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Is now a good time to invest into a new property – in Newcastle?

Brand new house and land property packages with tax benefits at Forrestors Beach, Central Coast, Newcastle, Maitland, Cooranbong

I completed a Cert IV in Property Services a couple years ago and have a strong interest in real estate as an asset for investment.

There is a lot of talk currently about negative gearing and whatever happens, we will all be affected. It’s the “wind that blows” according to Jim Rohn, a great inspirational speaker.

One of the topics which comes up about negative gearing is whether it should be available for existing dwellings or only new house and land packages.

As a result, EzyLearn is creating a real-life case study covering the investment and tax benefits of investing in a new house and land package. There are certainly plenty of them going up in the Central Coast to Newcastle and Maitland area!

Real Estate as an Investment

I believe real estate is a terrific investment provided you don’t stretch yourself financially. It does fluctuate in the short term, but you have to think long term.

Certainly, the recent changes in the real estate market, with Sydney property prices dropping over 15 per cent, means that if you bought in the last 2 years your property is worth less than what you paid for it.

Less Equity, Same Debt

The problem with house prices going down is that this affects your equity. Equity is how much of the property YOU own. The banks DEBT stays the same and only reduces as you pay down your loan.

The problem with your equity decreasing won’t matter in the long term because house prices generally continue to increase, but it will be a problem if you need to refinance or can’t afford the repayments and need to sell.

Mortgage Insurance

It’s these situations that make lenders charge mortgage insurance. If you borrow more than 80% of the value of the property, you’re up for mortgage insurance.

The ability to borrow so much of a properties value is GREAT when property prices increase, because you only actually have a small amount of equity (which increases) but when prices go down it can be very stressful.

Depreciation and Negative Gearing

This is a hotly discussed topic right now but it mainly affects whether property investors should be able to claim negative gearing if they buy an existing dwelling.

This is not so much of an issue for new dwellings because governments generally want to encourage builders and developers to erect new homes to house the population.

Property Investment Course

EzyLearn is adding a new training course manual & workbook to our property investment course that is totally focused on the tax benefits of investing in a new property.

The great news for Sydney and Melbourne investors is that you can invest $450,000 to $600,000 and buy a completely new house and land package in the Central Coast to Newcastle area of NSW. This makes it much more affordable than the capital cities.

Read more about our property investment course

Featured image: Allam Builders and Developers’ new house in Forresters Beach Estate, Central Coast of New South Wales

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How We Create a Xero Training Course

Tradies paying for project expenses used in online Xero, MYOB & QuickBooks Online Training Courses

MYOB AccountRight, QuickBooks Online and Xero come with job costing and job tracking functions allowing users to develop more accurate budgets and avoid cost blow outs.

I’m excited to be delving deeper into a micro course specifically targeting how you can manage on-the-job costs and track your project. This will be included in all of our Xero, MYOB and Quickbooks online accounting courses.

Continue reading How We Create a Xero Training Course

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Why is job tracking and project costing so hard using MYOB & Xero?

tradie pouring concrete for concrete slab for garden shed - project and job tracking in cloud accounting bookkeeping training courses (Xero, MYOB, QuickBooks)

In many industries, no two jobs are the same, making estimating job costs and resources tough. Job tracking is one of the best ways to develop an accurate budget and avoid blow outs.

But this can be hard work. Are the latest job costing and tracking functions in MYOB AccountRight, QuickBooks Online and Xero making life easier?

Continue reading Why is job tracking and project costing so hard using MYOB & Xero?

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Should You Send Reports to Late-Paying Clients?

paid on time reports for credit management accounting software

Want to learn how you can really manage late payers? Simply by reconciling more regularly, you can use a “real time” snapshot of your cash flow in your accounting software, rather than relying on your bank balance.

Continue reading Should You Send Reports to Late-Paying Clients?
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Are EzyLearn students just like YOU?

learn myob xero quickbooks excel courses online cheap affordable

‘Social proof’ is testimonials, reviews and feedback of others, that vouches for the product or service we’re thinking of buying. Social proof backs up the fact that what we’re considering buying is what it says it is.

Come see some social proof about EzyLearn by meeting some students from the past few weeks
— you just might have a lot in common with them.

Continue reading Are EzyLearn students just like YOU?
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The smart cover letter to get your next accounting job

Use a smart cover sheet to get an accounting job using Xero & MYOB training course skills online

So you’ve switched on the job alerts with SEEK and accounting jobs, part-time or contract accounting jobs are coming into your Inbox! Jobs galore! Everyone needs accounts people, right?

IF YOU’RE RECEIVING the job alerts everyday — indeed, you may even have applied for some jobs already — but you’re still not getting called up for interview, then the following questions of doubt may be brewing:

  • Why haven’t they picked me?
  • Have I been filtered out for some reason?
  • Was my cover letter not good enough?
Continue reading The smart cover letter to get your next accounting job
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Why such cheap online Xero & MYOB courses?

woman with laptop talking with business man

Good quality can be cheap and poor quality may be the most expensive

OFTEN IN LIFE we’re told that if something seems too good to be true then it probably is. Along the same lines as this is the expression that you get what you pay for. Indeed, I’ve commonly used the phrase: “Pay peanuts and you’ll get monkeys” but naturally, there are exceptions to this and plenty of cases where low cost can simply mean low cost – without meaning that quality or value has been compromised.

Continue reading Why such cheap online Xero & MYOB courses?
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Does Your Family Support Your Study?

Career Academy support for online MYOB Training and Xero Bookkeeping Courses with Accounting Tutors

Online MYOB Courses are flexible but…

ONLINE TRAINING IS one of the most convenient ways for busy people to study. While some people take to it naturally, for others the flexibility and freedom it affords itself is a learning curve.

The key to successful online training, however, is family support and we’ve noticed that many students for our Xero & MYOB Courses are parents who are stretched for time.

Continue reading Does Your Family Support Your Study?
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How to nail the job search process using SEEK’s advanced job search features

Seek Job Application Process and Resume Scanning - how does it compare to SpotEd Xero & MYOB Short Courses

I was speaking with someone who just landed a part-time job, in-fact a contract position, even though the job was advertised as a full-time job.

The job seeker was telling me about the advanced new features of Australia’s leading job board, including:

  • New Profiles (just like your LinkedIn Profile)
  • Resume Scanning
  • Job Recommendations
  • “You may be a strong candidate”
  • “Your application is unlikely to proceed further”
Continue reading How to nail the job search process using SEEK’s advanced job search features
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Don’t use the FREE MYOB Training Student Edition

FREE MYOB AccountRight Plus Trial Software & FREE MYOB Training Course Samples

MYOB has recently changed their website and in particular their pages for the free trial software.

We’ve updated the FREE MYOB Trial (within our MYOB courses) so look for the link when you access your MYOB courses and use the free trial software to practice what you learn in the video tutorials and training workbooks.

While we’re on the topic of free MYOB software, did you know that we provide free training course samples for most of our online courses?

Continue reading Don’t use the FREE MYOB Training Student Edition
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Introduction to Bookkeeping Basics: What’s a Journal Entry?

Journal entries and general ledger skills for bank reconciliation training courses in MYOB, QuickBooks and Xero

In our educational guide, Bookkeeping Beginner Basics, which you can download from the EzyLearn website for free, you’ll learn how to record journal entries in your accounting software, whether you’re using MYOB, Xero or QuickBooks. Most bookkeeping newbies don’t know what a journal entry is, though, which is what this blog post – the latest in our Bookkeeping Beginner Basics guide companion series – is going to help you to understand.

The journal vs. the general ledger

An accounting journal is the record that keeps accounting transactions in chronological order (i.e., as they occur), while the general ledger is a record that keeps accounting transactions by the account – see our previous post on the chart of accounts [Bookkeeping Beginner Basics: The Chart of Accounts] if you need help understanding what the term ‘account’ means in this context. Before computers, bookkeepers used to log all the financial transactions of a business in paper journals, and then at the end of the month transfer these journal entries into the general ledger, which was divided into various accounts that is now called the chart of accounts, and all the transactions were posted to these accounts using a method called double-entry bookkeeping.

Journal entries using accounting software

Today, however, accounting systems, such as MYOB, Xero, QuickBooks and the like, will automatically record most business transactions into the ledger immediately after the software prepares sales invoices, issues cheques to creditors, or processes receipts from customers, and as such you don’t have to create journal entries for most of your business’s transactions.

That being said, some journal entries still need to be processed, in order to record transfers between bank accounts and to record adjusting entries. You would need to make a journal entry, for example, at the end of each month to record depreciation or to record interest accrued on a bank loan.

Double-entry bookkeeping

If journal entries and general ledgers and the double entry bookkeeping method sound a bit too much, and you think you’d rather stick to the cash-based accounting method instead, prepare yourself for bad news: all businesses, whether they use the cash-based accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books, and all accounting software applications, by default, are set up to adhere to the double-entry method, too. The double-entry bookkeeping method reduces errors and also ensures that your books balance, so as complicated as it may seem, it’s much easier in the long run.

If you still feel a little out of your depth, however, you can hire a reliable bookkeeper to manage your bookkeeping system and deal with all the journal entries and double-entry business for you, instead. Visit the National Bookkeeping website for to find a highly qualified bookkeeper whose experience and skills suit your business needs.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Beginner Basics, which you can download for free from the EzyLearn website.

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We’re using your resume bio to sell you as an accounting tutor

Part-time, casual & temporary accounting jobs like being an MYOB course tutor, Xero Course tutor - SideKicker compares with spotED for bookkeeping admin

I’ve written recently about our Accounting Tutor initiative and the response has been fantastic. EzyLearn Accounting Course students are AMAZING!

Our team has gone through dozens of resumes and been very impressed at the knowledge and experience of most of the applicants, but you’ll need to decide which one you like best.

Continue reading We’re using your resume bio to sell you as an accounting tutor
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Introduction to Bookkeeping Beginner Basics: The Chart of Accounts

We created a free educational guide, called Introduction to Bookkeeping Beginner Basics, which is available to download from the EzyLearn website, and to complement that guide, we’ve been publishing a series of blog posts, also titled Bookkeeping Basics. We’re now three posts in, and we’re going to be look at the chart of accounts, which is the foundational element of every business’s accounting system. The Bookkeeping Basics guide will take you through how to set up a chart of accounts in your accounting software, whether you’re using Xero, MYOB or QuickBooks, while this blog post is going to explain why it’s important.

What is a chart of accounts?

The chart of accounts (COA) is an organisational tool that lists every account in a business’s account system. In the context of bookkeeping, ‘account’ is used to refer to a unique record for each type of asset, liability, equity, revenue and expense. So a chart of accounts, then, is just a system that organises your finances so that your reports make more sense and you can easily see the financial health of your business.

A well-designed COA helps the business to comply with financial reporting standards, and should be flexible enough so that a business can tailor its chart of accounts to best suit its needs. Within the categories of operating revenues and operating expenses, for instance, the accounts might be further organised by business function or by company divisions. As such, a COA can be as large and as complex as the business itself.

Understanding your ‘accounts’

When you set up your chart of accounts, it will be organised the same way every other company does – your banks accounts come first, then all assets, liabilities, equity, income, and expenses in that order. Here’s what each of those accounts mean:

Assets:

Your accounts receivables are considered an asset, as is your income, but the two are completely different things. Accounts receivables are business claims against the property of a customer that’s occurred following the sale of goods and/or services, and income is what you have collected from the sale of those goods or services.

In other words, if you invoice a customer and give them time to pay, then that’s ‘accounts receivable’. When you collect the money and deposit it into your account, it’s ‘income’.

Learn about Accounts Receivables tasks in the Daily Data Entry Transactions courses for MYOB, Xero or QuickBooks Online.

Liabilities:

Liabilities are notes owed by the business. If you lease anything or you’re buying anything on credit – this includes suppliers who extend a line of credit to you – then it’s considered a liability.

Equity:

An equity account would be any equipment the company has paid for, or would receive money for if it is sold. Cars, machinery, and certain office equipment are all considered equity. If you had a loan on a business vehicle, the payments you make would be considered a liability, but the vehicle itself would be equity. Each time you make a payment, the liability goes down, while the amount of the equity account would increase. To keep your balance sheet accurate, you need to track both.

Expenses:

Finally, expenses are just that: the money paid by the business for the operation and production of goods and services that are paid for immediately. This includes things like stationery or fuel for a business vehicle, which are paid for at the point of sale, is an expense, where a telephone bill that allows you 14 days to pay, on the other hand, is a liability.

Why a chart of accounts is important

Whether you’re using an old fashioned pencil and paper, an excel spreadsheet, or more sophisticated accounting software, such as MYOB or Xero, it’s important to know where your money is coming from and where it’s going to. A chart of accounts is the organisational tool that allows you to do that. And it’s important to keep it up-to-date, so that, if for any reason, you want a picture of how your business is performing financially, your reports will be accurate.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Basics, which you can download for free from the EzyLearn website.

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Accounting Tutors getting ready

Accounting Tutors - online Xero, MYOB, QuickBooks, Microsoft Office Excel, Word training courses - compare airtasker, gumtree, applied education, SpotED

Don’t you just love something new? Some entrepreneurs I know call it the “shiny object” syndrome because it means you’re always focusing your time and energy on something new, rather than doing the daily drudge work. But this is exciting.

I haven’t had a chance to speak with every registrant but this image shows the EzyLearn students who’ve completed our accounting & bookkeeping courses and would love to be tutors to help other students understand how the software is used in the real world.

Continue reading Accounting Tutors getting ready
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What’s the point of a cover letter?

Get a job interview with the career academy success program, free with Xero, MYOB, QuickBooks online training courses - reason to have a cover letter with your resume

You’ve spent hours fine-tuning your resume or CV and you go to SEEK or other job boards only to find that they ask if you want to write a cover letter. You don’t really, do you? But here’s why you need to.

Continue reading What’s the point of a cover letter?
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How to get an accounting job with no experience

How to get an accounting job with no experience - Xero Course, MYOB Course, QuickBooks Course - find bookkeeping work

There are plenty of reasons that you have no experience: Changing careers, new graduate or re-entering the workforce after many years away (like when you’ve started a family and been out of the workforce as a parent). These circumstances justify your lack of experience but there are things you can do.

Our team has reviewed the features of some of Australia’s biggest job boards for accounting jobs and we’ve used some of the features that can help job seekers receive notifications when new jobs become available. There is hope and there are things you can do.

Continue reading How to get an accounting job with no experience