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Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to track shares using inventoty items.
This article is provided for guidance only - it might not be suitable for your business requirements. If you need clarification, check with your accounting advisor or post your question below.
Setting up your company file
The following things need to be set up in your company file:
Note: For users reporting PAYG Instalments on a Cash Basis, you will need to link an income account for 'Income Account for Tracking Sales' and an expense or Cost of Sales account for the 'Cost of Sales Account'.
Recording shares already on hand
If you have already purchased shares and the value is only reflected in the Assets section of the ledger accounts but not in your Items List, you can use the Count Inventory window to update the list.
Create a new Bill. On the first line of the bill, enter the brokerage fee amount. On the second line of the bill, enter the amount of shares you are buying and at what unit prices your are paying per share. See our example below.
Note: In the above example, we have bought 500 shares at the rate of $8 each with a brokerage fee of $24 incl GST. This is an example only. Please refer to your contract note for details of GST charged.
Enter the payment through Pay Bills and select your bank to pay this amount from.
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