MYOB - Managing Multiple Entities in One
Hello, is there a way to manage multiple business entities in one subscription? I have 5 rental properties, only transactions are rent received & some outgoings. No payroll & very simple. Cheers
Forum Discussion
4 Replies
Hey thebookkeeperke,
Great question! With MYOB Business, each subscription is set up for one entity. Since you’ve got five separate rental properties, you’d need a subscription for each. If you’re after something that lets you run all five under one roof, AccountRight might suit you better. It can manage multiple entities on one serial number, though there’s an extra charge if you go over the included number of company files. Sounds like you’ve got things running smoothly, so if you want to explore either option further or figure out what’s the smart fit, make sure to reach out to our team on Live Chat via our virtual assistant, MOCA, or by submitting a support case via MyAccount.
Cheers,
Doreen
Have you thought of using Job numbers ? Treat each rental property as a job. This will give you an Income and Expense report for each property and a consolidated report at the catagory level.
Alternate Solution
If you set up catagory for each property income and expense. eg Rental Property Income 4-0000.level 1
Balmain Rental Income 4-1100. level 2, Mosman Rental property 4-1200 level 2. and so on.
The category solution does not give you a profit and loss report for each property but is still easy to extract the information for a Tax Return per property.
Both solutions only require one licensed file.
Hope this solves the issue.
Greg A
GOA TAX & Accounting
Greg A has given good solutions. You have said you have 5 rental properties but that doesn't mean they are all separate entities with their own ABN. You also have said they are simple so it seems they are residential (No GST applicable) rather than commercial (GST applicable) so reporting would be covered by Greg A's suggestions.
If commercial, you could still use one of Greg A's solutions but also setup new Tax codes and accounts (categories) for each property e.g. MGS with account code 2-1300 GST Collected Mosman property, 2-1310 GST Paid Mosman property. This would make separate BAS's easier.
Cheers
Liz
thebookkeeperke Check out Landlord Studio. Not sure about the integration capabilities, but it's an industry specific app. Seems like the way the accounting world is moving. Cheers, Durks.
