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Re: Wine Equalisation Tax (WET) for wine wholesalers
Re my previous comments regarding MYOB and Wine Industry tax codes and invoice templates. I have had so many comments / requests regarding our work around, I have decided to post this today. If you would like a pdf on what we do, here is the link. https://www.valleybookkeepingsolutions.com/shop You will also find on this link, a spreadsheet that we have streamlined to use with the MYOB GST Summary Report (Cash or Accrual). It has the formulas imbedded and LOCKED (yep - lessons learned on this one!) that take away the guess work of calculating your BAS figures and confidence in correct calculations for Producers Rebate. Now we wait for MYOB to catch up on allowing us to drill into the tax code when raising invoices. This step is crucial for this work around - so as at 17th May 2021 - we can only raise Wine Industry invoices on the desktop version and not browser :(7.1KViews0likes0CommentsRe: Wine Equalisation Tax (WET) for wine wholesalers
Hi Nivia - Unfortunately, the Wine Industry doesn't count much in the scheme of things for MYOB (or any other accounting software that I know of). I have created a work around that 3 years later we are still using and it's quite successful. It might be of some use to you. If you're interested email me on jennifer@valleybookkeepingsolutions.com and I'll send you what we are doing. regards Jennifer11KViews0likes0CommentsRe: Wine Equalisation Tax (WET) for wine wholesalers
Hey KristinmD - The MYOB comments in this feed are NOT ATO Compliant. I feel sorry for the poor person reading this thread. The ATO are very definite about showing the GST and WET amounts as seperate items on all Tax Invoices. See this link: https://www.ato.gov.au/business/gst/in-detail/managing-gst-in-your-business/tax-invoices/invoices-with-a-weg-label/ I have done a work around in MYOB which is not user friendly and fiddly. Annoying as hell! I don't recommend MYOB to Wine Clients anymore which is a bit sad as I do like MYOB. COME ON MYOB - support all industries.26KViews6likes0CommentsRe: Wine Equalisation Tax (WET) for wine wholesalers
To quote the following comment from KathTB from July (20??): "Hi, the above method provides a workaround for wine sellers, however my winemaker client says the invoice layout will not satisfy his customers who want to clearly see the total GST, also the Landed Unit Cost (cost incl. WET but not GST) per item. He is choosing to prepare his invoices manually for now and we will re-enter them into MYOB for internal purposes. Can a standard invoice template be developed for wine sellers PLEASE? Or can you direct me to someone who can design one for a reasonable fee? Thanks." I have just called support and was told no - there is no work-around for this. Yes, I have read the comments about placing a black box over the offending tax code. Really? Some of the comments are dated back to 2011, 2012 & 2013!!! It's now 22nd February 2017 and MYOB users in the Wine Industry still cannot produce a Tax Invoice that is ATO Compliant? Really? I would love to hear from ANYONE who has come up with a way to produce (via MYOB Accountright Live) an ATO compliant Tax Invoice for the Wine Industry.28KViews3likes0Comments