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We have been using the new workpapers module in AO and for the most part it is very good. There is however a couple of small errors we have come across, hopefully MYOB can address these promptly?
Entertainment Workpaper: GST adjustment, the GST calculation on the 50% adjustment is incorrect and results in the GST adjustment and thus Non-Deductible entertainment being overstated.
Investments - shares Workpaper: if you are entering shares that have been purchased during the period, so the opening number of shares is nil, it then puts ? in the 'Gain / Loss on sale' and 'Closing balance at cost' columns. Has anyone else come across this?
Other improvements that would help:
Fixed Asset Workpaper: in the purchases area it would be good if there was a couple of extra of columns for additional data, such as depreciation rate, depreciation method, private use adjustment %. While this data is not included in calculations on that workpaper, it is used as a record of the asset details and also when creating the new asset in the Assets module.
Imputation Credit Workpaper: it would be good to have a reconciliation area of IC balance, tax paid over prior years and prior year dividends paid. Unfortunately we are having to track this using an Excel spreadsheet from our old workpapers, (as we also have to do for the GST workpaper).
It would be great if a MYOB representative could comment on this, and at least give us some feedback on when these errors will be fixed and if our ideas can be implemented.
Thanks for your contribution.
A new version of the Entertainment template has now been produced that calculates the Adjustment to be entered into Box 9 on the GST return based on GST content of the Net non-deductible entertainment. The previous version has been retained, as it is still a reasonable reconciliation where the client has only claimed 50% when the GST return was filed (usually the difference is immaterial). There is an update to Workpapers templates in the final stages of preparation that contains numerous changes, includng this one.
I have had a look at the Investment Template, and can see the cause of the problem is a "divide by zero" ... because the Opening number of Shares is zero, the software cannot handle the basic formula which tries to divide opening value by opening number. To avoid a "divide by zero" error, workpapers shows ?. It seems the Investments - Shares template is too simplistic, and assumes the shares being sold were on hand at the beginning of the year - it does not handle the situation where shares were purchased and sold in the same year. We need to give a bit more thought as to how we can change the formula, or restructure the workpaper to accomodate this better.
I like your suggestions for additional columns on the Fixed Assets template. I have added this to our enhancement list.
A number of people have asked for / suggested a reconciliation between Imputatin Credits and Tax Paid less Dividends. This is high on our enhancement list ... we didn't get to it for the next release, but will be a high priority for future.