PaulBihet
Ultimate Cover User
Joined 19 years ago
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Re: Superannuation payment returned due to incorrect member account number
I find the whole reversal process to be more of a headache than it is worth what I do is 1 create a liability account for incorrect super details (easier for audit) 2 receive money to bank account transaction allocated to this new account 3 Phone and get BPAY or bsb and account number details from Super fund for employer contribution (can sometimes be found on their website) 4 Pay via Internet banking and allocate via spend money to incorrect super details account Never had an issue with doing it this way2.4KViews3likes5CommentsRe: AccountRight 2020.4 is now available
With the removal of the date limitations from the reporting section Eg reports are no longer limited to this year , last year & next year I would like to suggest a name change for when you customise a profit and loss report to include the previous year as a comparison Currently it displays the date range you select eg July 1 2016 to June 30 2017 and when you the add the option to include comparison year FY 2015 - 2016 you must click on button for include last year The report calls the comparison year "last year" when it would be clearer if it would state "prior year" and have the click on button the same26KViews2likes0CommentsRe: "Trade Creditors doesn't match financials" ???
Check the prepaid transactions report It is showing as an issue also If you pay a supplier invoice prior to the supplier's invoice date it will cause an out of balance message until the actual invoice date, after the date has passed the Creditors will once again balance. old trick is run the payables reconciliation summary report dated a number of years in the future, if it is now in balance it is a timing issue with payment prior to the invoice date2.6KViews2likes1CommentRe: Setting up tax codes and linked accounts for portion of Private Use Expenses
If you intend to apportion the gst amount on a per transaction basis, although it is possible to create a consoildated tax code based on a % split between private and business use this 1. Does not split & allocate the expense to a private use account, (just the GST is split) 2. Is messy and complicated way of processing in MYOB 3. The ATO allows an annual adjustment if you are a small business see below from ATO website When you can only claim a portion of a GST credit on a purchase, generally because the purchase is partly for business purposes and partly for private use, there are two ways of accounting for the GST credit: calculate the portion of GST credit that you are entitled to and claim it on your monthly or quarterly activity statement claim the entire GST amount as a credit on your monthly or quarterly activity statement and make a single adjustment annually. This second option, with a single adjustment, is called annual private apportionment. Your adjustment will either increase the amount of GST you are liable to pay or reduce your GST refund for the tax period you make the adjustment in. If you still feel inclined to process on a per transaction basis, a better way is to split the expense Example Telephone bill is $110 inc gst of which 50% is business & 50% Private Enter as: Telephone Expense $55 tax code GST Owners Drawings or loan account $55 tax code FRE Note also private use is longer entered on your BAS (The requirement to report has been removed)2.3KViews0likes1CommentRe: ATO INTEGRATED CLIENT ACCOUNT
I believe it is important to recognise that MYOB AccountRight is not an Accounting package it is business management software. As such the entry of ATO as a Supplier has merit particularly when dealing with clients who want a plain and simple report on who do I owe money to. Although not my preference I have used Payables for WorkCover, ATO and even Super for some clients who insist on wanting just the 1 Sheet who do I owe money to. I have never received communication from the ATO directing me how to enter into MYOB and why would they. The software entries using payables has no bearing on what is reported to them. Sure it requires a bit of tidying up before it it ready for the accountant to work on. But these clients tend to have once a year contact with their accountants but weekly what do I owe requirements. Remember the customer is always right, maybe not correct but always right26KViews2likes0CommentsRe: Which Tax code do I use?
Bank charges are gst free so fre is the correct code however if you are using the now default simplified BAS neither free nor not reportable appears on the BAS so either will suffice Merchant fees are taxable ie contain gst and should be reported using the gst code. Technically they are not bank fees as Visa, Mastercard etc are the merchant not the bank3.1KViews3likes1Comment