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LynnEH61's avatar
LynnEH61
Member
1 year ago
Solved

Manual Setup of a Novated Lease

I have a client who had a novated lease already in place with a previous employer. He has set up a company and had the novated lease reassigned to his new company by the lessor.

 

I need instructions for setting up an existing novated lease in MYOB Business. Everything points me to Flare. 

 

Is there a manual setup process instructions I can follow, or do I have to use Flare?

 

 

  • Princess_R's avatar
    Princess_R
    1 year ago

    Hi LynnEH61,

     

    Welcome to the Community Forum!

     

    Yes, you'll need to use Flare to set up a novated lease in MYOB. The novated lease feature is integrated with Flare, so this setup is necessary for everything to work smoothly. For more details, check out this article.

     

    But if you'd like to set up a novated lease manually without using Flare, you'll need to consult with your accountant for more assistance, as it's a bit more complex and requires precise guidance.

     

    Cheers,

    Princess

3 Replies

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    6 hours ago

    Hi MYOB_user11,

     

    Totally understand if you'd rather bypass Flare and manage things yourself. Flare is recommended because it helps simplify the lease setup and ongoing payroll calculations. MYOB doesn’t have a built-in template for this, so you’ll need to create the payroll categories yourself based on the lease provider's breakdown. Novated leases can be pretty complicated when it comes to GST, FBT, and tax, so I'd highly recommend running it by your accountant or financial adviser first to make sure it's set up correctly.

     

    Cheers,

    Princess                

  • MYOB_user11's avatar
    MYOB_user11
    Contributing User
    8 hours ago

    Why should we use Flare? Why don't you provide instructions how to set up it manually? I need instructions how to set it up.

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    1 year ago

    Hi LynnEH61,

     

    Welcome to the Community Forum!

     

    Yes, you'll need to use Flare to set up a novated lease in MYOB. The novated lease feature is integrated with Flare, so this setup is necessary for everything to work smoothly. For more details, check out this article.

     

    But if you'd like to set up a novated lease manually without using Flare, you'll need to consult with your accountant for more assistance, as it's a bit more complex and requires precise guidance.

     

    Cheers,

    Princess

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