monsta76
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Re: ATO changing PAYG withholding cycle to monthly Letter
Hi Julie, thanks for your repsonse. :smileyhappy: So I don't actually need to do anything at this stage. From July, once I log onto the ATO portal, the IAS will be on there? And I assume I just change to report monthly PAYG in the BAS info page on MYOB? Thanks again, really appreciate your time!! Warm regards, Mon :smileylol:1.5KViews0likes1CommentATO changing PAYG withholding cycle to monthly Letter
Morning all, Our business has received a letter from the ATO infoming that they are changing our PAYG withholding cycle to monthly. What exactly does that entail? Do we now have to do our BAS monthly? Ive not encountered this before. Thanks for any help :smileyhappy:1.6KViews0likes3CommentsRe: Gift Voucher sales from separate program
Unfortunately the accountant is not helping. My client has changed accountants and the way they were originally told by their old accountant to do the monthly journals, I feel is not correct. I have access to the Kitomba Program now and have been able to look at things more in depth. The reports I have been supplied previously for each month, the previous Accountant instructed me to do the following journal entry only each month to account for the sale/redemption of Gift Vouchers: Step 1. Calculate the GST exclusive amount of the unclaimed certificate as of 31/07/2022 from the report (example attached). Step 2. Calculate the difference between the current balance in the balance sheet and the amount from Step 1. Step 3. Record the amount in the manual journal If the value of the certificate reduces, the variance will be recorded as a Debit. If the value of the certificate increases, the variance will be recorded as Credit. First Problem - the amount provided on the reports do not have GST in them as the program does not charge GST on the sale of GV at the time, I have double checked this in the sales reports/transactions on Kitomba. But previous accountant instructed me to calculate the GST component and use GST exclusive amount in my journals. I think the full amount on the report should have been used. Therefore Balance Sheet total is not a correct figure for Gift Vouchers Unclaimed account. Eg reports - July total I used was $261964.46, not 288160.91) Second Problem - all sales for each day via EFT etc have GST applied in the Xero rule, the Sale amount would include GV Sales, which should not have GST applied until redeemed. I don't see how the journals I was instructed to do reflect the GST component, which should not have been charged until the GV are redeemed. Am I right in my thinking or am I going crazy?? I am concerned with previous BAS's and the GST side of things. I am so confused and frustrated! If you can help in anyway, I would so greatly appreciate it!!227Views0likes1CommentGift Voucher sales from separate program
Morning all! Would like to pick your brains on the best way to account for Gift Vouchers, as I don't deal with them much at all. My client uses Kitomba and sells numberous of gift vouchers each month. Instead of entering each gift voucher into MYOB, I would like to journal entry monthly the GV amounts purchased, the GV amounts redeemed and also GV amounts that have expired all as bulk dollar amounts. We can pull reports of these amounts from Kitomba. I am having a dumb moment today and cant think straight :smileyfrustrated: Is this correct: Sale of GV: DR Income - Sales CR Liabiliaty - Unclaimed GV Redemtion of GV: DR Liability - Unclaimed GV CR Income - Sales Expired GV: DR Liability - Unclaimed GV CR Income - Sales (maybe a separate account made for easier tracking/viewing by client?) My problem that I can't get my head around is, that the sale of the GV comes through in daily total EFT monies, so therefore has GST applied on it. But the GST should not apply to the GV sale only when redeemed. I literally cannot think today as I had nearly zero sleep last night! Help! Your thoughts/opinions would be greatly appreciated, thank you :smileyhappy:402Views0likes3CommentsRe: overpaid wages URGENT
Thanks Tracey, I ended up deleting the payrun for her and re-entered and made a separate account in MYOB for wgaes over payment. I will just allocate the $15 peer week to that each pay. I had to make a decision quickly as I needed to enter the pay. I googled heaps and that seemed like the best solution. I hope it doesnt muck anything up. I am yet to report that payrun to the STP. But I appreciate your reply.319Views1like0Commentsoverpaid wages URGENT
Hi all! I need help asI overpaid an employee by $192. It was done as an electronic upload via myob to the bank and has been paid and processed. The employee wants to pay it back at $15 per week. What is the best way to deal with this. Obviously PAYG and Super amounts are not correct in the original payrun. I have not reported to STP ATO as yet. Am I able to delete the pay or all the pays and re-enter with the overpaid employee set up an account in MYOB for the over payment? I really need help asap on this as I need to enter this weeks payrun this morning. Thanks to anyone that can help me. Mon :)369Views0likes2Commentswrong payment applied to a purchase in previous BAS period
Hi all! Hoping someone can help me. I questioned an amount of $500 that had been transferred out of a clients account and was told it was part payment for a purchase. So I applied the payment of to said purchase back in Apr 2020 and done BAS. I have since found out the $500 was actually transfer to my clients other account and my client has since paid the balance of the purchase ($500). How do I fix this? The original $500 has had GST reported on it, when it should have been owner drawings. Thanks if you can help. :smileyfrustrated:328Views0likes1Comment