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Making Business Books and Accounting Come Alive! MYOB Reckon Xero


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Searching in Quickbooks for a transaction

 Are you trying to find something?

1 Go to Home page, > Edit menu and click Find.

2. Click the Advanced tab.

3. Choose a Filter — ie click on the type of filter that you want to search by eg amount – click the Amount filter, word from part of a transaction’s memo – select the Memo filter, or invoice or bill number – click the Number filter. You can run multiple filters on a single search

4. Enter some details on what you’re searching on. For example, the amount, word or invoice number you’re searching for.

5. Click Find. Click Report for a print out.

6. To open a transaction, select the transaction you want to see and click Go To.

Alternatively, to start again and search for different transactions, click Reset.


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Frequent Transactions – Memorise for speed in MYOB

Most Businesses have transactions that repeat weekly, monthly or even yearly. These include bank fees, interest, loan payments, telephone etc. To save setting them up each time, even if the amount changes, memorise it and use next time – usually just date and amount is all that is needed – much quicker!

After you set up the transaction, in MYOB, BEFORE YOU SAVE, make a “copy” – click Save Recurring (lower LHS), a screen will appear, give the transaction a name eg the supplier being paid, then what for, if needed (eg Telstra Landline, or Telstra Bigpond/Mobile etc). You can Schedule Frequently as you want, but some find that distracting, so just say NEVER if preferred. Alerts may be handy and can set who is alerted, and if automatically recorded (when the software is opened on that date or after). Transaction section allows you to automate the ID# eg Cheque number or sequence, and I ALWAYS  tick “Save my changes…” as it saves any changes as you update memo or allocated to a  new account etc. Save it (keeps a memory), then when back in the transaction, record that.

When you next do a transaction, start it (eg Spend Money Ctrl+H) go down the bottom to the Use Recurring, and choose (start typing to auto find) the transaction you want. If you can’t find it try different words or scroll, or Esc and create it so it’s ready for next time!

Also, a  list of your memorised transactions is found at Lists (in menu at top)>Recurring Transactions and select the one you need. You can double-click to edit the transaction detail. Or to edit or change the transaction name, frequency, alerts etc, highlight then click Edit Transaction at the bottom. 

Even yearly payments such as ASIC or Workcover, in Australia, are worth memorising the first time you do it – it’s ready for next year.

I find it MORE than HALVES my data entry time, and once I work out where a transaction is to go it’s ready every time I need it and don’t need to search back or write down the account to allocate to etc. Once you get used to it a couple of times, I memorise ALL transactions the first time I do it – then they are all ready to go for next time!

For more, including article downloads, buy accounting software at discounts      see     http://accountkeepingplus.com.au/free-how-to


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Is Self Managed Super for You? SMSF Investing – April Seminar

Part 1    SMSF – What is it, learn the Pros & Cons, and why it is the fastest growing financial area in Australia. It is now a younger age group from mid 30’s to mid 40’s that is the new growing group opening an SMSF – find out why. A professional administrator, Paul from Account Keeping plus tells you all. Handouts Free.

Part 2    Investment Options in SMSF simplified – Learn how to invest – the broader possibilities in an SMSF. Learn what makes a safe company (even “boring”) and why they are the steady growers that don’t usually fall as far in downturns, recover quicker, and how to find them. Learn from Tom, former analyst at Lincoln Indicators and professional broker at Halifax Services across Aust. Packed with simple lessons on finding quality shares.

BONUS – Free 8-page DIY Expert Guide

Halifax Investment Services

Level 24, 35 Collins Street, Melbourne Aust

Tuesday 5 April,   12.30pm  &    6.30pm

For more info see http://wp.me/p1sLJd-5


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Australian Paid Parental Leave – Compulsory in July 2011

Parental Leave

Australian Paid Parental Leave – Compulsory in July 2011

Business Owners – Be aware of what to do!
As an employer, you will be responsible for administering Paid
Parental Leave (PPL) for your eligible employees from 1 July 2011.

In talking with our customers, we’ve found that many owners and
managers of small businesses are confused about their
responsibilities in administering the scheme.

The scheme is voluntary from 1 Jan to 30 June 2011.  Compulsary from 1 July 2011.

A Govt entitlement from Centrelink, of the minimum wage is paid to the employer who then deducts PAYG tax as usual and pays the employee on parental leave. The Baby Boomers scheme still continues, but parents will have to choose which one they want. Parents not meeting the PPL work test are only entitled to Baby Bonus.

Family Assistance have information –

http://www.familyassist.gov.au/payments/family-assistance-payments/paid-parental-leave-scheme/  including, for employers:

Centrelink has more information –

http://www.centrelink.gov.au/internet/internet.nsf/individuals/ppl_working_parents.htm  including:

Also see the dedicated website:

http://www.paidparentalleavescheme.com.au/

Workforce Gaurdian  have 5 Tips and webinars:

http://cts.vresp.com/c/?WorkforceGuardian/fcb5c9e3f7/ccf11afb88/cd5b42e0d1


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In MYOB, how to track shared payments on bills

A recent query asked about handing the sale of a business where it is part paid for and the new buyer will buy half the new products required, which will come off the balance he owes.

Now, how to track paying a half share in a bill when another business who is buying your business still owes you the balance and you want to see a record?

In MYOB create a new asset account, name it in the name of the new owner, and make it account type Bank.

When you pay your half, use the bank account you use to pay. Record.

Now change the “Pay From Accoun”t to the New Owner account and “pay” the rest of the bill from there. This gives you a record of the new owner’s payments, and can be used to reconcile agreed final payments due.


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Employee Leaving or Terminated – Unused Leave

When an employee’s employment is finished or terminated, the tax on their unused leave is calculated differently to that of their ‘normal gross earnings’. 

Also, unused annual leave is different to other payments which are grouped as ETP’s – Eligible Termination Payments. ETP’s include payment for unused rostered days off, payment in lieu of notice (eg serious conduct dismissal), bona fide redundancy (position will not be available any more) and more.

 

MYOB  support notes have a great explanation of the components of leave, ETP’s, calculating the PAYG tax and seperating the tax-free portion in leave loading, and how to enter the final transaction. See http://myobaustralia.custhelp.com/cgi-bin/myobaustralia.cfg/php/enduser/std_adp.php?p_faqid=9150&p_created=1149578321&p_sid=opaJ_apk&p_accessibility=0&p_redirect=&p_srch=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD04NjgsODY4JnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9Mg!!&p_li=&p_topview=1.

 

Quickbooks/Quicken/Reckon have a short support note on entering the transaction. See http://www.quicken.com.au/support/FAQs.aspx.


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Frequent Transactions – Memorise for speed in Quickbooks

Most Businesses have transactions that repeat weekly, monthly or even yearly. These include bank fees, interest, loan payments, telephone etc. To save setting them up each time, even if the amount changes, memorise it and use next time – usually just date and amount is all that is needed – much quicker!

After you set up the transaction, before you save, memorise it: Ctrl + M, a screen will appear, give the transaction a name eg the supplier being paid, then what for, if needed (eg Telstra Landline, or Telstra Bigpond/Mobile etc). You can be reminded as frequently as you want, but some find that distracting, so just say never if preferred. Save it then when back in the transaction, save that.

A list of your memorised transactions is found from, type Ctrl + T, or go to Lists>Memorised Transactions and select the one you need.

Even yearly payments such as ASIC or Workcover, in Australia, are worth memorising th first time you do it – it’s ready for next year.

I find it MORE than HALVES my data entry time, and once i work out where a transaction is to go it’s ready every time i need it and don’t need to search back or write down the account to allocate to etc. Once you get used to it a couple of times, i memorise ALL transactions the first time i do it – then they are all ready to go!

For more, including article downloads, buy accounting software at discounts      see     http://accountkeepingplus.com.au/free-how-to