Has anyone had success with setting up a Novated lease in MYOB. All of their help is geared around Flare but I am not using Flare for the lease. Its an electric vehicle and hence I can generrate GST input credits?? Has anyone done this?
Thanks
I had 2 deductions - one Salary Sacrifice and one a luxury car tax adjustment even though the car is below LCT threshold. But yes as per above and then pay the lease company from the liability. Mine was also an electric car and hence no FBT.
Hi efindlay,
I see you're trying to set up a novated lease in MYOB without using Flare. Setting up a novated lease in MYOB without using Flare can be a bit tricky since most of the help resources are designed for Flare integration. But I found a thread that has some useful information about novated leases that might help you out.
Feel free to get in touch if there's anything else I can assist you with.
Cheers,
Princess
Thanks Princess for the reply but the thread just reiterates what I have asked and in fact says MYOB very unhelpful. I still don’t have an answer to the question which is how to set up a novated lease in MYOB without flare.
many Thanks
euan
Hi efindlay,
I get how frustrating it can be not to have a clear answer. After looking into it more, it turns out you can't set up a novated lease in MYOB without using Flare. The novated lease functionality is integrated with Flare, and this integration is necessary for the proper setup and management of novated leases within MYOB.
Feel free to reach out if there's anything else I can assist you with.
Cheers,
Princess
Has anyone been able to set up a Novated Lease without integrating with Flare
Yes was able to do it but with absolutely no help from MYOB. My Novated lease company was able to help set it up for me. I cant give you advice on exactly how it was done as I didnt understand it fully but it was a fairly simple process. The annoying thing is that anyone in MYOB would be able to give you the instyructions on how to do it. In fact there are way more complicated things that MYOB has a help information panel on. Id suggest they are deliberately told not to help anyone on this matter.
Can anyone give the answer on how to set up a Novated lease, please? We not using Flare.
Hi Nataliya,
Welcome to the Community Forum! For detailed guidance on how to set up a Novated lease, you can visit the help page Novated car leasing
Regards,
Earl
Hi May,
Understand your frustration. MYOB were zero help and its pretty unethical in my opinion to not support a very common need of your accounting software. In the end the lease company talked me through how to set it up with a combination of new accounts. Hopefully they have someone there that can show you?
Cheers
Euan
I read and set it up myself and then verified it with my accountant
Not impressed how MYOB had no notes as to how to set this up
Please check with your accountant as to whether it will be subject to FBT, my case it is not subject to FBT and therefore not reportable
This is on Accountright
Hope this helps
We have set this up in MYOB however end up with a balancing issue in the novated lease liability account.
For example:
As you can see, we are left with a credit of $80 in the novated lease liability account after the pay run in which we deduct the pre/post-tax lease payments from the employee as instructed from the lease company. I realize that some of the novated post tax contribution should include a GST component which we may have to manually adjust for outside of the pay run as MYOB does not appear to allow for us to recognize this within the pay run. However, the issue with the $80 credit in the novated lease liability remains.
Does anyone have the same issue?
Thanks
May
