeping · Reconciliation · Reporting · BAS Readiness
Keep your business records organised throughout the year instead of rebuilding everything at BAS or tax time. Hamro Accountant Sydney can help with transaction coding, bank reconciliations, invoices, expenses, GST records, payroll integration, management reporting and cleaner books for sole traders, companies and growing small businesses.
General information only. The records, reports and tax treatment required depend on your business structure, registrations and transactions.
Bookkeeping is the day-to-day process of recording and organising financial transactions such as sales, purchases, payments and receipts. Accounting uses those records to prepare reports, understand the business's financial position, support tax and BAS work, and help business owners make better-informed financial decisions. The two work best when they are connected rather than treated as separate jobs.
The goal is not simply to enter data. It is to create records that can support BAS, tax returns, payroll, reporting and everyday business decisions.
Match accounting records to the bank so duplicated, missing, uncategorised or unusual transactions can be identified earlier.
Keep customer invoices and amounts owing visible so unpaid sales do not disappear into a spreadsheet or inbox.
Record supplier invoices, receipts and business expenses with the supporting information needed for accounting and GST review.
Review GST coding and transaction records so the numbers behind the Business Activity Statement are easier to reconcile and explain.
Keep payroll, PAYG withholding and super-related accounting records connected with the general ledger and reporting cycle.
Use organised records to prepare profit and loss, balance-sheet and other management information relevant to the business.
The most useful bookkeeping system is one that can be repeated every week or month and leaves the accounts ready for reporting when needed.
Record sales, expenses, bills, payments and receipts using the accounting system and supporting source documents.
Compare bank and accounting records so duplicate, missing and unexplained items can be resolved instead of carried forward.
Check that transactions are placed in the right accounts and that GST treatment is reviewed before it reaches the BAS.
Look at sales, expenses, amounts owing, cash movement and profit so the business owner can see what changed during the period.
With the accounts kept current, BAS and year-end tax work can start from organised records rather than a pile of uncategorised transactions.
A healthy bank balance does not automatically mean the business made a profit, and profit does not automatically mean there is enough cash available for tax, suppliers or future expenses. Clean books help separate these different questions.
Regular reporting can also help identify overdue customer invoices, rising expenses, GST or PAYG amounts building up, and changes in the financial position before they become year-end surprises.
Sales minus the costs and expenses recorded for the period.
Money actually moving into and out of the business.
Assets, liabilities and equity at a point in time.
Who owes the business money and which suppliers still need payment.
The method used affects when income and expenses appear in the books, so the setup should match the reporting and management needs of the business.
Under cash accounting, income and expenses are generally recorded when payment is received or made. It can be simpler and gives a direct view of cash movement, but it does not show unpaid customer invoices or supplier bills in the same way as accrual accounting.
Accrual accounting records income and expenses when the transaction occurs, even if cash has not yet changed hands. This can give a fuller view of amounts receivable and payable, but requires more detailed bookkeeping.
Australian businesses need records that explain transactions relevant to tax, super and registrations. Most business records generally need to be kept for five years, although some records can have longer retention requirements, including certain company and employee records.
Digital records are acceptable when they remain accessible and can be understood. A good bookkeeping system should therefore make documents easier to retrieve — not just produce totals.
Invoices, receipts, platform statements and other evidence of business income.
Supplier bills, receipts and documents supporting business purchases.
Statements, loans, finance arrangements and reconciled account information.
Relevant for GST reporting and supporting eligible GST credits.
Purchases, disposals, improvements, stock and other records relevant to business assets.
Keep the records required for payroll, super, payments and applicable reporting obligations.
If several months of transactions are behind, the first step is not to guess the missing numbers. We can work through what is already recorded, compare it with bank and source records, identify missing documents and progressively bring the books into a reviewable position.
Ask about catch-up bookkeepingSee which months, accounts and transactions are already complete.
Use bank information to identify gaps and duplicated transactions.
Review categories and GST treatment where the records are unclear.
Prepare the records for BAS, financial reports and year-end accounting.
Once the books are organised, BAS, payroll, Xero and annual tax work can all operate from the same set of reliable records.
Use reconciled bookkeeping records to prepare and review GST, PAYG and Business Activity Statement information.
Explore BAS supportKeep payroll transactions, PAYG withholding and super-related records connected to the accounts.
Explore payroll supportCreate a digital accounting workflow for bank feeds, invoicing, transaction coding and reports.
Explore Xero setupBroader accounting and tax support for businesses that need more than transaction processing alone.
Explore small business accountingA consultant sending ten invoices a month does not need the same workflow as a restaurant with daily POS sales, a tradie buying materials for jobs or a company running payroll. We structure the bookkeeping around the transactions, reporting obligations and software you actually use.
These answers are general information only. The bookkeeping and record requirements for a business depend on its structure, tax registrations and transactions.
Bookkeeping generally covers the day-to-day financial records of the business, including transactions, invoices, payments, banking and reconciliations. Depending on the service, it can also support payroll, cash-flow monitoring and financial reports.
Reconciliations compare the accounting records with actual bank activity. This can help identify missing, duplicated, incorrectly coded or unexplained transactions before they affect BAS, reports or year-end tax work.
Yes. BAS figures rely on the underlying sales, purchases, GST coding and reconciliations. Keeping the books current can make BAS preparation and review significantly more organised.
Most Australian business records generally need to be kept for five years, although some records need to be retained for longer. For example, some company and employee records can have seven-year retention requirements.
Yes. Australian guidance allows digital record keeping when the records remain accessible, secure and capable of being understood. Clear electronic copies can also reduce the need to retain paper copies where no separate rule requires the original.
Cash accounting records income and expenses when money is received or paid. Accrual accounting records transactions when they occur, which can also show outstanding customer invoices and supplier bills.
Yes. Catch-up work normally begins by reviewing the existing file, reconciling bank activity, identifying missing transactions and documents, checking coding and progressively bringing the accounts into a position that can support BAS and tax work.
We can help with Xero-related bookkeeping workflows and setup. The goal is to configure the file around the business's accounts, invoicing, bank feeds, GST and reporting needs rather than relying on automation without review.
Tell us what your business does, which accounting system you use and whether your records are current or behind. We can then start with the bookkeeping, reconciliation or accounting work that needs attention first.
Regular bookkeeping
Catch-up & cleanup
BAS-ready records
Xero & reporting workflow
Do not submit TFNs, passwords, bank login details or identity documents in this general enquiry form.