Forum Discussion

PiccanteBarbers's avatar
PiccanteBarbers
Contributing User
8 months ago

Adhoc pay

Hi

 

we will begin trading on 1/10.  We have 2 Directors and they will be the only people working for the company. They have agreed to an 80k salary. However while the business is building that weekly equivalent won’t be able to be paid.  The Directors have agreed that while the business is building they will simply take as a salary what they can depending on profit for week.   So my question is how do I set it up in myob.  Do I add the 80k annual salary and then override the pay somehow each week?  It’s the first time I’ve used myob or run a payroll. 

TIA

3 Replies

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    8 months ago

    Hi PiccanteBarbers,

     

    Setting up payroll for Directors might sound a bit full-on, especially when your business is just getting started and you want to keep things simple as you grow. You’ll need to add Directors as employees so they can get paid properly, but working out the details is definitely something your financial advisor or accountant can help with to make sure everything’s spot-on.

     

    And if you get stuck along the way or want to double-check things after speaking with your accountant, there are heaps of handy payroll guides to support you. Plus, our team is always here, we've got your back. 

     

    Cheers,

    Princess

  • PiccanteBarbers's avatar
    PiccanteBarbers
    Contributing User
    8 months ago

    Thank you.  I have already onboarded the Directors as employees. My question is more about MYOB functionality and how to override a weekly pay when a salary is set.  It shouldn’t be necessary for me to discuss this with an accountant or financial advisor. It is software specific.  I’ll checkout all the guides. I’ve read most of them. 

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    8 months ago

    Hi PiccanteBarbers,

    Absolutely get what you mean, software can feel straightforward. When it comes to a situation like this, checking with an accountant or financial advisor is always a smart step. hey can make sure everything lines up.

    Regards,
    Earl

Looking for something else?

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

Community home