Forum Discussion

Shawky's avatar
Shawky
Contributing Cover User
3 years ago

How to use AccountRight for a Self Managed Super Fund (SMSF)

Hi

I am having no luck finding out how I might setup AccountRight Plus to keep track of my SMSF.

I have used MYOB Premier for a Investment Company many years ago so much of that setup is the same.

Where in the community might I find more information about doing this?

I can only find information about paying into a super for employees.

 

For share trading in the Company I followed a setup similar to  Handling a share portfolio - MYOB Community excepting I modified it to support CFDs as well.

 

The first simple question is. How do I enter super contributions?

I set it up as an "Other Income" account just to get the data in, but realise this must be wrong. Do I setup an equity account for this? Thinking out loud: Currently the deposit sits under the Asset bank account. Assigning it to an income account generates Income which is incorrect, assigning to another asset account doubles the asset total which is incorrect. Assigning to an Equity account means contributions will add up over time...hmm

 

Also, how might I track super guarantee and additional contributions?

 

I use an offline version of AccountRight Plus.

 

Thanks

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Shawky 

     

    Thanks for your post. As we're not accountants we're not permitted to advise on how your file should be set up and transactions entered for your specific situation. You will need to discuss with your accountant the transaction types and accounts applicable for recording those super contributions.

     

    Once you know what you need to record I'll be happy to help with how to do that in the software.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • Shawky's avatar
      Shawky
      Contributing Cover User
      3 years ago

      Thanks

      I understand that position, but find that a cop out realistically. MYOB is written and designed to handle accounting practices a particular way. There must be standard use cases for which you or another could quote or provide as a meaningful example.

      My acocuntant will advise me if I have not set it up the way he/she would like.

      However, it is reasonable to expect MYOB to describe a typical example of how one might handle use cases like:

       

      Member benefits (I have placed them in liabilities, but not tested how that will pan out by comparing with the previous trustee's annual reports)

      Member contributions (I have placed them under Equity, with current and historical, using a journal entry to reset current each financial year).

       

      One of the few useful posts and I mean few, is the one I quoted above. A very good discussion and some alternatives presented. The posts described how to manipulate MYOB software to achieve a few outcomes. I did something very similar back in 2005 handling CFDs and Forex. It is a shame quality use cases are not available on this forum.

       

      Anyway, I will percevere on my own.

       

      You may close this ticket, but no, the answer is not acceptable. In my industry if I responded like that, I would be out of a job. It is disappointing that law and compliance place bricks walls up everywhere.

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.