Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero


Leave a comment

Fringe Benefit Tax (FBT) 1. What small business must know

Fringe benefits tax (FBT) is paid on certain benefits that you the employer provide to your employees or employees’ associates instead of salary or wages.
 
The ATO has a guide for small business employers who provide fringe benefits, how to decide whether they have a fringe benefits tax (FBT) obligation and, if so, calculate how much tax they need to pay. The FBT year runs from 1 April to 31 March.
 
A fringe benefit is a benefit provided to an employee (or their associate) because that person is an employee. Benefits can be provided by an employer, an associate of the employer, or by a third party under an arrangement with the employer. An employee can be a current, future or former employee.
 
Benefits that apply – Benefits include rights, privileges or services. For example, you provide a fringe benefit when you:
  • allow an employee to use a work car for private purposes
  • give an employee a cheap loan, or
  • pay an employee’s private health insurance costs or gym membership

Non Benefits, for FBT – The following are not fringe benefits:

  • payments of salary or wages
  • shares acquired under approved employee share acquisition schemes
  • employer contributions to complying superannuation funds
  • eligible termination payments (for example, a company car given or sold to an employee on termination), or
  • certain benefits provided by religious institutions to their religious practitioners.

Who Pays FBT?

As an employer, you have to pay FBT, even if the benefit is provided by an associate or by a third party under an arrangement with you. For example, you may deal with a supplier who, in turn, provides free goods to your employees.

It makes no difference whether you are a sole trader, partnership, trust, corporation, unincorporated association or government body, or whether you have to pay other taxes such as income tax.

Do you provide fringe benefits to yourself?
If you are a director and conduct your business through a company or a trust, you may be an employee of the company or the trust. This may mean that you are actually providing fringe benefits to yourself and so need to understand your company’s or trust’s FBT obligations.

Are you providing fringe benefits?

The following checklist will help you work out if you are already providing a fringe benefit to your employees. If you answer yes to any of the following questions, you may have an FBT liability.

Do your employees take cars home and garage them overnight, even if only for security reasons?

Do you make a car or other vehicles owned or leased b the business available to employees for private use?

Do you provide loans at reduced interest rates to employees?

Have you released any employees from a debt the owned?

Have you paid for, or reimbursed, a non-business expense incurred by an employee?

Do you provide a house or unit of accommodation to your employees?

Do you provide employees with living-away-from-home allowances?

Do you provide entertainment by the way of food, drink or recreation to your employees?

Do any of your employees have a salary package arrangement in place?

Have you provided your employees with goods at a lower price than they are normally sold to the public?

For a quick guide see the ATO site http://www.ato.gov.au/businesses/content.aspx?menuid=0&doc=/content/33353.htm&page=2&H2

For more on Benefits to employees, see our post https://accountkeepingplus.wordpress.com/2011/04/09/benfits-to-employees-in-australia-what-is-allowed/


Leave a comment

Quickbooks – Set Customer Credit Limits

To set a credit limit for a customer:

  1. Click Customer Centre.
  2. Double-click the customer for whom you want to set a credit limit.
  3. On the Payment Info tab, enter the credit limit in the field provided. QuickBooks remembers the limit and warns you when the customer is about to exceed the limit.
  4. Record the credit limit for this customer.

Click Next to record and enter another.

Click OK to record but close the window.

Applying the credit to invoices due:

If you previously created an adjustment note for a customer, you can apply the amount of the adjustment note to the unpaid invoices and billing statements for that customer.

Important: If you’ve created more than one job for the customer, the credit can be applied only to the job for which it was issued. However, if you have an unapplied credit for a customer because of overpayment on an earlier job, you can apply the credit toward a second job for that customer, see next.

  1. Go to the Customers menu and click Receive Payments.
  2. In the Receive Payments window, click the Received From drop-down list and choose the customer to whom you’re applying the credit.

A note alerts you if the customer has available credit and the Customer balance field shows the amount available. If you don’t specify the job, the Unused Credits field shows the total credits available for all jobs.

  1. Click in the Payment column to select the invoice or billing statement to which you want to apply the credit. Do not click in the tick column.
  2. Click the Discount & Credits button.

What if the credit doesn’t appear in the Discount and Credits window?

You can only apply credits that were issued for the same customer and job as the invoice or billing statement. If the credit was issued for a different job or only for the parent customer (without a job designation), the credit cannot be applied to the invoice or billing statement you chose in the Receive Payments window.

For example, if you issued an adjustment note for the Living Room job for Kristy Abercrombie, you cannot apply the credit to an invoice for the Kitchen job.

If you mistakenly issued the adjustment note to the wrong job, you can edit the adjustment note to assign it to a different job. Otherwise, follow these directions to use the credits from one job as payment for another job, see next section.

  1. Click Done.
  2. Save the credit.


Leave a comment

MYOB – Set & Limit Customer Credit

The customer credit limit function within MYOB is useful to ensure you don’t exceed the credit limit for your customers that you are comfortable to give.

If you enter an invoice which will exceed the credit limit set, you will receive a message “This sale will exceed the credit limit by…” You then have the option to either cancel or accept the invoice.
To set a credit limit in MYOB BusinessBasics and earlier versions of MYOB:

>Go to the Card List
>In the Cards List window select a customer card and click Edit
>Click on the Selling Details tab
>Enter the amount in the Credit Limit field.

To enter a credit limit for a customer in MYOB Accounting v15 or Premier v9 and later:

>Click Cards List in the Card File Command Centre
>In the Cards List window select a customer card and click Edit
>Click the Selling Details tab
>Click the Credit Limits & Hold button
>Enter the amount in the Credit Limit field.

Also, you can place a customer on credit hold. Simply click the tick box “Place Customer On Credit Hold”. The words “On Credit Hold” will appear on the customer card in red, next to the customer’s name. If you select this customer when creating an invoice you will receive a message advising that the customer is on credit hold.

You also have the option to receive a warning if the credit limit is exceeded when creating an invoice or even prevent the sale from being processed until an override password is entered. To select this option:

>Ensure you are logged into your company file as the Administrator user
>Select Setup from the menu
>Click on Preferences
>Click on the Sales tab
>Select the last preference “If credit limit is exceeded on a sale…”
>select either the “Warn and Continue” or “Prevent Unless Overridden” option. If you select the “Prevent Unless Overridden” option, then a window will display allowing you to enter a suitable password.


Leave a comment

Find your Lost Super in Australia – for you and your staff – easily!

The figures for lost super are staggering –

  1. 6 million super accounts have no owner
  2. 15% of all super accounts are orphaned
  3. $5.4 Billion is sitting in those accounts

Commonly you’ve changed jobs and switched super fund or moved house and forgot to tell old funds of your new address; just a couple of reasons why you could be missing out on what’s rightfully yours.

As an employer, maybe you could do a search and impress your staff with the results for them to follow-up. (Privacy laws mean they will have to provide proof of identity, to make a claim). What a great  boss!

So, don’t put it off anymore, find out! After all, apart from major investments like the family home or car, superannuation is probably going to be the biggest investment you’ll own. And the benefits in retirement far out-weigh not having it.

The best place to start is http://www.ato.gov.au/super/content.aspx?doc=/content/33301.htm. You can do an online search for any superannuation that you haven’t claimed, just by clicking on the ‘SuperSeeker’ tool. The advantages of using this search engine is not only the fact that it will look for your lost super in real-time and instantly provide you with possible matches, but it’s free to use and is accessible 7 days a week. All you need to do is pop in your name, date of birth and your tax file number and it will do the hard work for you. It’s that simple!

Another way to go about finding your super is by visiting Australia’s Unclaimed Super Fund. AUSfund works with about 25 super providers and has more than half a billion in its coffers. Its website says, it’s helped 165,000 Australians with over $82 million worth of lost super in the past year alone.

You can visit the website at www.unclaimedsuper.com.au, and all you’ll need to do is answer a few simple questions about your employment and residential history. If they happen to find that they do hold a super account for you, they’ll contact you about your options.

What will happen if not claimed?

Laws introduced last year by the Federal Government mean that, from this month, funds in inactive super accounts can be transferred into consolidated revenue. Read more: http://www.news.com.au/money/superannuation/a-super-windfall-as-13-billion-sits-idle/story-e6frfmdi-1225939475642#ixzz1KDsqhRI5So, don’t put it off anymore, reclaim your super now!


4 Comments

How to work out Quickbooks & MS Office Compatibility

Microsoft (MS) Office can be used direct from Quickbooks. But check compatibility.

Office 2010 products are available in both 32-bit and 64-bit versions. The 32-bit version will be installed by default, but you can choose the 64-bit version when you install. However some add-ins, like Active X controls and COM objects used by QuickBooks, are not compatible with Office 2010 64-bit.

Go to Microsoft’s Compatibility Between the 32-bit and 64-bit Version of Office 2010 page for more information.

QuickBooks is not technically designed to work with Microsoft Office 2010 products. The support occurs for these products at the present time:

QuickBooks 2011 and QuickBooks Enterprise Solutions 11.0

  • Preparing letters requires Microsoft Word 2007, 2003 or 2002.
    • Word 2010 is only supported on QuickBooks Pro and QuickBooks Premier non-Accountant editions (Contractor’s, Non-Profit, Mfg. and Wholesale, etc.)
  • Exporting reports requires Microsoft Excel 2007, 2003 or 2002.
    • Excel 2010 is only supported on QuickBooks Pro and QuickBooks Premier non-Accountant editions (Contractor’s, Non-Profit, Mfg. and Wholesale, etc.)
  • Contact Synchronization with Microsoft Outlook requires Outlook 2007, 2003 or 2002.
  • Synchronization with Outlook requires QuickBooks Contact Sync for Outlook (the download is available at no charge).
    • Contact Sync does not work with the Microsoft Business Contact Manager Outlook plug-in. If a sync is performed, duplicate records could result
  • Intuit Statement Writer requires Microsoft Word 2007 or 2003.

Note! Microsoft Office 2010 is currently not supported for QuickBooks Premier 2011 Accountant Edition and all QuickBooks Enterprise Solutions 11.0 editions.

QuickBooks 2010 and QuickBooks Enterprise Solutions 10.0

  • Preparing letters requires Microsoft Word 2007, 2003, or 2002.
  • Exporting reports requires Microsoft Excel 2007, 2003, or 2002.
  • Contact Synchronization with Microsoft Outlook requires Outlook 2007, 2003, 2002, or 2000.
  • Synchronization with Outlook requires QuickBooks Contact Sync for Outlook (the download is available at no charge).
  • Intuit Statement Writer requires Microsoft Word 2007 or 2003.

QuickBooks 2009/2008 and QuickBooks Enterprise Solutions 9.0/8.0

  • Preparing letters requires Microsoft Word 2007, 2003, 2002, or 2000.
  • Exporting reports requires Microsoft Excel 2007, 2003, 2002, or 2000.
  • Contact Synchronization with Microsoft Outlook requires Outlook2007, 2003, 2002, or 2000.
  • Synchronization with Outlook requires QuickBooks Contact Sync for Outlook (the download is available at no charge).
  • Intuit Statement Writer requires Microsoft Word 2007 or 2003.


1 Comment

How to overcome some of the MYOB OfficeLink alert messages

In MYOB, OfficeLink is a function that allows you to automatically create word processing and spreadsheet documents straight from your accounting software’s data. You need to be using an OfficeLink-compatible word processing and spreadsheet program, for example Microsoft Word and Excel. Refer to your software’s system requirements for information regarding compatible programs.

Some common alerts are:

Error in OfficeLink

Failure to create OLE driver object

drvwd32 OLE Dispatch error:/n Macro=MyobGetTag/n= Error:

Macro = MYOBGet Tag/n error

oleaut32.dll out of date

Unable to locate the necessary files to perform this OfficeLink function.

Note: If you are receiving an alert that is not listed above, please refer to MYOB’s Support site: Other Officelink alerts.

Three main things that will cause an OfficeLink alert are:

  • missing or damaged OfficeLink files
  • missing or damaged Microsoft Office files
  • a Windows corruption that prevents your accounting software from passing data to Microsoft Office

If you receive an OfficeLink alert the following steps are recommended by MYOB.  The most common solutions are listed first and it is suggested you start at Task 1 as it may be the easiest option to overcome your particular error.

Note: If your computer’s hard drive is partitioned, make sure that both your accounting software and Microsoft Office are installed on the same partition.

The tasks covered in this section and the order in which they should be performed are: (Click to be taken to the relevant MYOB support instructions)…

1. Register the OfficeLink drivers

2. Enable the OfficeLink Macro

3. Uninstall / reinstall your accounting software

4. Uninstall / reinstall Microsoft Office

5. Uninstall / reinstall Windows


2 Comments

MYOB common printer error messages and how do I solve them?

If you get print errors with numbers from -5 to 5, these are low-level system errors from Windows. They are NOT error messages from your accounting software – those errors all have 4 digits. They range from not having enough hard drive space to a corrupt print driver.

There must be a printer driver installed, whether or not you are using a printer, to allow reports to be displayed in your software.

What are the common errors? The printer error messages shown below are Windows system related errors.

Error number Definition
-5 Not enough memory
-4 Out of disk space
-3 User cancelled print
-1 General error
1 Printer not named (default printer settings in Windows Control Panel)
2 Print driver not specified (default printer settings in Windows Control Panel)
3 Print port not specified (default printer settings in Windows Control Panel)
4 Name of printer driver too long – device in WIN.INI (if line is longer than 80 characters you will get this error)
5 Create DC call unsuccessful (DC = Display Context). This can occur in printing to the printer or the screen. You may receive this error message, “Call to create DC failed, error #5.” If you are printing to the screen or printer this can be caused by not having a suitable video driver, or printer driver, or having Port as None in the windows section of the WIN.INI file. You will receive this message when you attempt to open/print without a printer attached.  Also make sure you have a printer driver installed on your computer.Note: MYOB support note Printer Error 5 when using Windows Vista or Windows 7 contains information specific to Windows Vista and Windows 7.

Any other printer error with a number other than -5 to 5 is totally specific to the manufacturer’s printer or printer driver software. These errors can be found in the Printer Manual or you can contact the printer manufacturer for support.

Solutions

  • Ensure a default printer is specified in Windows.
    • Windows XP: Click the Windows Start button and choose Printers and Faxes. Right-click your default printer and choose Set as Default Printer. 

    • Windows 7: Click the Windows Start button and choose Devices and Printers. Right-click your default printer and choose Set as Default Printer.
       

  • Check how much free space is on the Hard Disk Drive (500MB is a realistic minimum).
  • Reinstall the printer driver through the Windows Control Panel. MYOB support note Reinstalling a printer driver in Windows 98/2000/XP/7 has instructions for this.
  • Defragment the Hard Disk Drive:
    • Click the Windows Start button and choose All Programs, then choose Accessories, then choose System Tools then choose Disk Defragmenter.
    • Click the C: drive then click Defragment (or Defragment disk).

  • If you have a Dot Matrix or an Ink Jet (NOT CANON) you can try to use the Generic/Text Only Driver.
  • Laser printers should try an HP4L. CANON Printers MUST use a Canon driver, for example BJ10ex

For more assistance, call for a free phone discussion +61 407 361 596