Bookkeepers and Business Owners! – Training you – Solving Problems – Or We do your books for you!

Bookkeeping – Train, Troubleshoot or we do the books for you! MYOB Reckon Xero & Set Up

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MYOB – Reporting is key – Top 5 Reports for small business monthly

MYOB Quickbooks Bookkeeping

Bookkeeping Help Top 5 Reports

Reporting is key to control of a business – Top 5 MYOB Reports Monthly could/should be

  1. Profit & Loss,
  2. Balance Sheet,
  3. Aged Receivables,
  4. Aged Payables,
  5. Cash Profit and Loss,

then others – Inventory levels or Timebilling for Work in Progress etc adapted to your business.
Get the most from Profit & Loss – use the YTD version, as it gives you the current period eg the month or quarter, the % margins, as well as for the year to date from July with % margins – you can see quickly current and the full year, Gross Profit and Profit margins – all nicely in one report!

Further discussion about the key need for reporting is HERE


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MYOB – How to enter a BAS refund from the ATO

If a Refund from your BAS has come from ATO (or is due and you want to enter it now), here are the steps:

Go to Banking Command Centre

>Receive Money

> Pay from Account (where paying from)

>ID# leave auto # >Date

>Payor ATO

>Amount Received

>Memo: ATO BAS Y10 Q2 Refund

> Acct# in lower section to allocate: GST Collected and type in the 1A NEGATIVE amount from the BAS form, next line GST Paid and type in1B as POSITIVE, then PAYG Liability (or Payroll Liability) as NEGATIVE. Use NO TAX CODES. The Total Allocated (in the lower part of the transaction) should match the Amount in the top yellow, top RHS >Record.

Click on the image below to see the detail.

ATO BAS Refund Recieve Money MYOB

ATO BAS Refund Recieve Money MYOB

(What reports should I check and use to be able to fill out my BAS? See HERE for MYOB, and HERE for Quickbooks)

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MYOB – export of information of BAS for accountant

MYOB Quickbooks Bookkeeping

Bookkeeping Help

Client emailed: Doing my first BAS with accountant on Wednesday, he wants me to put file on USB Is that through the file information and I export to USB??? I am not computer savvy And am hoping that I have entered what I had correctly….it will be D Day for me, thank You for your assistanceJ

What to do: Go to (> means click)

  • >File
  • >Back up – select “back up company file and M-Powered…” and also “Check Company File for Errors”
  • >Continue, and MYOB will do a verification, wait until it finishes, about a minute
  • In the next screen it usually goes to a Back up file, but easier to find it if you choose to save on desktop
  • Put the USB in computer, and copy the MYOB off the desktop onto the USD
  • Reject the USB and you can give it to the accountant.
  • You could possibly email it to them as it shouldn’t be too big a file at this early stage


Cash and Accrual – will there be Debtors (Accounts Receivable – AR) and Creditors (Accounts Payable – AP)?

MYOB Quickbooks Bookkeeping

Bookkeeping Help

Cash basis accounting companies should only be recognising revenue and expenses when the cash is received and paid if their books are reporting on a cash basis. In this case, the debtors and creditors should not be on the balance sheet. If their books report on an accrual basis, which provides a more accurate picture of their financial condition, then their balance sheet will include these accounts.

Accrual basis accounting companies, recognise revenue and expenses when the transaction occurs, not when paid. Accrual accounting companies that are taxed on a cash basis, will also have this account on their balance sheet; however, an accrual to cash adjustment will be made at year end for tax reporting purposes. The balance in this account at year end will be reported as a book/tax difference on the tax return.

There are circumstances where liabilities would be on the balance sheet of a cash basis (per books) company. For example, a loan that the company took for the acquisition of fixed assets. I would ask the company’s tax agent for guidance on each individual situation though just to make sure.

If using cash accounting, the adjustment at the end of the year is to make a General Journal entry that zeros out Debtors/AR –  
Debit Sales
Credit Accounts Receivable.
If you don’t make this Journal Entry, your Sales will be overstated on your Income Statement.

The same is made for Creditors/AP –

Credit Purchases/Cost of Sales

Debit Accounts Payable

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MYOB crashed while I did payroll – how do I check if I lost pay-cheques?

MYOB Quickbooks Bookkeeping

Bookkeeping Help

Client called and had MYOB Account Right Plus crash (there were other computer problems in the office too). She wondered if she had lost her paycheques, and could she still get a session report?

Answer – if you have got to the step in the payroll Process where you create an electronic file or print pay cheques or payslips, then the transactions were already saved/recorded.

To find them, go to the Payroll command centre > Find Transactions, or Transaction Journal, check the dates, scroll down to find them.

Session Reports will only be available BEFORE the file is closed – so usually the info is lost when you re-open MYOB.

More Help can be found at