Archive for January, 2009

Setting up Permanent Part-time Employees

Posted by Lynley on Jan 4 2009 with 0 Comments

Question: I have a client who has just purchased MYOB Payroll to use for his business. In this business his employees are all part-time permanent. Where if any in MYOB can you put that they are permanent part time employees not full time as they don’t do 40 hrs a week?


Answer: Go to the Leave Details tab for each employee and there is a field near the top right where you can enter the normal hours per week. As soon as you enter a value here you will notice at the bottom left of this window that the status of the employee will change to Permanent Part-time.

Filed Under: MYOB accounting FAQ's

GST Reconciliation – Payments basis

Posted by Lynley on Jan 4 2009 with 12 Comments

Question: My question is regarding MYOB Accounting and how to handle GST. I notice when you close off the end of the financial year the balances are brought forward for GST to the new year. Please advise the accepted way to reconcile the GST Collected, GST Paid, and GST Payment/Refund accounts.

Answer: The GST balances always roll forward to the new year. This is because they represent an amount that should be returned to, or claimed from, the IRD at a later date. These balances are calculated on the Invoice basis (necessary for proper accounting entries to occur) so if you are on the Payments basis for GST the amounts rolled forward to the new year are unlikely to match your next GST return. Some users like to “clear” the GST account balances after each GST return so that the individual accounts carry only the current period balances – this can be done by journal entry but is not strictly necessary. Use the GST Reconciliation report to compare your GST balances with the total of the GST transactions for the period. If you would like help in learning how to do the journal entry to clear the balances, or how to reconcile the balances to the Payments basis, you may like to ask your accountant or a certified consultants for more detailed assistance.


#adp01

Filed Under: MYOB accounting FAQ's

Recording Intercompany loans

Posted by Lynley on Jan 3 2009 with 0 Comments

Question: Say company A makes a loan to company B. I would like to know if there are different ways of recording it in the MYOB software. Do I go through banking–> Spend Money–> and mention it is a loan to company B in the memo, in the books of company A and go through banking–> receive money–> and also mention that it is a loan from company A in the books of company B? Please I really need an answer for this question. I would also like to know if there might be another way of dealing with this transaction? Thanks!!!!

Answer: As you have seen, company loan transactions can be confusing! In the example you give you need two separate MYOB company files. In the Company A file, create an Asset account called “Company B Loan”. Use Spend Money to record the transaction to this new account, describing the loan in the Memo. In the Company B file, create a Liability account called “Company A Loan”. Use Receive Money to record the transaction to the new account, again describing the loan in the Memo. At all times you should be able to match the balance of the Asset account in Company A with the Liability account in Company B.#adp01

Filed Under: MYOB accounting FAQ's

Incorrect date on bank reconciliation

Posted by Lynley on Jan 2 2009 with 1 Comments

Question: I’ve reconciled my account very nicely to the bank statement. The only problem is that the statement date I entered was 30 June 2008. It should have been 30 June 2007. (Yes, I am a little behind with my reconciliations!)

How can I change the date, please? I now want to reconcile through to 30 June 2007, but MYOB understands that that date has long gone.
Answer: To fix enter the date of 30/06/07 then click ‘Reconcile’ then click ‘Reconcile’ again. The date will be corrected. Manually correct your previous bank reconciliation printout.#adp01

Filed Under: MYOB accounting FAQ's
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