Forum Discussion

1ServicesTLC's avatar
2 months ago

Will MYOB keep track of personal finances and Business finances?

I am new to this space sorry for my ignorance.

Before I sign up for MYOB i am keen to know will MYOB keep track of personal finances and Business finances?

If so, I am a sole trader at present and will most likely transition to a company at some stage. what is the best version of MYOB to use?  

2 Replies

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    1ServicesTLC 

     

    A Sole Trader can include Personal and Business Finances in the one MYOB file.

    This may incur further expense with the Tax Accountant.

     

    I often ask Business Owners to prepare a Family/Personal Budget.

    There are many Spreadsheets available.

     

    A Company should not include Personal and Business Expenses in the one MYOB file.

    Where a Director has complex financial affairs, a separate MYOB file is required.

     

    Duncan

     

     

  • Cloud_Mind's avatar
    Cloud_Mind
    Ultimate Partner

    Hi 1ServicesTLC 

    How inspiring opening up your new business.   I recommend you contact a MYOB Partner to help you select the best product, set up the file, and train you.  I am a MYOB Partner and BAS agent if  you want to reach out my website is in my profile