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Ask the Accountants: Tax Clinic - Finance Act 2023 (Expert Opinion)

November 14, 2023

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I remembered an occasion when we were supposed to see a program on TV on a particular day but lo and behold our Cable subscription expired without our knowledge. We simply did not keep track of when we renewed the last subscription. And so we had to miss out on that program. Now, the above experience could happen to anyone on any occasion. It could be any of the following situations; 1. Renewal of a Membership Subscription 2. Renewal of Motor Vehicle Papers 3. Renewal of Business & Operational Licenses 4. Renewal of Cable Subscription 5. Renewal of Rates, Rents & Utilities 6. And any other stuff that expires within a given period of time In all these, it means that you have a DATE that the item was RENEWED and a DATE in which the last RENEWAL will EXPIRE. There are ...

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HOW TO MANAGE STOCK-INVENTORY WITH EXCEL (Stock Management Template 1)

Have you ever encountered the challenge of managing the stock of items in your business? No matter how many Items there are in your Inventory list, they can be managed. There are so many stock management software and templates available so you to choose and use. One of the many difficulties encountered with Stock Management Systems is the ability to Configure and set up correctly to achieve desired results. Sometimes the challenge could be having the trained personnel to handle the system. Getting a good system is a good thing to do but getting the personnel who will man the system trained and equipped is as important as getting the system. Maybe you run a small business and thinks it’s expensive to get a Stock Software. Or you can’t afford to hire an extra hand to keep the Stock Records. But there is need to maintain a good stock/inventory system. If you have any of these challenges listed above then it’s not time to give up. You can maintain a good Stock Management with th...

HOW TO COUNT STOCK/INVENTORY WITH A BAR-CODE SCANNER ON EXCEL

Do you run a Supermarket, superstore or small shop and you deal with a whole lot of Product items? How often do you carry out a stock count exercise? I know that you are aware stock is a very sensitive matter in business and if wrongly managed can kill your business. Imagine that you have invested a huge chunk of your working capital into the Products that you sell or use in making other products and when you think you have enough of that product to meet a customer’s order or to make a particular product only to realize that there is shortage of that product or it is not even available. A client once had an experience in her Pharmacy where she employed a young sales girl to manage the place. She didn’t carry out routine or month end Stock Count. The sales book indicated that there were poor sales and it was evident on the drug shelf as there were so many products displayed on the shelf. After a while the sales girl resigned and left the employment and that was when the b...

RECONCILING YOUR BANK STATEMENTS

Do you maintain a proper BOOKKEEPING ? Do you have a BOOK or LEDGER where you maintain the records of your bank transactions? It is important and normal for Companies to carry out a monthly Bank Reconciliation. It is also important for individuals to do the same. You can not carry/perform Bank Reconciliation if you do not maintain a BOOK/RECORD/LEDGER where you record all your bank transactions. You should not rely only on the BANK STATEMENTS. Before I explain what BANK RECONCILIATION is, let us first understand the circumstances that will lead to a BANK RECONCILIATION. When you open an ACCOUNT with a BANK, the Bank will open a RECORD for your ACCOUNT. This is where they will record all the MONEY you (or your Customers/Partners) pay into the ACCOUNT and all the MONEY you (or your Vendors/partners) withdraw from the ACCOUNT. At the end of each month (or Period) they will furnish you the Report of all Transactions you carried out in that account through BANK STATEMENTS. ...

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Excel Training Series 101c: Working with Excel Table 1

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Excel Online: How to Record Sales, Purchases & Manage Inventory using Excel Online

In this Video Tutorial, you will be learning how to use Excel Online to keep some basic Sales and Purchases data. The Template was designed using Excel Online powered by Microcosmic Office. With this simple "All-In-One-Database-Template", you can maintain the following Databases; 1. Maintain Database for Product Category, Brand and Groups 2. Maintain Database for Product Names & Descriptions including their Selling Price, Average Price, Re Order Level, Current Level and Sizes. 3. Maintain Database for Customers and Suppliers. 4. Maintain Database for Sales 5. Maintain Database for Purchases 6. Sales, Purchases and Inventory Reports With this Template, you can share the link with your Team and they can update the spreadsheets at the same time. You will see and manage whoever is editing the spreadsheet. There are lots more you can do with Template if you request for a further customization. Your feedback will be appreciated. If you need a link to the demo of...

How to insert a Pivot Table on Excel

In this Video Tutorial, you will learn how to insert Excel Pivot Tables and filter your data set quickly and better! Ensure you see the PARTS 1, 2, 3, 4 and 5 of these Series by following these links respectively; https://youtu.be/Ujp90EiJizw for Part 1, https://youtu.be/RJNG2SbYhis for the Part 2, https://youtu.be/k2pblsttmeE for the Part 3, https://youtu.be/FtjFNaNV0zc for the Part 4 and https://youtu.be/2ECbulIa4VU for Part 5. This is a Video Tutorial on basic Excel Tips. This is the Part 6 of our Excel Training Series. Most of our Videos are on how to use our Excel Templates. But we have realized that some of our users can't use all the functions of our Templates and so we decided to explain some basic stuff on Excel to enable Users use our Templates and other Excel Templates better. Feel Free to ask any questions and be kind enough to LIKE this Video and also SHARE to your Colleagues and Associates. You will be surprised that a lot of people still find it difficult pe...

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