Accounting software
Thread poster: Sally Wals

Sally Wals  Identity Verified
Australia
Local time: 10:55
Japanese to English
May 12, 2015

I was wondering what accounting software Australian freelance translators use.
Ideally, I need something that deals with multiple currencies, and will generate forms I need to lodge with the ATO.
I am happy to use a paid service, however the $60 per month for Xero with the features I need is over my budget.
What does everyone do?


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QUOI  Identity Verified

Chinese to English
+ ...
Reckon May 12, 2015

I have used Reckon (QuickBooks) for years and it's a good fit for my requirements in terms of BAS lodgement and EOFY tax return. Using this system, I spend on average 45 min - 1 hour a week on recording expenses and sending out invoices. It usually takes me less than 10 min to complete a BAS form at the end of each quarter.

My version, Reckon Accounting, doesn't support multicurrency. Its Pro/Premier version does but the software costs a lot more at over $1000 outright for one licence. You can check different retail prices on the Office Works website.

I get around multiple currencies with an Excel sheet/invoice template and record an invoice in Reckon in AUD once the payment is received and converted. My accountant has no problem processing data directly from Reckon for end-of-year return.

A few of my colleagues use MYOB. Both Reckon and MYOB offer hosted service but like Xero, they are not exactly cheap if you just need a bookkeeping system.

Hope to hear inputs from others.




Sally Wals wrote:

I was wondering what accounting software Australian freelance translators use.
Ideally, I need something that deals with multiple currencies, and will generate forms I need to lodge with the ATO.
I am happy to use a paid service, however the $60 per month for Xero with the features I need is over my budget.
What does everyone do?


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Sally Wals  Identity Verified
Australia
Local time: 10:55
Japanese to English
TOPIC STARTER
Thank you , confirmation May 22, 2015

Thank you for your reply!
I trialed a few, and Reckon One was the one I liked best.
With regards to the workaround,
So you just put the data in an excel worksheet and make your own invoice in word or whatever, then once the payment is finalised you make another entry in Reckon One with the amount you received in AUD, correct?
(Sorry it took me so long to see your reply!)
I went to a workshop last week and literally noone else used accounting software, I was really beginning to wonder how people got around the currency thing.
-Sally


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cvmagalhaes  Identity Verified
Brazil
Local time: 23:55
Member (2014)
English to Portuguese
Translation Office 3000? May 22, 2015

Hi Sally,

have you heard about translation office 3000?
http://www.translation3000.com/Translators_Software/Accounting_Software.html

It's has been helping me for over a year now. They have a serious and very prompt-to-reply support team.
The software is very customizable and although it takes some time to learn how to use it, after that you'll be flying.
If you plan to buy it, there's always a sale going on @ TGB (Tools/TGB), look for AIT Products =)

Best wishes.


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QUOI  Identity Verified

Chinese to English
+ ...
Record keeping/compliance/expeneses May 22, 2015

Yes, that's what I do since "all foreign income, deductions and foreign tax paid must be translated (converted) to Australian dollars before including it in your return." (ATO: https://www.ato.gov.au/Rates/Foreign-exchange-rates/).

Bank fees and charges related to receiving these overseas payments may be considered as expenses and therefore tax deductable. However, you should check with a registered accountant/financial advisor.

A small business usually uses cash basis (as oppose to accrual basis) accounting so if the money is not in your pocket it is not revenue even though you may have already invoiced.

You may also be interested in having a look at another locally produced accounting software - CashFlow Manager (http://www.cashflow-manager.com.au/).


Sally Wals wrote:
So you just put the data in an excel worksheet and make your own invoice in word or whatever, then once the payment is finalised you make another entry in Reckon One with the amount you received in AUD, correct?


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