Partner Zone

end of year adjustment in essentials

Enough
Experienced User
14 Posts
Experienced User
Experienced User

14Posts

4Kudos

0Solutions

end of year adjustment in essentials

I have my end-of-year adjustments from the accountant.  I looked up the journal entry from last year to make sure I do it right again but it is only showing 1 transanction for Retained Earnings and Current Year Earnings.

 

I just need a reminder please......

I tick the EOFY adjustment box but do I select Tax inclusive or Tax exclusive AND do I select Purchase or Sale for the GST report?  

 

Any help appreciated

1 REPLY 1
DuncanS
Ultimate Partner
1,866 Posts
Ultimate Partner
Australia
Ultimate Partner

1,866Posts

918Kudos

164Solutions

Re: end of year adjustment in essentials

@Enough 

 

Do the Journal Entries from the Accountant contain GST?

Do the Journal Entries from the Accountant affect Sales?

 

The GST codes used by the Accountant should determine whether you use GST Inclusive or not.

 

I would probably use Purchases.

 

You may wish to invite the Tax Accountant to the File and work online.

 

Once the Journals have been processed, ensure the MYOB Financials agree to the Tax Accountant's Financials.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post