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 ...
Updated 9 years ago
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Thanks DuncanS I think that is actually the way I do it in my personal MYOB account...? I just have a "Share Purchases" Other Expense account, a "Share Sales" Other Income account, and a "Share Dividends" Income account. Is that what you mean?
I have no way of listing each equity separately that way, but I wasn't really concerned about that for the personal account.
For the business account though, I thought it might be better to have each equity listed, as in the tutorial, and it's also neat that the Inventory shows the amount of shares held for each equity which I'm not sure would be the case with your method?
EDIT: I've just re-read your comment above from March, which I think explains what you meant, and is much more involved than the simple method I use for my personal account.
Also, yes the accountant has direct information from the broker, so setting up the MYOB account in this way is mainly for my own benefit.