x 01. Regular Tasks

Task Frequency: Weekly to Annually (see below)

Weekly Tasks

• Reconcile bank & paypal accounts in Xero for both the entities – IS and WW (You will need to login to paypal accounts for the required information). LINK TO HOW TO DO THAT HERE

• Enter any bills in Xero and discuss what needs to be paid with Sandy. Please ensure that payments have not been made previously.(LINK TO HOW TO DO THAT HERE

• Log on and check emails. Respond where necessary and update Infusionsoft.HOW TO DO THAT HERE

Monthly Tasks

• Generate Debtors report from Infusion Soft and chase debtors (Call, letter, EC Credit Control etc.)

• How to generate debtors report: In Infusion Soft – E-commerce / Reports / A/R Aging Summary Report / Action / Export / Select fields – Name, 0-30, 31-60, 61-90, 91+ / Process (You will need to play a little bit with the excel report)

• Log onto EC Credit Control and track debtor progress. Liaise with EC, Update Infusionsoft and contact clients where necessary. LINK HOW TO DO THAT HERE

• Generate a Profit and Loss Statement (Cash basis) for both the entities for Sandy (HOW TO HERE)

• Schedule time with Sandy to go through the cash flow projection spreadsheet.

• BOQ accounts credit card transactions imported manually, because DIRECT data feeds not available. If use YODLEE data import, BOQ will not refund a fraud against the bank account if one occurred via Yodlee. Ask Sandy to Login to BOQ and import a statement in CSV format. (HOW TO HERE)

• Pay affiliates (what date?)

Please check with Sandy before making any payments.

Quarterly Tasks

• Complete BAS for WW.

• Pay PAYG Instalments for Sandy Forster and Universal Prosperity.

• Unity Water bill for Greenvale to be sent to Real Estate Agent so they can get payment from tenant

Monthly Bookkeeping Procedures

1. Clear Wildly Wealthy Trust Paypal receipts

Compare the deposits in Paypal (WW) to the All Sales (Itemized) Report in Infusionsoft. If it is in Infusion Soft it is an Inspired Spirit Trust sale to be coded via loan account. Manual Journal in IS.

If the deposit is not in Infusionsoft it is a Wildly Wealthy Sale. Need to also check the transaction in Paypal to see if the customer was Australian or foreign for GST purposes (refer to shipping address). In WW code the Payee as ‘Customer’, the ‘Account as Products Sales – Australian OR Foreign’ and set GST accordingly.

2. Allocate GST Free Receipts for Export Services originating from Infusionsoft

Infusionsoft/Reports/Payments Report/Select month start and end dates/Action, Export – select fields ID; Name; Billing Country; Product Ids; Product Name; Pay Amount; Pay Type; Date

Copy the export into the s’sheet “Monthly Gross Receipts – By GST and Product” Saved in dropbox. (location?)

Split the Amount column to separate the AUD and number. Check for REFUNDS, which won’t have split properly. (Data/text to column)

Use IF(Function) formula in column ‘I’, to identify WW and IS receipts (based on product ID). As at 25 Nov 2013 the following are WW: 11,13,15,25,42,46,50,56,61,63,73,75,77,81.

Sort data by Column ‘I’. Put a few line spacing’s between IS and WW batches.

Sort each of WW and IS batches separately by Billing Country. Subtotal the Australian and foreign amounts.

i) In IS Allocate the Export Receipts and WW Receipts (GST Cash basis)

Cr Export Sales (GST Free Exports)

CR WW Loan (BAS Excluded) WW Sales

DR Invoices (Infusionsoft – Australian (GST on Income)

Eg. Feb 2014 – see the attached spreadsheet report

ii) Journal the total monthly receipts into WW Trust

Cr Australian Income: - A/c Receivable – Infusionsoft (GST On Income)

Cr Foreign Income:- A/c Receivable – Infusionsoft (GST Free Exports)

Dr Loan – WW Trust

Journal Product Sales (Accrual) from Infusionsoft

Infusionsoft / Reports / All Sales / Select month start and end dates / Action, Export – select fields ID; Name; Billing Country; Product Ids; Inv Total; Date

Copy the data into the s’sheet “Monthly Gross Sales – by GST and Product” Saved in dropbox (location?)

Insert a column after the Amount column and Split the Amount column to separate the AUD and number.

Using IF(Function) formula in column ‘I’, sort the rows into batches (based on product ID) for WW and IS. As at 25 Nov 2013 the following are WW: 11,13,15,25,42,46,50,56,61,73,75,77,81

Put a few line spacing’s between IS and WW batches.

Sort the monthly data by Billing Country. Subtotal the Australian and foreign sales and calculated the GST on the Australian sales (only the net amount will be journalised).

Copy Calculations for Journal from the previous month. Insert the amounts (from Xero P&L report) in cells coloured yellow. Ensure Journal formulas line up.

i) Journal the IS monthly totals into IS. Copy the journal from the previous month.

On the s’sheet total the net Aust and Foreign sales and ensure they agree to Xero P&L

ii) In WW, journal the monthly sales totals into net of GST (set to No Tax). WW reports on a GST Cash Basis

DR AR – Infusionsoft (sales collected by IS)

CR Product Sales – Australia (net of GST)

CR Product Sales – Foreign (Export Sales)

General Notes -

Please make all international payments via paypal (ask vendors to include transaction fee in their next invoice) – While finalising payments, ensure to tick no shipping address on the 3^rd screen.

All American travel incurred by IS has been coded to ‘USA Travel’ as the Contact. Done to avoid having an endless list of unnecessary USA contracts

Please make a note of any contact / changes to a client’s status in Infusion Soft.

Private expenses are allocated to Contact “Sandy Forster” (WHAT DO YOU CLASS AS PRIVATE _ DO NOT ALLOCATE WITHOUT ASKING SANDY)

Infusionsoft is more of a CRM package than it is financial reporting.

Always add a note in IS if you make any changes / client updates etc. (LINK TO HOW TO DO THAT HERE)

1.The Aged Receivables also includes expected future payments in the total; therefore need to export and get in desired format.

2.The expected future payments in the Aged Receivables report never agree to the Receivables report. Not out by a big amount thought. Infusionsoft support have looked at it and could not work it out.

3. Can not run an aged receivable report retrospectively – only as at today.

Use the “All Sales (Itemised) Report” and sort by Name to be able to find someone’s payments/history etc.

Infusionsoft reports often change. For example when I performed the July “Sales by Product” report in September it had some different totals to the report I did earlier in August.

IS income is recorded on an ACCRUAL basis. Creditors are generally paid by direct debit or when they come in

Clients – (Sandy, is this up to date?)

Karen Slade – paying $20 every Friday (direct into IS bank account)

Jodee Sinclair – paying $100 per month (25^th of every month)

(please remember to apply these payments in Infusion soft)