DBS XERO

HOW TO CONNECT DBS ACCOUNT WITH XERO

Marketing ACCOUNTING & AUDITING

If you are using a DBS account, you can link your account to XERO and have your transactions to be reconciled automatically every 24 hour. This way, you can check your invoices’ status to see whether payment has been received or not on your DBS Account. To connect your DBS account, you should: 1. In the Accounts menu, select Bank Accounts, then …

WHAT TO DO WHEN I RECEIVE MY PROFIT TAX RETURN FORM?

Marketing ACCOUNTING & AUDITING

18 months after the date of incorporation of your company, you will receive your first Profit Tax Return Form from the Inland Revenue Department. Here below are 4 important points you should know about that form. 1. Don’t miss the deadline! The deadline for submitting the Profit Tax Return Form is 3 months after the issued date for your first year …

Late payment

LATE PAYMENT

Marketing ACCOUNTING & AUDITING

Late payment in Hong Kong Late payment is something to be expected for small businesses. However, with the right Website Payment Terms in place, you can ensure that you will get paid as agreed upon. Website Payment Terms state how the customer will pay. It is a good idea to set up a clearly outlined and accessible payment plan. If …

STEP 4 OF ACCOUNTING PROCESSES IN HK: INCOME STATEMENT AND BALANCE SHEET

Marketing ACCOUNTING & AUDITING

Step 4: Income Statement and Balance Sheet The final step is creating the financial statements. The two most important are the balance sheet and income statement. The income statement shows how the business earned and spent its money over the period. Typically, the income statement will show income received then deduct product costs (see step 1), yielding gross profit. Gross …

STEP 3 OF ACCOUNTING PROCESSES IN HK: SEND IN YOUR OUTSTANDING INFORMATION

Marketing ACCOUNTING & AUDITING

Step 3: Send in Your Outstanding Information As is often the case, while completing the vouchers some information is missing. This could mean the accountant cannot figure out how an invoice is paid, credit card statements are missing, some receipts are illegible, or even the receipts are in another language. When this happens, the accountant will re-check and reach out …

STEP 2 of ACCOUNTING PROCESSES IN HK: CREATING VOUCHERS

Marketing ACCOUNTING & AUDITING

Step 2: Creating Vouchers Now that all your invoices and receipts are sorted (See Step 1), the accountant must create vouchers. A voucher is made for the income earned each month, and the different expenses incurred each month. In accounting, earned income and incurred expense does not necessarily mean money was collected or spent. Earned income means a product or …

4 STEPS OF ACCOUNTING PROCESSES IN HK- STEP 1: CLASSIFYING ACCOUNTS

Marketing ACCOUNTING & AUDITING

Ever wonder what magic goes on behind the accountant’s desk that turns your shoe box of invoices and receipts into an income statement? It is not magic at all. Rather, it is a thorough process that can be broken up into four steps. STEP 1: CLASSIFYING ACCOUNTS All your invoices and receipts sent in must be classified as either income, …

Tax Saving Tip #4: Hong Kong Surplus Waiver

Marketing ACCOUNTING & AUDITING

ATTENTION BUSINESS OWNER: Hong Kong’s government budget has consistently saved you money. You don’t believe me? Well, Hong Kong has a tax-friendly law that particularly benefits SME’s. When Hong Kong runs a government budget surplus (brings in more money than they spend) part of your tax is waived. And the waiver is no laughable amount; it is 75 percent of …