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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Thank you both! Thankfully I'm not participating in any DRPs. All dividends are received as cash.
DuncanS I'm not sure what you mean by "use Receive Money with a Card Dividend - Rio". Are you saying that as well as an 'Other Asset' account for each Company, I also need to setup each Company with their own Customer Card?
Julie_A_C My accountant has specifically asked for 3 x 'Other Income' accounts, one each for Franked, Unfranked and Other.
For my business account, he says that's all he needs.
For my SMSF account, again that's all he needs, but he will be comparing my totals with the ATO's records on the Tax Agents Portal, for audit purposes.
Now this is going to sound embarrassingly silly, but I'm actually not sure what you mean by "flow through" :-\
Finally, as for accounting for profit/loss on share sales, thankfully this is something I don't need to worry about for FY2017 since no shares were sold, so that's something my method above doesn't even begin to address, since I really need to "K.I.S.S." for the moment! There will be questions to follow eventually on how to set that up, but as should be pretty obvious, I'm struggling enough just with the purchases and dividends for the time being...