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
Version 1.0
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Now that tax time is here, I have a further question about this method that I've been using, as described in the tutoral.
Looking at my P&L report via Reports... Accounts... Small Business Entity... Proft & Loss [Cash] - it's indicating at the end of the report:
Other Expenses
Loss on share sales (and gives a $ figure exactly equal to what I've spent on shares, matching the figure in my Shares Asset account.)
But I've not sold any shares, I've only bought them. So I'm confused as to why it's reporting my purchases as a Loss, which in turn affects my bottom line Net Profit.
Moreover, when I drill down into my Loss on share sales account (which I've placed under Other Expenses) there are no transactions appearing there at all, as expected.
Is this what I should expect from the P&L figure, or does it look like I've done something wrong?