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Stocktake and dashboard P&L
I thought I had this stocktake thing sorted but I find myself confused and overwhelmed yet again. I have been doing periodic stocktake using journal entries as per the instructions below. What I get confused by is that on the last day of the month, I can see the profit and loss amount on the dashboard after I complete the stocktake journal entry. When I do the 1st day of the month journal entry the very next day, the P&L on the dashboard (financial position) alters dramatically. Which one is correct? Should I not do the 1st day of the month journal entry on the 1st day of the month and rather do it at the end of the month (with the entry date as the 1st?) just before doing the end of month entry? Steps currently followed: On the last day of the month, perform a stocktake and value your stock on hand and enter a journal entry to record this: - debit the Stock on Hand (Asset) category - credit the Closing Stock (Cost of Sales) category the amount entered should be the value determined in your stocktake. On the first day of the next month, create a journal entry to reverse the closing stock entry: - debit the Opening Stock (Cost of Sales) category - credit the Stock on Hand (Asset) category the amount entered should be the previous month's closing stock value. Enter an EOFY adjustment to reverse the impact on the opening stock and closing stock expense categories. - debit the Closing Stock (Cost of Sales) category - credit the Opening Stock (Cost of Sales) category the amount entered should be the same amount as entered in steps 5 and39Views0likes0CommentsATO STP figure different to MYOB
I was processing end of month PAYG and noticed the ATO had a different PAYG figure to MYOB. I could see that one week had gone through as an 'update' with $0. Now the PAYG amount calculated on the activity statement does not include that pay, even though there have been two payroll weeks processed through STP. The MYOB payroll activity report and register report are correct. I have adjusted the amount manually in the ATO portal for that activity statement but is there going to be a problem EOY with the individual employee tax statements?76Views0likes1CommentRe: Stocktake with P&L report
Is there a way to show the profit on the dashboard that accounts for stock on hand after all that is done? Or do we just have to ignore that until we do the end of month stocktake journal again? We like seeing the current profit on the dashboard each day.43Views0likes0CommentsStocktake with P&L report
How do I enter our monthly stocktake so that the figures appear on the P&L but not as an accumulated amount? I just realised the instructions I followed 2 years ago to do monthly stocktake using a general journal, are different to those that MYOB are now providing online (see below) So I have re-entered all the account codes for all the stocktake months this year. Now the P&L is showing a total Opening Stock and Closing Stock account amounts that are the total of every month added together. That can't be right? Surely I'm not supposed to do an EOFY adjustment each month? On the last day of the month, perform a stocktake and value your stock on hand and enter a journal entry to record this: - debit the Stock on Hand (Asset) category - credit the Closing Stock (Cost of Sales) category the amount entered should be the value determined in your stocktake. On the first day of the next month, create a journal entry to reverse the closing stock entry: - debit the Opening Stock (Cost of Sales) category - credit the Stock on Hand (Asset) category the amount entered should be the previous month's closing stock value. Enter an EOFY adjustment to reverse the impact on the opening stock and closing stock expense categories. - debit the Closing Stock (Cost of Sales) category - credit the Opening Stock (Cost of Sales) category the amount entered should be the same amount as entered in steps 5 and If this journal entry isn't recorded, the opening and closing stock will increase every time you enter an end of month journal.70Views0likes2CommentsRe: personal gift card for part payment
Thanks Doreen. I can split the payment to account for the portion paid by the business but how do I enter the portion paid with personal funds? The bank reconciliation is fine but there is still an outstanding amount owing on the purchase in MYOB purchases.32Views0likes0CommentsStatements not emailing to CC email address
Any idea why statements are not sending to CC email addresses? Since MYOB are yet to implement showing the confirmation of statements being sent, I have added our email address as a CC email for every client. (Not ideal but if MYOB won't add this feature, it was a work around). When statements are sent, our email listed as CC are not receiving it. To test the system, we have created a dummy client with our email address. Statements are received when this email address is in the 'email' box but not when it is listed in the 'CC email' box. Some clients want their accounts dept to receive only invoice and statement emails so we need to keep the 'email' box and the 'CC email' box separate. MYOB has provided this feature but it is pointless if the CC email addresses are not recognised. If only MYOB would list confirmation of statements being sent, as they do with invoices.44Views0likes1CommentRe: Payroll reversal not reconciling
Hi Kristie, I did resolve the issue. I had a few suggestions from MYOB that were not helpful. I have found emailing your issue to support-request@myob.com has been the most helpful on a couple of occasions - as long as you are not in a hurry. I got this email response and I can't remember exactly but I think this is the option that worked: To address and resolve the matter, please follow the outlined steps below: Create a Contra Clearing Bank Type Account: Navigate to Accounting > Chart of Accounts > Create Account. Select "Bank" as the account type. Enter a unique account number that has not been previously used. Name the account "Contra Account." Record separate Spend Money transactions transferring from your Checking account to the Contra account. Match these transactions to your bank feeds. Lastly, record a Receive Money transaction from your Checking account to the Contra account. This step will effectively reconcile the payroll transaction in your bank reconciliation.58Views0likes2CommentsRe: PAYG backpay unallocated
Hi Doreen, following up from this problem.... creating a 'spend money transaction' as you suggested cleared the unallocated transaction on the dashboard but now the bank statements don't reconcile because the payment of $35 was already reconciled against the corrected payroll entries. I have now deleted the 'spend money transaction' so that I could reconcile the bank statements but I'm still left with my original problem of having the $35 payment on the dashboard as 'unallocated'. How do I clear it without affecting the bank rec?10Views0likes0Comments