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Share your ideas for improving MYOB Essentials Accounting. Vote on ideas and discuss them with the MYOB product development team.

MYOB Essentials

Payables and Receivables with Tax

AnnetteH
Cover User

1Posts

23Kudos

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1 Post
Cover User
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Could we please have reports of Payables with Tax and Receivables with Tax as per AccountRight included in Essentials?

I think that most Essentials customers report GST on a cash basis.  One of the checks I perform before submitting a BAS is to check the balances of the GST Collected and GST Paid accounts against the amounts to be reported in the BAS.  With non-cash reporting, the two should match so that's easy.  With cash reporting the difference should be the GST on outstanding payables and receivables at the end of the quarter.  Hence I would really appreciate this report being available in MYOB Essentials so that I can complete this check.

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6 Comments
SharonLawrence
3 Posts
Cover User

In MYOB Account Right you can do a report for payables or receivables "with tax".  This is useful when the financials statements are prepared on an accruals basis, but GST is on a cash basis.  In these situations, in order to reconcile your GST to your BAS you need to remove the GST on debtors and creditors, and in Account Right the payables/receivables "with tax" report gives you the GST to remove.  In Essentials, you have to check every invoice on the list to see the GST as no such report exists.

 

Therefore my request to MYOB if for Essentials to have the "with tax" report available.

SharonLawrence
3 Posts
Cover User

Not sure that @Curtis36 has made a comment on the right post?  Has nothing to do with my request

SharonLawrence
3 Posts
Cover User

I realize that you can do GST reports as cash or accruals.  This wouldn't help me.  At year end we need to know how much GST is in payables and receivables at 30/6 - sometimes this is easy because all sales have GST, but if it is a mixed business it is not.  Using the GST reports will not tell me how much GST is in the receivables/payables at a point in time.

 

Even if you look at the difference between the accruals and cash reports, what about the timing differences from the previous quarter?  This will not work.

 

Having the "with tax" report just like in Account Right is the simple solution.  Thanks

Ashleys
7 Posts
Cover User

We really do need to be able to get this report as I would imagine most small business clients using MYOB have accurals based financials and cash based GST. This report is essential to be able to reconcile the GST accounts in the financials and pick up if there is any GST unclaimed from previous quarters. 

 

I note that both MYOB Account Right and Xero have the ability to get this report. Come on MYOB, surely it can't be too hard to create this report for Essentials!!!

AngieCats
2 Posts
Cover User

I would also like this too! Especially when reconciling the accounting profit to the taxable profit

Ashleys
7 Posts
Cover User

We badly need this report. Most small business clients using MYOB would have financials prepared on an accruals basis and GST prepared on a cash basis. For those clients this report is essential (isn't the name of this product MYOB ESSENTIALS?) to be able to properly reconcile GST accounts in the financials and pick up if there is any unclaimed GST from previous quarters.

 

I note that a 'with tax report' is available for the Sales Reconciliation and Bills Reconciliation reports in MYOB Account Right and Xero. Come on MYOB, surely this report would be easy to create for MYOB Essentials!!!