EOFY using Essentials

Partner river167
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EOFY using Essentials

Just watched an MYOB video regarding EOFY in Essentials and it said that I don't have to worry about rolling over as MYOB will do that for me. What is the date that they do this. Usually I finalise payroll and rollover on the 1st July or thereabouts for first payroll in the new year but only after I have finalised and done PAYG Summaries and made sure everything is correct. As for the Financials rollover, that can happen much later in year when accountant is satisified and finalised his adjustments. Do we get a choice as to when with will happen with our file.

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Trusted Partner sambennett
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Re: EOFY using Essentials

River - the payroll is continous, it doesn't just close off a year on you, MYOB may apply the new tax rates, but they don't close your year down. When you print certain reports, it lets you select the correct year.

 

Also your financial year will not close off. The only way to stop entries in a previous year is to use the lock setting in the business details. The file is continuous, you just keep going.

 

I hope this helps.

Ultimate Partner DuncanS
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Re: EOFY using Essentials

@river167 @sambennett 

 

The MYOB file is closed once the Tax Accountant has prepared the Financial Accounts/Tax Return and MYOB agreed to the Financial Accounts.

My advice to Business Owners is to lodge the Company Tax Return earlier rather than later.

The Payment date is still 15 May and if there is a refund it is best to get it earlier.

Lodging of a Tax Return also changes the PAYG - Instalment that is payable on each BAS.

 

It is also easier and safer to use MYOB once the previous FY has been closed.

 

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
Trusted Partner sambennett
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Re: EOFY using Essentials

Duncan- are you refering to accountright? the question was about essentials- Regards Samantha

Ultimate Partner DuncanS
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Re: EOFY using Essentials

@sambennett 

 

I have edited the original post.

 

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
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