Credit Notes

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...]

Bad Debts

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...]

MYOB Networking Guide

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...]

How to fix incorrect superannuation!

Assumptions Here I will assume you have your SGC super categories setup correctly in MYOB, that is one Super Expense category and you are linking your different super companies simply by card name, have a look at the screen shot below for further clarification. Correct Settings to avoid Incorrect Superannuation If your employee card file does not look like this their is a fair chance you have not got the setup correct and the check list I … [Read more...]

Directors Reimbursements

What is the best way to track reimbursements to directors/business owners? The method I have devised is to setup a clearing account which is titled Clearing Account for Reimbursable Expenses, and also turn on category tracking in setup preferences.  The example we will use is when the directors/owners use personal credit cards and the like to pay for business related expenditure, examples of which seem to be travel and entertainment related … [Read more...]

GST on Imports

If you run a business where you import goods in from overseas you will be most likely faced with the situation where the Customs Agent will assess the cost of the goods and the amount of GST payable which you will find on your Freight Forwarding Company's Invoice. The GST is fully claimable and the mechanics of the transactions are simple enough but how do I record this transaction in MYOB? To do this simply record what is called a GST free … [Read more...]

End of Year Depreciation

Depreciation refers to two very different but related concepts: the decrease in value of assets (fair value depreciation), and the allocation of the cost of assets to periods in which the assets are used (depreciation with the matching principle). The former affects values of businesses and entities. The latter affects net income. Generally the cost is allocated, as depreciation expense, among the periods in which the asset is expected … [Read more...]

Which Tax Code do I use Where?

Above we have the default listing of tax codes contained in MYOB. That is when you create a datafile these are the tax codes that are automatically generated, but when do I use what? I'll attempt to explain that in this post. The Above ABN This tax code will only ever be used when your supplier does not provide an ABN. It effectively means if a supplier gives you a bill for $100 you only have to give him $54 as the other $46 is withheld and … [Read more...]

Contra Transaction

Definition of a Contra Transaction con·tra (kntr) prep. In contrast or opposition to; against. adv. In opposition to something stated or expected; to the contrary. [Latin contr, against; see kom in Indo-European roots.] The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved. What is a Contra … [Read more...]

Recurring Transactions in MYOB

If you have transactions that you record regularly, for example a rent cheque, you can set them up as recurring transactions and save them for future use. When you save a recurring transaction, you can specify how often you want the transaction to be recorded, and for how long you want to schedule it. For example, you can schedule your car payments monthly, for the next 22 months. If the transaction details are the same each time, such as a … [Read more...]

Stock Alerts

Many people would love to have a feature where MYOB would automatically remind them to re-order inventory items when their stock level has dipped below a minimum stock holding level. Well there is...... The To-Do List Here we have the stock alert telling us the Cooler Large (Item 100) has dipped below its threshold and it is waiting for the PO to be processed. How did it get there? (Click on the picture to make it larger) Item Buying … [Read more...]

Head Office

Often businesses will find a themselves in a situation where they have multiple customers (who we sell stuff too) but when it comes to paying the outstanding invoices they receive one lump sum from the Head Office. This can make the bank reconciliation task quite complex, tedious and time-consuming. To overcome these difficulties apply the following hacks to the outlined scenario. Head Office - Scenario Outlined We sell inventory items to … [Read more...]