Accounting Software Easy
I am a qualified Accountant specializing in the setup and training of various forms of accounting software. I work for a number of different clients and also facilitate MYOB training at Melbourne CAE
The following question was asked on the MYOB communities home page: Click the image to see it a bit clearer. To paraphase what the question being asked by the user is that they have more input tax credits accrued than they have collected so their Nett GST position is that they are owed money by the ATO which will offset the amount of PAYG Withholdings that they owe the tax office. So the answer being sought is how do I record this in MYOB. … [Read more...]
How do I issue a credit note? At various times you may want to issue a credit note against a customer's account. This maybe to make an adjustment to their balance or simply to record a credit that you have offered. This support note shows you how. How you handle credit notes depends on a variety of factors, such as: Is the credit for the entire sale? Is the credit for a partial sale? Have any payments already been received? Does the … [Read more...]
MYOB v Xero For all those that are considering the next move in what accounting software to employ in their small business RightAccounts takes a quick look at the social natterings out in the ethernet. For all those that are considering the next move in what accounting software to employ in their small business RightAccounts takes a quick look at the social natterings out in the ethernet about various cloud based … [Read more...]
MYOB has released the MYOB Compliance Update to reflect changes that have occurred in rates of PAYG Withholding for employees for the 2012/13 Financial year. For some reason this year there are two available for the old version of the software, Version 19. This article specifically refers to AccountRight Plus V19 and not AccountRight 2011, the newer version. Instructions - MYOB Compliance Update As per normal MYOB has released PDF instructions … [Read more...]
You cannot simply change the information on a PAYG payment summary after you have given it to the payee or provided your PAYG withholding payment summary annual report to us. How to correct mistakes on your PAYG Payment Summary If you find that you have made a mistake with your PAYG Payment Summary using MYOB and wish to correct this mistake you will not be able to use your MYOB software to do this. It will have to be done manually using … [Read more...]
Update Xero is happy to finally deliver one of our most requested new features. You can now email remittance advices to suppliers through Xero. You’ll find this particularly useful if you’re covering lots of invoices with a single payment. A remittance advice includes current payments, previous payments and any credit notes or prepayments that have been applied, so your suppliers know the details behind each invoice payment. Find out more … [Read more...]
Simpler depreciation rules apply if you run a business that turns over less than two million / year then you are in for some good news regarding asset write-offs. The instant asset write-off has increased from $1,000 to $6,500 in the 2012-13 and subsequent years. Also the long life small business pool and the general small business pool have been consolidated into one. If you have no idea what I am talking about there not to worry just … [Read more...]
In the MYOB software we are looking at the screen where you insert the tax file number for your employee. To acces this this screen go to Card File then Card Lists, drill down on the employee and then click Payroll Details from the top and then Taxes on the left hand menu. MYOB software require that you enter Tax File Numbers for all employees whether you print Payment Summaries for them or not. If they do not have one, use one of these … [Read more...]
Under a novated lease arrangement, you take over all or part of the lessee's rights and obligations under the lease. This transfer of rights and obligations is agreed to in a deed of novation between you, the finance company and the lessee. The lessee is usually the employee, or an associate of the employee. Hello, I am lifting this post about Novated Leases directly from the ATO's website based on this article and instead of using convoluted … [Read more...]
Xero (NZX: XRO ) is an online accounting software product for small and medium-sized businesses, as well as for personal finance. The product is sold by subscription (a distribution model commonly known as Software as a Service or SaaS) requiring the payment of a monthly fee. This charge is proportionate to the number (and type) of company entities managed by the subscriber. Source: Wikipedia Is Xero for me? If you are not sure whether … [Read more...]
GST Management You can analyse retail essentials like what’s selling, who’s buying and how much GST is coming in, at any time. Even better, it takes just 30 minutes to set up. MYOB Retail Basics - POS We know that the sound of your cash till ringing is music to your ears. With RetailBasics, it’s so easy to process your sales. From cash to credit card, lay by to refund, you can accept all payment types in a few keystrokes. It also has … [Read more...]
Definition of 'Operating Lease' A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Read more An Operating lease transaction is the easiest transaction to record in MYOB. It is simply a spend money transaction that is allocated to a General Ledger account called lease expense. The transaction has an input tax credit for GST Paid which is claimable from the ATO. Click the image … [Read more...]
How-to Setup Paypal MYOB How we Setup Paypal in MYOB for a Paypal transaction is much the same as an American Express transaction. The merchant takes a percentage share of the transaction for providing the credit facilities. A $100 sale nets the business $98.00. At the end of the day we need to record both transactions as they occur, that is the customer receipt of $98 and the merchant charge of $2 which is a deductible expense to the … [Read more...]
What is a bad debt? When sales are made on credit terms occasionally your business may not receive payments against those invoices and as such you will need to reflect this occurrence in your Accounting software. Generally speaking you have two options: Write off the amount against an expense account (as shown in the example) Write off the amount to a temporary "provisions accout" (and let the accountant handle it at the end of the … [Read more...]
Ngarluma wrote on the MYOB communities page about certain issues she was having with the MYOB Networking Guide: Has anyone had the following message? a network error (18:1380:0:0) has occurred. Unable to sebd nessages to Lisa. The user may have signed out improperly, there may be a problem with your network connection. No more meesgaes will be sent for the remainder of ths session. This message appears whenever anyone else logs into the … [Read more...]
The GST Finance Strategy adopted on purchase of commercial equipment will ensure profitability is maintained but not at the expense of cash flow. The most important consideration when purchasing commercial equipment is to be conversant with the different type of finance products provided by banks/finance companies and the impact these will have not only on the bottom line of the business but the GST implications and their impacts on Cash Flow … [Read more...]
How many people are getting sick and tired of paying MYOB every year for a MYOB tax table update, $500 for a something as little as a 2 dollar change to the ATO tax tables. Well if thats you we have a treat in stall for you. A web site I only discovered a few days ago as we speak www.fghtables.com which has no telephone number and purports to have been operating since 2008 is selling MYOB tax tables separately for $35 or there abouts. This is … [Read more...]
Re: Is MYOB in Good Hands 16-02-2012 12:39 PM Hi All, Thanks for all for the constructive feedback you’ve taken the time to leave in regards to AccountRight 2011. You’ve asked some great questions and I’d like to share my thoughts with you in response. AccountRight is MYOB’s flagship product and we’ve invested significantly in it over the past 20 years. It is a very rich product which has been honed by paying close attention to … [Read more...]
Follow through to the link below, things look like they are about to get interesting. One does have to start speculating what is going on. Is MYOB in Good Hands - MYOB Community. … [Read more...]
A company's general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company's checking account when it processes the company's checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account … [Read more...]
Xero (NZX: XRO ) is an online accounting software product for small and medium-sized businesses, as well as for personal finance. The product is sold by subscription (SaaS)...
With MYOB LiveAccounts you can manage your business from anywhere you can access the internet. This means you can run your business away from the office, interstate...
