DuncanS
Ultimate Partner
User Profile
User Widgets
Contributions
Re: Loan
Paul29 Earl_HD Paul, The Loan made would be a Asset in the Balance Sheet eg Loan to XYZ Company If the Loan is to be repaid by the Borrower within 12 months, record as a Current Asset. You may include the repayment amount and number of months in the Account Name. It may be that you print out the Loan Account for the Borrower on a regular basis. Duncan18Views0likes0CommentsRe: BAS
Princess_R Mau Princess, Does MYOB allow a lodged BAS to be printed? I send Business Owners a printout of the lodged BAS (from ATO Online Services). The ATO printout has a BPAY and shows the Balance owing after lodgement. The Balance owing is important as a Business Owner may prepay the BAS or some may have a Payment Arrangement with the ATO. Duncan21Views0likes1CommentRe: Solo Trader here - Person account to Business Account and back
dberner Earl_HD A Sole Trader uses a Equity Account called Equity/Drawings to record Personal Deposits or Withdrawals to/from a Sole Trader Bank Account. I agree with the MYOB article - The ATO also advises Business Owners to keep Business Transactions separate from Personal Transactions. Best to speak with your Tax Accountant for procedures in FY26. Has the Personal Bank Account been reconciled in MYOB? The Banks now match the Account Name when paying by Bank Transfer. It is important your Business Bank Account and EFT details on your Tax Invoice match. Duncan10Views0likes0CommentsRe: Balance Sheet and accrued annual & personal leave
lkl Doreen_P Iki, Good Question. Small Entities prepare Special Purpose Financial Reports. Normally, the Business Owner/BAS Agent/Tax Agent are the only parties using the information. A Bank can request the Reports they require - I understand Open Banking is in progress. A Business Owner should review the Leave Balances say quarterly. It is best practice for Accrued Annual Leave to be less than 4 weeks for an employee. Annual Leave is a Tax Deduction when paid. Duncan43Views0likes0CommentsRe: MYOB Support for Partners
Genreve_S ROC_MYOB PrueMYOB Update on new Partner Program Recall Announcement in August 2025 with Release in January 2026 Some 2 months ago I emailed Dale Dixon and my Partner Manager about Progress. No replies have been received. I have not been approached for Suggestions about the Design of the new Partner Program. Have Partners been involved? Thanks Duncan Smith36Views0likes1CommentRe: GST paid and received
user113 Doreen_P The GST Return Report shows GST Collected and GST Paid. These GST Collected and GST Paid figures on the GST Return Report would then be reviewed for correctness. Checks include Reconciliation to P&L/Capital Purchases. My GST Checklist has been shared on the MYOB Community in past years and is available on request. The net GST on the Balance Sheet is reconciled to the GST Return Report (should be the same if Non-Cash GST Reporting). I still prefer GST Collected and GST Paid on the Balance Sheet. Duncan36Views0likes0CommentsRe: Paying GST
user113 Julie_A_C Doreen_P From my experience, paying GST by Instalment is somewhat unusual. I presume your Tax Accountant would then do an Annual GST Return. You would have a Current Asset Account called GST Instalments. Over a FY, it would have 4 Payments. At 30 June, there would be an Account called Annual GST Refund which would be a Current Asset or Annual GST Owing which would be a Current Liability. Duncan17Views0likes0CommentsRe: Solo Trader here - Person account to Business Account and back
dberner Earl_HD I presume you a Sole Trader. Lets say the Business Bank Account has been created by the Bank. Personal Deposits/Withdrawals to/from the Business Bank Account would be posted to the Equity Account Equity/Drawings. I would still reconcile the Personal Bank Account for some time. Duncan28Views1like0Comments