Accountants Studio - For Accountants

Accountants Studio Series - All Courses: #1, #2, #3, #4 (AS5-AllCourses)


Description
This course contains Number 1, 2, 3, and 4 in the Accountants Studio Series focusing on Rental Properties.

Price:For the complete set of 4 courses, $250 (Save $50!) (All prices include GST). Bulk discounts are available for firms with multiple trainees.

Whether you are a new trainee or need of refreshing your skills, there is something valuable in this course. Each course is designed to take 1-2 hours (total 6 CPD hours). However, it is broken up into smaller sections within each which should take no more than 20 minutes each - ideal for filling a spare few minutes! The course also contains a short quiz at the conclusion of the courses 1, 2, and 3. Course 4 contains a full Rental Property Model Job with model answers.

The course uses an easy-to-use interface for navigating within each unit, has glossary pop-ups on words of interest, and has the documents easily accessible for the student to access to complete this practice rental property.

If you want to know more about it, head to our websites:

https://www.rentalcoach.co.nz

enquires: info@rentalcoach.co.nz

Learn Accounting NZ Ltd

Course Contents:
1. Income for Rental Properties

This course takes students through all the important aspects of income in relation to Rental Properties. It contains the following units:

- Income Generally - We cover the general income principles contained in tax legislation

- Income specific to Rental Properties - We cover the other forms of income that a staff member may see when preparing a rental property job and how to record these.

- Mate's Rates - We cover mate's rates (lower than market value) and go through some situations where it may be worthwhile using different options for the level of income used.

- Bonds - We cover the receipt of bonds (and how to record them) and also any refunds of bonds (and how to record these).

- What happens when you sell an asset - We touch on Gain and Loss on Sale (we cover more in a separate course focused on assets).

- Boarders and Flatmates - We cover the difference between flatmates and boarders, and when cover the IRD tax exemption for boarders.

- Accrual Accounting and Cash Accounting - We cover when to use each method for Rental Properties.


2. Expenses for Rental Properties

This course takes students through all the important aspects of expenses in relation to Rental Properties. It contains the following units:

- Expenses & Deductions - We cover the difference between the two words and outline the definition of a deduction in tax legislation.

- How to record expenses - We cover how to record expenses into an accounting software package or calculation worksheet and some common journal entries that are used.

- What isn't allowed - We cover the main limitations found in tax legislation and common areas where an expense may not be allowed as a deduction.

- Expenses specific to Rental Properties - We run through the common expenses that are present when running a rental property

- Specific tax rules - We cover some of the bigger tax rules that relate to some areas of expenses such as:

Home Office Expenses
Legal Fees
Mortgage Interest
Motor Vehicle Expenses
Telephone and Internet Costs
Travel Expenses
Depreciation

- We then cover how to calculate the profit and loss of the rental property and how to evaluate the performance of the property to enable good advice to be given to the client.

3. Repairs and Maintenance for Rental Properties

This course takes students through all the important aspects of determining what is repairs and maintenance and what is an improvement in relation to Rental Properties. We cover:

- the principles and rules to follow when looking at repairs done on rental properties and determining whether it is repairs and maintenance (an expense) or an improvement (an asset)

- A handy flowchart to print out and keep close when doing real-world jobs

- lots of examples illustrating the correct process to follow to ensure you comply with current rules

- A practical list of questions to check with the client to ensure the client doesn't forget any expenses and you can prepare their tax return accurately

4. Give It A Go with our fictional Rental Property

At the completion of the previous 3 courses, students will have covered the important topics of Income, Expenses, and Repairs & Maintenance.

This course is the finality of the process. It is a fictional rental property that we have created to replicate a 'real-life' client's job of a rental property.

In the course:

-We provide the fictional data for the student to use and background information to explain the rental property.

-We provide a calculation spreadsheet to record their answers onto. If the firm would prefer for the student to use their own accounting system, then this can be done instead.

-We also provide a set of model answers that show the process of how each figure should be calculated and some of the decisions that should have been made.
Content
  • Accountants Studio Series - #1 - Income for Rental Properties
  • Accountants Studio Series - #2 - Expenses for Rental Properties
  • Accountants Studio Series - #3 - Repairs and maintenance for Rental Properties
  • Accountants Studio Series - #4 - Give It A Go - A Practice Rental Property
Completion rules
  • All units must be completed
  • Leads to a certification with a duration: Forever