KevinR
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Re: Current year profit and loss statement
In MYOB terms 'this year' is the current running financial year, 'last year' is the year prior to that and 'next year' is the next year to the current running financial year. For you to be running p and l for 2023-24, it has got to be in the 'next year' status. 'This year' should be 2022-23 and 'last year' means 2021-22. Only when 2021-22 financial year is closed, 2022-23 will be in 'this year' status and 2023-24 will be in 'next year' status. So close financial year 2021-22 to run p and l for 2023-24 financial year. Hope this helps. Please let other users know if this is right answer to your question by accepting this as a solution if this solved your issue.1.4KViews1like0CommentsRe: Rental Bond
You would use the same "Rental Bond" asset account to keep track of the asset you have in the form of the rental bond. When the original bond is returned, you would debit your cash/bank and credit your 'rental bond' account and when it is paid back to the new owner, you would credit your cash/bank and debit your 'rental bond' account. There would not be any entries to impact p&l as they are not business activity to record as earnings or spendings. As always check with your accountant for proper advice. As a side note, if your company is leasing the premises through a real estate agency, the bond transaction might be handled by the agency directly, meaning the return and payment of the bond may not even appear in your company's accounts.1.1KViews0likes0CommentsRe: SMSF Accounts
Check with your accountant/auditor whether the asset is classified as 'available for sale' on the balance sheet? In that case changes in the fair value (market value) of the asset may have to be recognized in Other Comprehensive Income (OCI) - not as part of the net income in the income statement. Other Comprehensive Income Unrealized Gain - Gold $10,000 In the balance sheet, it may find an entry as part of the equity as Retained Earnings $60,000 (Net Income from the income statement) Other Comprehensive Income $10,000 (OCI from the income statement) Check with your accountant or auditor.476Views1like0CommentsRe: Availability of MYOB AO for small business owners
Hi Steven, Thanks for the reply. In Australia there is no legal requirement to use an accountant for the tax return OR for the financials. This can be verified at ATO and business.gov.au websites. As such our company and trust tax return are done inhouse for atleast past 4 years. Got almost 2 decades of experience. MYOB AO is SBR enabled and I need that as all our 3 companies, 2 trust and SMSF are running on Accountright cloud. Thanks.668Views0likes0CommentsAvailability of MYOB AO for small business owners
Hi Is MYOB AO available to small business owners who do their own company tax return and trust tax return. I do tax returns for all my 3 companies and 2 trusts (corporate trustee). Currently I extract data outside of MYOB and lodging them using a SBR enabled software. It is tiresome. Could someone give input as to can I sign up to MYOB AO or is it available only to BAS or TAX agents? Thanks many.681Views0likes2CommentsGST report showing an expense refund as a sale amount
all you wonderful people, I recorded a receive money transaction for an amount which we received from RACV insurance. When I was running gst report, found sales figure differed from p&l (and sales register total). When investigating found that amount received from the insurance is considered a sales amount in MYOB GST report. Obviously this a negative expense rather than a sales and BAS sales figures will not be correct. Is this a bug in myob accountright? or should there be any other way this should be recorded? (As a temporary fix I created a journal entry (as a purchase) with -ve CR to bank account and -ve DR to the expenses and this works fine. A -ve spend money transaction also works fine). Any thoughts is appreciated.972Views0likes1CommentHow to Record super rollover from Industry fund to smsf in accountright
Hi There, We rolled over super from industry super fund into our smsf. Super already taxed in industry fund. How do we record this in myob accountright. Creating an asset account with opening balance and transferring to bank account is ok? Accumulating historical balance this way in equity part of BS acceptable? Is there any better way of doing this? Thanks in advance.339Views0likes1CommentRe: Company income tax return from within account right
Thank you Matt for the detailed reply. I am sure you cannot provide recommendations. However, is it possible to provide names of couple of those third party products for me to investigate further. If its agaist your company policy then atleast if you let me know what to google search for then that will take me a step further.3.4KViews1like1CommentCompany income tax return from within account right
I am not an accountant. I want to do my company income tax return by myself. Before deciding to do it by myself had a long chat with the ATO. I am using account right cloud version. It seems SBR is enabled only for BAS and STP. However, MYOB AE and AO description available from ATO says SBR enabled for Company income tax return. Could someone provide more clarification on the subject regarding steps I need to take to make accountright SBR enabled for company income tax return. Thanks in advance. Help is much appreciated.Solved3.7KViews0likes5Comments