Monthly Archives: January 2016

Related Party Transactions-Annual Financial Accounts

There are two big issues that preparers of annual accounts need to get their heads around. One is the need for the preparation of what is known as “consolidated” accounts and the other is reporting on related party transactions.

Related party transactions are more common and need to be thought about. I have prepared a document on what a related party transaction is and who is a related party for financial reporting purposes. There are examples included.

I need feedback please. I am interesting in YOUR examples of what you consider to be a related party transaction. Send me your examples and I will provide you with a some comment on it. My idea is to pool all the examples together and then add them to the document so you can refer to it when you do your annual accounts.

Related Party Transactions – DRAFT Explanation Document – December 2015

GST System

Changes have been made to the GST System so that you are able to enter the year 2016.

When you first log back onto the GST System and then go into “Create GST Return” you may not see the dates appear correctly.  If this happens, you need to force your web browser to refresh itself so that it goes back out to the internet and gets the latest version of the web page.  To force your web broswer to do a refresh use the following key combination:

Windows: ctrl + F5
Mac/Apple: Apple + R or command + R
Linux: F5

If you continue to have issues, please let Peter van Hout know.

GST System

We have a small problem with the GST System at present.  It will not accept the year 2016.  I have tried to fix the problem myself but can not.  The people who help support the GST system are back on Monday so we will ask them to attend to it then.  We will let you know when it is working again.