RESIGN MY MEMBERSHIP

We’re sorry that you’re thinking about resigning your membership of CPA Australia.

 We understand there may be various reasons for this decision, including transitioning to retirement or a change in your working status.

 Before you activate your resignation, we invite you to contact us to discuss your reason for doing so and any alternatives which may be available to you, including:

•  transition to retirement 
• eligibility to maintain your membership at a reduced fee.

Resignations will not be accepted from members that are currently under disciplinary review.

Note: If you are not a CPA Australia member and are looking to unsubscribe from communications, visit My Account to update your communication preferences or contact ma.comms@cpaaustralia.com.au

 REMAINING A MEMBER 

 There are many advantages to retaining your CPA Australia membership. First and foremost is the CPA designation, which is internationally recognised and respected throughout the accounting and financial services profession. Being a CPA identifies you as a financial, accounting and business advisory professional of the highest training and expertise.

 Your membership also provides you with access to professional resources, networking events and learning and development opportunities to build your knowledge and skills and help you achieve your career goals.

 RESIGNATION OF MEMBERSHIP

 If you wish to resign as a CPA Australia member, we request you complete the online form or alternatively email us at resignation@cpaaustralia.com.au and include your member ID.

 Once you have submitted your request, you may be contacted to complete your membership resignation. Your resignation will be processed within five business days of receipt of your notification, and you will be emailed confirmation.

 By resigning your membership, you can no longer refer to yourself as a member of CPA Australia and you must immediately discontinue use of the designation. You must also return any Certificate of Membership (or Practicing Certificate if relevant). 

 Membership fees are non-refundable as outlined under Article 17(a) of the CPA Australia Constitution.

 PLACING MEMBERSHIP ON HOLD 

CPA Australia does not offer the option to place your membership on hold.

 Should your circumstances change in the future, you may apply to be readmitted to membership of CPA Australia. Simply use your existing ID number to complete an online readmission application.

https://www.cpaaustralia.com.au/member-services/resign-my-membership

ပုစွန် မျှစ် ချဥ်ပေါင်ကြော် [Eng-Sub] Burmese Spicy Sour Stir-Fried Roselle leaves ချဥ်ပေါင်ကြေ

Credit to Chaw Su's Food Friends

1Gb switch = Adding LAN Ports To Your Router And Increasing Your LAN (Local Area Network) Speed

Job Keeper Monthly Declaration

Hi,

I am confused regarding the monthly declaration requirement for Job Keeper subsidy. On ATO website, it says no need to redo the turnover test once it's satisfied. However, companies are required to provide monthly declaraiton. Then what is the monthly declaration used for?

For example, if a company turnover dropped by 30% in March, 20% in April and 30% in May, it needs to report non-eligible for job keeper in April and re-enroll in May?

Please kindly classify.


Hi @Vanboo

We do understand this can be a confusing time and there is so much information available.

The monthly turnover test is not a retest of your eligibility, but rather provides an indication of how your business is progressing under the JobKeeper Payment scheme.

Each month you must:

Ensure you have paid your eligible employees at least $1,500 per eligible employee per fortnight.

Log in to the Business Portal to 

 
review the number of eligible employees for each JobKeeper fortnight
update your eligible employees if any of your eligible employees change or leave your employment
provide your current and projected GST turnover
re-confirm your contact and bank details for payment.

There are JobKeeper guides available to provide you with the steps to enroll and your requirements each month.

I hope this information helps you, SueO ATO

https://community.ato.gov.au/t5/COVID-19-response/Job-Keeper-Monthly-Declaration/td-p/50212

JobKeeper guide - sole traders

Step 3: Make a business monthly declaration

Each month you must complete a business monthly declaration to be able to keep claiming JobKeeper payments. You must do this in the first 14 days after the month you are claiming for ends. Your tax or BAS agent can also make the business monthly declaration for you.

Make your declaration by the 14th of each month

Log into ATO online services through myGov, or the Business Portal using myGovID.

View the COVID-19 screen and select Step 3 – Business monthly declaration for JobKeeper payment.

Re-confirm your reported eligible employees and business participant (if you have them).

If you need to update details for eligible employees or the eligible business participant, select Maintain employees.

Provide your business' GST turnover for the month you are declaring and following month's projected GST turnover.

Re-confirm your financial institution details for receiving JobKeeper payments.

JobKeeper guide - employers reporting through STP

Step 3: Make a business monthly declaration

Each month you must complete a business monthly declaration to keep claiming JobKeeper payments. You must do this in the first 14 days after the month you are claiming for. Your tax or BAS agent can also make the business monthly declaration for you.

Netgear EX3700 Wi-Fi Extender Unboxing & Setup

Wi-Fi Extenders are great for when your router or modem's wireless signal doesn't cover the area you want. Adding an extender will boost the wifi signal. In this video we show you how to setup and configure the Netgear Ex3700 WiFi extender (with AC750 Dual Band Wireless Signal Booster & Repeater).

https://www.netgear.com/home/products/networking/wifi-range-extenders/EX3700.aspx

WIFI RANGE EXTENDER - ESSENTIALS EDITION

Model: EX3700

Fast Ethernet PortConnect a wired device like a Blu-ray® player, game console, TV or streaming player to your WiFi network.

https://www.lifewire.com/what-is-an-ethernet-port-817546

What Is an Ethernet Port?

An Ethernet port (also called a jack or socket) is an opening on computer network equipment that Ethernet cables plug into. Their purpose is to connect wired network hardware in an Ethernet LAN, metropolitan area network (MAN), or wide area network (WAN).

Why choose a Blu-ray Disc Player instead of a DVD Player

Why Do I Need a Blu-ray Player

It seems like forever ago that DVDs replaced VHS tapes and in more recent years we've been introduced to Blu-ray DVDs. To begin with why it is a good idea to invest in a blu-ray player, let's discuss the most popular misconception that surrounds it. A Blu-ray player will play any old DVDs or CDs, in addition to playing Blu-ray discs. Majority of the time a Blu-ray player will provide better picture quality for those older DVDs, when compared to your basic DVD player. But with Blu-ray technology, these discs are able to offer over 6 times the resolution of regular DVDs, which in turn means you can take full advantage of your HDTV. Nowadays, most Blu-ray players also come with built-in internet apps such as Netflix, Hulu, Pandora, etc. Bottom-line, Blu-ray discs look and sound better than standard DVDs.

https://www.abt.com/learn/blu-ray-player-buying-guide

how to pronounce envision /ɪnˈvɪz·ən/

envision
verb [ T ]
US
/ɪnˈvɪz·ən/
(also envisage, US/ɪnˈvɪʒ·ɪdʒ/)

to imagine or expect that something is a likely or desirable possibility in the future:

He envisioned a partnership between business and government.
The company envisions adding at least five stores next year.

in
preposition
UK
/ɪn/ US
/ɪn/

in preposition (INSIDE)

https://youglish.com/pronounce/envisions/english/us

photographer
noun [ C ]
UK
/fəˈtɒɡ.rə.fər/ US
/fəˈtɑː.ɡrə.fɚ/


A2
a person who takes photographs, either as a job or hobby:
a fashion/press/amateur photographer

https://dictionary.cambridge.org/dictionary/english/photographer

About MPA

Dedicated to providing customer focused building contracting services since 1999, specialising in interior fitout and refurbishment.

SYDNEY (HEAD OFFICE)
Level 12, 50 Goulburn Street Sydney NSW 2000

MELBOURNE
Level 2
99 King Street
Melbourne VIC 3000

Clare McMonagle Chief Financial Officer

Clare plays a vital role in the continued growth of MPA. Responsible for the financial stewardship of the company as well as the management of our accounting team, Clare works closely with our executive team to continuously improve our financial systems and to develop and implement financial and operational strategies.

They have about 12 directors and some are project directors. $1.6 Mil transaction roughly annually last four years. Started relationship in FY2015.

About Intermain

About Intermain

Thoughtfully Considered
Seamless Delivery
No Excuses
Sustainability & Accreditation
People
Community

Established in 2001, Intermain is one of Australia’s leading multi-skilled commercial fit-out companies. We deliver thoughtfully considered, beautifully designed, functional spaces for a wide range of clients; from corporate offices to heritage, government and educational environments.

Working nationally with offices in Sydney, Canberra, Brisbane and Melbourne, Intermain has delivered spaces for leading organisations such as Amazon, Investec, Centuria, IAG, Microsoft, Westmead Hospital, Mosman Council and Thyssenkrupp Elevators. We’ve earned a reputation for our passion, processes, accountability and professionalism – and for consistently exceeding our clients’ expectations.

At Intermain we see design as the key to unlocking a space’s true potential. Not only do our smart solutions provide the best possible use of space, budget and time, they enable us to create spaces where people can perform at their best.

Ref: https://intermain.com.au/

Ebays and GST

Items delivered to Australia – Goods and Services Tax (GST)

Australian Goods and Services Tax (GST) generally applies to purchases delivered to Australian buyers. (Visit the Australian Taxation Office website for a list of GST-exempt products.)

Items sold from Australia

If the item's located in Australia, the listing price is GST-inclusive, where applicable. Sellers may not add GST to the final sale price after an item has sold. If you need a tax invoice showing the GST component for an item you bought, please contact the seller.

Items imported into Australia

GST applies to goods imported by consumers into Australia.

Orders up to AU $1,000

If you're buying an item located outside Australia and you select a delivery address in Australia, eBay will add GST to your total at checkout. The seller receives payment for the order value (item price + postage costs), and eBay remits the GST to the Australian Taxation Office (ATO).

If GST was collected, you can view and download a tax invoice from the Order details page in your Purchase history.

Orders over AU $1,000

If you're buying from overseas and your order is valued at over AU $1,000, the GST is generally collected at the Australian border. You may need to pay it as part of clearing your parcel through customs.

For more information about buying from overseas sellers, see our article about international purchases and postage.

 Make sure to check if you are happy with the price with 10% GST on it added by eBay at checkout only as the purchase item below is from China.

j.in.c Based in Australia, j.in.c has been an eBay member since 09 Dec, 2002. Below item is located in Australia and j.in.c, the seller is based in Australia. However, j.in.c may be not registered for GST as its turnover might be under the thread-hold. Thus, it cannot charge GST if it is not registered for GST.

Or the price below is GST-inclusive. You have to ask seller for a tax invoice. They are required to give you one if you ask. If buying items located in Australia by Australian customers, be careful. > If the item's located in Australia, the listing price is GST-inclusive, where applicable. 

ref:
https://www.ebay.com.au/help/buying/paying-items/paying-tax-ebay-purchases?id=4771

Working out your GST credits

You can claim GST credits for your purchases of second-hand goods even if the price you paid did not include GST. You can do this for second-hand goods that you purchase for resale from sellers who do not charge GST in the price of the goods.

ref:

https://www.ato.gov.au/Business/GST/In-detail/Rules-for-specific-transactions/GST-and-second-hand-goods/?page=3

Boosting cash flow for employers

Legislation has passed to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that:

employ staff
have been affected by the economic downturn associated with COVID-19 (novel coronavirus).

Eligible businesses and not-for-profit (NFP) organisations will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.

The cash flow boosts will be delivered as credits in the activity statement system, and will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020. In practice, this means you keep the amounts you have withheld from payments for these periods, however, there are some exceptions.

An additional cash flow boost will be applied when activity statements for each monthly or quarterly period from June to September 2020 are lodged. These credits are equal to the total boosts credited for March to June 2020. They will be paid out in either two or four instalments depending on your reporting cycle.

You must lodge your activity statement to receive the cash flow boosts.

On this page:

What you need to know
Eligibility
Special eligibility rules
Delivery of the cash flow boosts
Accessing the cash flow boosts
What you will receive
Tax consequences

See also:

COVID-19
JobKeeper Payment
Instant asset write-off
Backing business investment – accelerated depreciation

What you need to know

For most businesses, the cash flow boost will automatically be credited to your account when you lodge your activity statement.

You won’t be disadvantaged if you have been given a deferral for your earlier activity statement or are not required to lodge your income tax return yet. Read more about the impact of lodgment deferrals.

If eligible, the minimum cash flow boost credit you will receive when the March activity statement is lodged is $10,000. See examples of what you will receive.

The cash flow boosts will be applied to reduce liabilities arising from the same activity statement. If there is credit remaining after this occurs, you will generally receive a refund of that amount.

If you are due to receive a refund, we will generally pay it within 14 days.

Any excess credit from the activity statement that received the cash flow boost amount will be refunded to you, rather than offset against other tax debts. However, any excess may still be applied against any outstanding debts with other Australian Government agencies.

Eligibility

Businesses (including sole traders, companies, partnerships or trusts) and NFP organisations will be eligible to receive the cash flow boost if:

You are a small or medium business entity or NFP of equivalent size (that is, an entity with aggregated annual turnover less than $50 million).

You held an ABN on 12 March 2020.

• You made payments to employees subject to withholding (even if the amount you were required to withhold is zero), such as    

salary and wages
director fees
eligible retirement or termination payments
compensation payments

voluntary withholding from payments to contractors.

 

• On or before 12 March 2020, you lodged at least one of
• 
  a 2018–19 income tax return showing that you had an amount included in your assessable income in relation to you carrying on a business
• 
  an activity statement or GST return for any tax period that started after 1 July 2018 and ended before 12 March 2020 showing that you made a taxable, GST-free or input-taxed sale.
   

There are only exceptional circumstances where we may have discretion to give you further time after 12 March 2020.

You won’t be disadvantaged if you have been given a deferral for your earlier activity statement or are not required to lodge your income tax return yet. Read more about the impact of lodgment deferrals.

You are not eligible for the cash flow boosts if you change the way you operate for the sole or dominant purpose of becoming entitled to cash flow boosts when you would otherwise not be entitled. Read more about schemes.

If you don't meet these general eligibility criteria but think you may still be entitled to the boost, there are special eligibility rules for entities in the following situations:

New to business
Charities
Entities that are not registered for GST
Entities with a reduction in turnover to below $50 million
Businesses with related parties, or that are part of a group
Businesses with multiple branches
Businesses that are part of a GST joint venture
Businesses that use another entity to manage payroll

Example – A business that is eligible for the cash flow boost

Robert has operated a small restaurant in Adelaide since 2015. He has had an ABN since then and pays wages to his chefs every week.

Robert's income tax return for 2018–19 is not due until May 2020. However, he has lodged all his activity statements since July 2018.

Robert is eligible to receive a cash flow boost.

End of example

Example – A business that does not pay employees

Angela runs a small convenience store in Darwin using a trust as her business vehicle. She is the only person who works in the business. She provides for her own remuneration by making trust distributions during the year and does not pay any wages.

As Angela does not make eligible payments to employees, she is not eligible to receive the cash flow boost.

On 15 March 2020, Angela realises her business is not eligible and applies to become registered for PAYG withholding, backdated to 1 March 2020. She changes her business records to reclassify some trust distributions as wages.

Angela is still not eligible to receive the cash flow boost because she has changed the way her business operates for the purpose of receiving a cash flow boost that she was not otherwise entitled to receive.

Tax consequences

You do not need to pay tax on the amount of the cash flow boost. However, if you distribute the cash flow boost from the business to another entity (for example, making a trust distribution or paying a dividend to shareholders) there may be tax consequences for the recipient.

The amounts do not need to be paid back when your cash flow improves. However, if you have been paid more cash flow boosts than you are entitled to you will need to repay the excess.

The cash flow boost is not subject to GST as you are not making or agreeing to make a supply for the payment.

You will still be entitled to a deduction for PAYG withholding paid.

There is no effect on tax paid by employees in respect of their salary and wages.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/

How to Pronounce CHURCH ⛪️ /tʃɜrtʃ/

charge
verb

UK

/tʃɑːdʒ/ US
/tʃɑːrdʒ/

https://dictionary.cambridge.org/dictionary/english/charge

church
nounUK
/tʃɜːtʃ/ US
/tʃɝːtʃ/

https://dictionary.cambridge.org/dictionary/english/church

How the IFRS Interpretations Committee helps implementation

Compilations of agenda decisions

Compilations of agenda decisions compile all agenda decisions published by the Interpretations Committee in a particular period.

Compilations of agenda decisions
Agenda decisions by date

Agenda decisions published by the Interpretations Committee and included in the annotated Standards are listed below. If you would prefer to see agenda decisions listed by relevant Standards, click here.

All agenda decisions

https://www.ifrs.org/supporting-implementation/how-the-ifrs-interpretations-committee-helps-implementation/#agendadecisions

Q:

What is the relationship between the AASB, the Australian Government and the international standard-setting bodies?

A:


The AASB is an Australian Government agency, reporting to the Parliamentary Secretary to the Treasurer. The AASB’s principal funding is via parliamentary appropriation under the Australian Treasury portfolio. Significant funding is also received from the States and Territories.

The International Accounting Standards Board (IASB) is part of the IFRS Foundation and is an independent private-sector organisation based in London. The Australian Government provides a significant annual monetary contribution to the activities of the IASB.

The IASB is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters (like the AASB) to achieve convergence in accounting standards around the world.

The International Public Sector Accounting Standards Board (IPSASB) is a board of the International Federation of Accountants (IFAC). IFAC is funded principally by its members, which are professional accounting bodies from around the world. Those bodies may propose nominations for membership of the IPSASB and other boards of IFAC.

The IPSASB focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. It addresses these needs by issuing and promoting benchmark guidance and facilitating the exchange of information among accountants and those who work in the public sector or rely on its work. The AASB considers the work of the IPSASB in developing and issuing accounting standards for public sector entities in Australia.

Q:

What is an IFRS and how does it affect accounting in Australia?

A:


“IFRSs” is the collective term used to describe the authoritative pronouncements issued by the IASB. Technically, IFRSs comprise:

1. two series of standards: those explicitly called International Financial Reporting Standards and the older series of International Accounting Standards, and
2. two series of Interpretations: those issued by the former Standing Interpretations Committee (SIC) and those issued by the existing International Financial Reporting Interpretations Committee (IFRIC) of the IASB.

Under a broad strategic direction from the FRC, the AASB has adopted IFRSs for application by entities reporting under the Corporations Act 2001 for annual reporting periods beginning on or after 1 January 2005. This is to ensure that general purpose financial statements, prepared by for-profit entities in accordance with AASB standards, will also be in accordance with IFRSs.

The AASB has a transaction neutrality policy, which means similar transactions and events should be accounted for in a similar manner by all types of entities, whether in the for-profit sector, the not-for-profit private sector, or the public sector – unless there is a sound reason to be different in particular circumstances. The AASB considers the specific needs of not-for-profit entities in the private and public sectors when preparing new and revised IFRSs for adoption in Australia.

https://www.aasb.gov.au/About-the-AASB/Frequently-asked-questions.aspx#qa1521

What does a green screen do?

Green screen basically lets you drop in whatever background images you want behind the actors and/or foreground. It's used in film production (and also in news and weather reports) to relatively simply place the desired background behind the subject/actor/presenter.

You can lead a horse to water...

Today's Phrase

'You can lead a horse to water but you can’t make him drink' is a proverb which means that you can give someone an opportunity but not force them to take it.


you can lead a horse to water, but you can't make him drink

saying

used to emphasize that you can make it easy for someone to do something, but you cannot force them to do it

For example:

I gave him the email address of the person in charge of recruitment but he still didn’t contact him about the job. You can lead a horse to water but you can’t make him drink.


We arranged everything for Kate: we paid for the train ticket, ordered a taxi from the station and even made a hotel booking but she still didn’t turn up to the wedding. You know what they say: you can lead a horse to water but you can’t make him drink.

Credit to BBC English

Q&A: How to pronounce FILM!!!

film
noun
UK
/fɪlm/ US
/fɪlm/

https://dictionary.cambridge.org/dictionary/english/film

film noun (MOVING PICTURES)

A1 [ C or U ] mainly UK
(US movie)
a series of moving pictures, usually shown in a cinema or on television and often telling a story:
What's your favourite film?

Contractors' entitlements

Who is an employee? Who is an independent contractor?

The Independent Contractors Act 2006 in conjunction with the Fair Work Act 2009 protect the rights and entitlements of independent contractors.

There are a number of factors which may contribute to determining the difference between an employee and independent contractor. However, it is important to note that no single indicator can determine if a person is a contractor or an employee. Each determination is based on the individual merits of the work arrangement in place. Courts always look at the totality of the relationship between the parties when determining the status of a person's employment.

There are some common indicators that may contribute to determining whether a person is an employee or independent contractor:

https://www.fairwork.gov.au/how-we-will-help/templates-and-guides/fact-sheets/rights-and-obligations/independent-contractors-and-employees

Indicator	Employee	Independent Contractor
Degree of control over how work is performed	Performs work, under the direction and control of their employer, on an ongoing basis.	Has a high level of control in how the work is done.
Hours of work	Generally works standard or set hours (note: a casual employee's hours may vary from week to week).	Under agreement, decides what hours to work to complete the specific task.
Expectation of work	Usually has an ongoing expectation of work (note: some employees may be engaged for a specific task or specific period).	Usually engaged for a specific task.
Risk	Bears no financial risk (this is the responsibility of their employer).	Bears the risk for making a profit or loss on each task. Usually bears responsibility and liability for poor work or injury sustained while performing the task. As such, contractors generally have their own insurance policy.
Superannuation	Entitled to have superannuation contributions paid into a nominated superannuation fund by their employer.	Pays their own superannuation (note: in some circumstances independent contractors may be entitled to be paid superannuation contributions).
Tools and equipment	Tools and equipment are generally provided by the employer, or a tool allowance is provided.	Uses their own tools and equipment (note: alternative arrangements may be made within a contract for services).
Tax	Has income tax deducted by their employer.	Pays their own tax and GST to the Australian Taxation Office.
Method of payment	Paid regularly (for example, weekly/fortnightly/monthly).	Has obtained an ABN and submits an invoice for work completed or is paid at the end of the contract or project.
Leave	Entitled to receive paid leave (for example, annual leave, personal/carers' leave, long service leave) or receive a loading in lieu of leave entitlements in the case of casual employees.	Does not receive paid leave.

Contractor rights & protections

Last Updated: 18 March 2020

Contractors have different workplace rights and protections from employees. Whether you're a contractor or you hire contractors, it's important to understand the different rules. Find out about contractor rights and protections.

On this pageProtections at workUnfair contractsWork health and safety

Protections at work

Under the Fair Work Act 2009, independent contractors are protected from:

adverse action – for example, a business cannot terminate a contract with an independent contractor because they make a complaint to a regulator about their workplace rights

coercion –  for example, a business cannot threaten to take action against an independent contractor to coerce them not to exercise their workplace rights

abuses of freedom of association – independent contractors are free to join, or not join, a trade union or employer group

Unfair contracts

The Independent Contractors Act 2006 allows independent contractors to ask a court to review a contract on the grounds that it is 'unfair' or 'harsh'. The court may consider:

the terms of the contract when it was made

the relative bargaining strengths of the contract parties and, if applicable, anyone acting on their behalf

whether there was any undue influence or pressure, or any unfair tactics used against, a party to the contract

whether the contract provides remuneration that is less than that of an employee doing similar work

any other matters the court thinks is relevant

The court may order:

the terms of the contract to be changed (for example, they may be added or removed)

the whole contract, or part of the contract 

be 'set aside' (that is, have no effect)

Sham contracting

If you have been engaged as a contractor but believe you’re an employee, you may be in a sham contracting arrangement.

A sham contracting arrangement is when an employer attempts to disguise an employment relationship as a contractor relationship. They may do this to avoid certain taxes and their responsibility for employee entitlements like:

• minimum wages
• superannuation
• leave

It’s illegal for an employer to:

• misrepresent an employment relationship as an independent contracting arrangement
• dismiss or threaten to dismiss an employee for the purpose of engaging them as a contractor

• say something false to persuade an employee to become a contractor

How to pronounce enforce US /ɪnˈfɔːrs/

In (preposition) = US /ɪn/

enforce  US  /ɪnˈfɔːrs/
 https://dictionary.cambridge.org/dictionary/english/in

https://dictionary.cambridge.org/dictionary/english/enforce

enforce
verb [ T ]

to make people obey a law, or to make a particular situation happen or be accepted:

It isn't always easy for the police to enforce speed limits.

debt to total assets ratio = a company's liabilities divided by the total amount of the company's assets.

What is the debt to total assets ratio?

Definition of Debt to Total Assets Ratio

The debt to total assets ratio is an indicator of a company's financial leverage. It tells you the percentage of a company's total assets that were financed by creditors. In other words, it is the total amount of a company's liabilities divided by the total amount of the company's assets.

Note: Debt includes more than loans and bonds payable. Debt is the total amount of all liabilities (current liabilities and long-term liabilities).

Example of Debt to Total Assets Ratio

Let's assume that a corporation has $100 million in total assets, $40 million in total liabilities, and $60 million in stockholders' equity. This corporation's debt to total assets ratio is 0.4 ($40 million of liabilities divided by $100 million of assets), 0.4 to 1, or 40%. This indicates 40% of the corporation's assets are being financed by the creditors, and the owners are providing 60% of the assets' cost. Generally, the higher the debt to total assets ratio, the greater the financial leverage and the greater the risk.

How To Be Used

As with all financial ratios, it is best for a company to compare its debt to total assets ratio to:

• its ratio at an earlier date
• its targeted ratio...its goal
• the ratios at companies in the same industry

Accounting Equation Formula

$\text{Assets}=(\text{Liabilities}+\text{Owner's Equity})$

Ref: https://www.accountingcoach.com/blog/debt-to-total-assets-ratio

Monthly balance sheet reconciliations

The reconciliation of all balance sheet accounts is a vital step in the month end process. An accurate balance sheet will provide valuable information in regards to the entity’s financial position.


Compare Trial Balance with Aging Schedule

Compare the trial balance of receivables and payables with the balance of their respective aging schedules. If they are equal, move on to reconcile the next account. If not, move on to step two.

https://strategiccfo.com/account-reconciliation/

Example of our supplier auditing their A/R balance. 

In connection with the month-end closing process, we kindly request you to confirm your
balance payable to our company LG Electronics Australia Pty. Ltd.as of 2019.08.31.

Your A/P balance on our accounts is as follows :

Signature Name
Company Date
Stamp

Example of our customer trying to reconcile their A/P account 

Subject: Outstanding Statement as on 31st Mar16 (BGIS Verizon Account)

Hello All,

We are in process of collecting outstanding statement from all our service partners as on Mar’16, it’s time to reconcile our books of accounts. This process will support both of us to correct and reflect true SOA.

· Outstanding statement should be for the period ending 31st Mar’16, reflecting all Invoice pending for payment for the work completed.

· Outstanding statement to be submitted to finance team- To self & all marked in CC

We appreciate your response on or before the Cut-off date 15th May 2016.

If we do not receive outstanding statement by the cut-off date, we will presume the respective service partner do not have any pending invoice to be claimed from BGIS- Verizon Account for the period ending Mar 2016.

Any clarification, do contact us directly….

Thanks & Regards

Regional Finance Analyst

In response, you can send your Estatment out of your accounting software for many invoices or

Hi,

Please find attached the only invoice outstanding for BGIS - Verizon Account.

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How to pronounce Horizon /həˈraɪ.zən/ and horizontal /ˌhɔːr.ɪˈzɑːn.t̬əl/

horizon
noun [ S ]
 US
/həˈraɪ.zən/

UK
/həˈraɪ.zən/

the line at the farthest place that you can see, where the sky seems to touch the land or sea:

The moon rose slowly above the horizon.

https://dictionary.cambridge.org/dictionary/english/horizon?q=HORIZON

https://dictionary.cambridge.org/dictionary/english/horizontal

horizontal
adjective
UK
/ˌhɒr.ɪˈzɒn.təl/ US
/ˌhɔːr.ɪˈzɑːn.t̬əl/

C1
parallel to the ground or to the bottom or top edge of something:

Draw a horizontal line across the bottom of the page.
Keep the patient horizontal with the feet slightly raised.
Compare
vertical adjective

expand your horizons – phr. increase the number of things that you know about, have experienced, or can do

She wrote that ingenuity is what permits us “to accomplish amazing things” and “expand our horizons to the edges of the universe."

helicopter
noun [ C ]
UK
/ˈhel.ɪˌkɒp.tər/ US
/ˈhel.əˌkɑːp.tɚ/
(informal copter)

https://dictionary.cambridge.org/dictionary/english/helicopter

A2
a type of aircraft without wings, that has one or two sets of large blades that go round very fast on top. It can land and take off vertically and can stay in one place in the air:

The injured were ferried to hospital by helicopter.

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Ref: Thai ad