How to record an ATO payment.

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...]

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...]

MYOB v Xero – The Cloud Comes Closer

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 Compliance Update V19

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...]

PAYG payment summary mistakes

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...]

Tax File Number

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...]

Setup Paypal MYOB

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...]

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...]

Who wants to pay for myob tax tables?

2015/16 Tax Tables are now available. The FGH Website has been updated with the new tax tables that apply during the period 1 July 2015 to 30 June 2016. On 1 July 2015 the tax free threshold increases from $18,200 to $19,400 - announced in the Budget a few years ago. There are also changes to the HELP/TLS/HECS repayment thresholds as well as changes to where the Medicare Levy starts for those on low incomes. Updated tax tables that reflect … [Read more...]

The Empire Strikes Back

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 your needs … [Read more...]

Is MYOB in Good Hands – MYOB Community

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...]

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...]

MYOB Service Pack 2.1

MYOB Service Pack 2.1 has been released by MYOB which is supposed to rectify issues surrounding poor performance of the program. This was the release that was put on hold because it caused problems with customised forms. … [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...]

Who is MYOB LiveAccounts for?

MYOB LiveAccounts is easy to use online accounting software for sole traders, startups and smaller business. Who is MYOB LiveAccounts for? Designed for sole traders, smaller businesses or those just starting out. MYOB LiveAccounts makes it super simple to raise invoices, track expenses, pay employees, and manage your GST online. It’s really easy to use so you can get your accounts done as quickly as possible. There’s no locked in … [Read more...]

How is Superannuation Calculated? On Ordinary Time Earnings.

Ordinary Time Earnings Ordinary time earnings are generally what your employees earn for their ordinary hours of work, including: over-award payments commissions shift-loading allowances bonuses Overtime payments Payments for work performed outside an employee's ordinary hours of work are not ordinary time earnings. This is so whether the payments are calculated at an hourly rate or the employee gets a specific loading, or an … [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...]

Commercial Hire Purchase (CHP) Cash Basis

A Commercial Hire Purchase (CHP) is a commercial finance product where the customer hires the vehicle from the financier for a fixed monthly repayment over a set period of time. OK, so we have defined the finance type but how do we account for it in MYOB. first of all you have to know what type of accounting method you are using to report your BAS to the ATO. The GST Accounting Method shown here is Cash. Seven Steps to record a Commercial … [Read more...]