General Ledger

Bizprac's General Ledger module centralises financial data management, enabling precise tracking of transactions, bank activities, journals, and initial balances for comprehensive oversight.

General Ledger Essentials

The General Ledger in Bizprac holds all accounts necessary for recording business transactions, including assets, liabilities, equity, revenue, and expenses. Its functionality extends to modifying or deleting ledgers, with an intuitive view for easy management of financial data​​.

Tips for the General Ledger

The General Ledger of Bizprac is the centre for all of the business accounts. Bizprac varies from generic accounting packages in a number of areas. The job costing is completed through the jobs section of the program; so there is no need for an extensive list of ledgers to track costing. Ledgers can be added as required but are not needed for job reporting; so it is recommended that ledgers be kept to a minimum. Ledgers are not required to be linked to GST codes; which allows for flexibility if an adjustment needs to be made. It also ensures a greater degree of accuracy for preparing the BAS. In comparison to other accounting packages the list of tax codes may seem quite small. Don’t be fooled into thinking you need a long list of tax codes to manage your business. Bizprac’s list of pre set codes will help you accurately track and report for your business. Using Bizprac’s estimating and account integrated package allows you to report accurately and in real time without the use of extensive ledgers or GST codes. Whilst all care is taken to ensure that the GST codes used are suitable for the construction industry; individual business needs may vary or change over time. We recommend that you periodically review the codes and ensure that the setup meets your needs. Additional codes can be added as required. If you have any questions regarding GST codes that you should be using please consult the ATO or your Accountant.

General Ledger Setting up Bank Accounts

Bank accounts in the listing of ledgers are identified easily by the green icon next to them. Only bank accounts that need to be reconciled will be marked with this icon. Bizprac by default has 2 ledgers designated as bank accounts; Cash at Bank and Cash on Hand. You can either modify these 2 accounts to reflect you bank accounts or add bank account ledgers.

General Ledger Setting up Loan & Credit Cards

Loan accounts and credit cards are setup in the ledger as liabilities to the company. Loans could be an overdraft facility, car loan or credit card. As liabilities the ledger will go up or down as the transactions are processed. When adding ledgers for loan accounts an opening balance can be added to as to track the outstanding amount on the loan.

General Ledger Business Activity Statement

The Business Activity Statement is submitted to the ATO by all businesses to report their tax obligations. Business activity statements are usually required quarterly but you may be obligated to report more frequently. The BAS will calculate based on the settings selected for the Bookset. It will either be on a Cash or Accrual basis as determined by the ATO; if you are unsure on what basis you should be reporting you should contact either your accountant or the ATO.

General Ledger Opening Balance

The opening balances will be the amount for the beginning of a new financial period; and will begin 1 st July for the date range the database starts at. Bizprac will automatically create the opening balances upon the closing off of a financial period; when an end of year reset is completed. When changing software the opening balances will need to be added for the beginning of the date range period. Opening balances will always be from an as at date; adding opening balances can be as easy as modify the ledger and adding a balance. Bizprac’s Premium & Ultimate versions both have an add opening balances function; which will allow you to see the balances as you enter the figures. The opening balances will be made up of the assets and liabilities in the listing. It is advisable to ensure you have all of the required ledgers entered prior to adding the balances.

General Journals

The General Journal disperses bulks amounts to relevant ledgers, as in the case of payroll. It can also be used to move funds between ledgers, redistributing funds.
A journal must always be balanced with a debit and a corresponding credit for each line.

Accounting Dashboard

The accounting dashboard available in Bizprac Premium & Ultimate versions gives you an instant overview of your business. At a glance see movement between accounts, outstanding invoices for both debtors & creditors.

Clients

Expertise IN PRACTICE

We look forward to helping you to understand our software and how it can help your business to grow and be more profitable.

1800 009 970 | sales@bizprac.com
Unit 8, 45-49 Commercial Drive,Shailer Park, QLD 4128

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FREQUENTLY ASKED QUESTION

What is Bizprac and who is it for?

Bizprac is an Australian construction platform with fully integrated features built for Australian builders by experts in the industry. Our platform enables builders to run their entire business end-to-end. Bizprac has integrated major functions such as accounting, estimates, invoicing, payroll and all you need to run your business.

What features do Bizprac offer?

Our comprehensive set of key features can be found here. We've designed the Bizprac platform to uniquely cater to Australian construction companies and have included features for builder retentions, estimates with structures, digital takeoff that is powered by ExtrAXION and other features critical to a construction business. We also allow you to manage multiple projects at no additional cost.

Can Bizprac handle payroll and accounting?

Not only can we handle payroll and accounting, but we make it super easy for you! Bizprac's end-to-end accounting gives you real-time insights into your project's health, including job cost controls, estimates, timesheets and easy dashboard reporting. Our Single Touch Payroll allows you to run payroll with a click of a button and automate submissions to the Australian Tax Office (ATO).

Is Bizprac easy to use?

We pride ourselves to be a no-frills, straight to the point platform. We've also assisted and provided hands-on support to all of our clients, starting from implementation and setup to after-sales or technical support thereafter.

How does Bizprac improve construction business management?

Bizprac is here to ensure you deliver projects on time and on budget. We enable construction business owners by ensuring their project never overruns and maximizes profitability.

What is Bizprac and who is it for?
What features does Bizprac offer?
Can Bizprac handle payroll and accounting?
Is Bizprac easy to use?
How does Bizprac improve construction business management?