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SuFish1's avatar
SuFish1
Experienced User
3 years ago

working with myob for the first time

This is so basic but here we go.   I have been using myob for other people's businesses over the last year but I have never set up myob for myself. I'm new to the accounts software world.   I dec...
  • LRBooks61's avatar
    LRBooks61
    3 years ago

    Hi

     

    In your particular circumstances I make the following suggestion

     

    For all the income and expenses that were made/spent prior to opening your business bank account:

    Set up a bank account (1-XXXX) and enter all the transactions manually to that account.

     

    Doing this ensures that you capture the expenses and income correctly

    There will be times that you will use your personal credit card or cash or your personal bank in future so this can be ongoing.

     

    This account wont be reconciled in the conventional way as it doesn't exist it is just catching these transactions.

     

    Annually or quarterly or monthly , whenever it suits you I suggest you journal the balance of this bank account to your equity account (3-XXXX- owners contributions/drawings)

     

    Hope that helps

     

    Lisa

LRBooks61's avatar
LRBooks61
Ultimate Cover User
3 years ago

Hi

 

In your particular circumstances I make the following suggestion

 

For all the income and expenses that were made/spent prior to opening your business bank account:

Set up a bank account (1-XXXX) and enter all the transactions manually to that account.

 

Doing this ensures that you capture the expenses and income correctly

There will be times that you will use your personal credit card or cash or your personal bank in future so this can be ongoing.

 

This account wont be reconciled in the conventional way as it doesn't exist it is just catching these transactions.

 

Annually or quarterly or monthly , whenever it suits you I suggest you journal the balance of this bank account to your equity account (3-XXXX- owners contributions/drawings)

 

Hope that helps

 

Lisa

  • SuFish1's avatar
    SuFish1
    Experienced User
    3 years ago

    Dear Lisa, Thank you that is simple, makes total sense and I think I can work out how to set that up.

     

    So appreciate you taking the time to respond. Best Su

     

    PS If I get stuck I might return to this thread but fingers crossed that I can do this.

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