(*PET "Periodic Electronic Transfer". This Banking device is similar to a Direct Debit Form. Fill one in. File it with your Bank. The Bank's Computer will automatically Debit and Credit the two involved Bank Accounts.

               Best do this weekly to impress the ATO (Australian Tax Office) with your Accounting ability.

               Every now and then your Bank will send you a Bank Balance Statement with lots of Debits and Credits.

              Now, you have to transfer these to your Books of Account - mainly to impress the ATO.

              Remember! Your Books of Account must show exactly for what each Debit and Credit Transaction amount was used. Wages? Salary? Taxable Income? Non-Taxable Income. What a Job without a Code

              If you don't know the Code for each Transaction how will the ATO know. How would your bookkeeper know.

             Only the *Vampire knows the Code

             *VAMPIRE - Verified Accounts Management Program for the Internal Revenue Environment.

             For Practice try this!

              You are are sure to have two or more Bank Accounts Linked at your Bank's local ATM (Automatic Teller Machine) What happens when you "Transfer" some money from one Account to the other? And then Transfer it back again? Did you loose any money? Did the Bank? Where did the money go? How will you find out?

             Right! Next time you receive your Bank Statements (both Accounts) you will surely see the Electronic Footprints of the Transfer Action you did for Practice. If you forgot about the Practice how will you explain it to yourself - or to your partner?

            But the Balance remains the same before and after the Electronic Transfers. OK?