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MYOB – M-Powered Services – What are they and should I consider it?

 

MYOB – M-Powered Services – What are they and should I consider it?

MYOB – M-Powered Services – What are they and should I consider it?

A client asked one of our bookkeepers about M-Powered services… “I think he would just like to know about it to decide if it’s beneficial for him or not… No real urgency and might amount to nothing… He said he paid or is paying MYOB and wants to know if he should ‘get his money worth’ and use the service…”

M-Powered needs to be set up directly with the service – it is great for many businesses.

You can get M-Powered for –

Invoices – Gives your clients BPay, A Post, and Credit Card options to pay you, and when you are paid, you get a summary for that day and it loads and applies the payments automatically for you.

Expenses – If you want to pay say a dozen bills at a time each week – not really worth it otherwise for less than that number.

Super – Handy when you have say 5-6 or more employees – costs about $2 per quarter for each employee – best if you have several funds to pay and 5 or more employees, otherwise most super funds can be paid by BPay or online transfer.

All M-Powered costs $10 month or FREE if you are on COVER with MYOB (so that you automatically get the annual software updates and compliance versions).

Usually only worth using if you have volume of expenses and several super funds.

But worth just getting the invoicing – you have to go through an application interview for approval – you call MYOB.

Consider extra features that can be used within MYOB for nominal fees, that can save a lot of time in processing and assist you to look more professional and encourage clients to pay sooner!

M-Powered Invoices

A service that makes it easier for customers to pay you by offering additional options: BPay, credit card online and PostBillPay on your own invoices.

  • Produce more professional looking invoices
  • Faster access to your cash? Access to it the next day
  • Less data entry, less time on admin
  • Offer more customer-friendly ways to pay

To find out more, see a video, get a Fact Sheet, FAQ, request a call, see the website M-Powered Invoices – website

M-Powered Payments

Smart and secure service to pay your bills without writing cheques or entering details into banking software or websites.

  • Take care of all your bills in seconds
  • Remittance advices sent to suppliers automatically
  • Less data entry, less time on admin

To find out more, see a video, get a Fact Sheet, FAQ, request a call, see the website: M-Powered Payments – website

M-Powered Superannuation

Super processing service that allows you to complete an entire super run online from inside your software.

  • Make paying super easy
  • Pay any industry and retail superannuation fund (but not SMSFs)
  • Less data entry, less time on admin

To find out more, see a video, get a Fact Sheet, FAQ, request a call, see the website: M-Powered Superannuation – website

How Do I Buy? –

Ready to Mind Your Own Business with M-Powered Services?

There are two easy ways to apply: Online – click to the MYOB website:

http://myob.com.au/products/small-business/extend-your-product/m-powered-invoices-1258090870851?productArea=WhereToBuy

or phone 1300 555 931

There will be a phone interview to complete, and start the process. M-Powered fill out the Application and email it to you for signing. Have your serial number ready!

Need help? Not sure? Call for FREE 30min advice / strategy session today!

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Quickbooks / MYOB – Claiming Union Fees in Order to do Jobs Onsite

Quickbooks / MYOB – Claiming Union Fees in Order to do Jobs Onsite

Quickbooks / MYOB – Claiming Union Fees in Order to do Jobs Onsite

One of our bookkeepers found that a client – “is paying union fees which are required to be allowed on a particular job site… he pays this for himself and his son (it is just himself and his son working at the moment and his wife run’s a few errands and draws a wage also). I allocated this to “other employment exp’s’… I’m not sure if that is the correct way to process… he also pays for fuel and phone etc for his son out of the business… should this be ‘fringe benefits’ in their weekly wages or is it fine to class as other employment exp’s?”

Answer – Union fees necessary for the type of industry, should be claimable, and can be in Other Employer expenses, or a separate account “Union Fees” (preferred) so they are easy to see under employment section (if there is a group in the accounts, and assuming this is a company). The other expenses should be in their expense categories also, with a clear note in the memo so regular ones eg “fuel – son” can be seen easily – create Recurring (MYOB) or Memorised (Quickbooks) transactions so you don’t have to set up each time to speed up data entry.

Need help? Not sure? Call for FREE 30min advice / strategy session today!


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MYOB – Setting Up Wife with a Salary Sacrifice Super

MYOB – Setting Up Wife with a Salary Sacrifice Super

MYOB – Setting Up Wife with a Salary Sacrifice Super

Client is paying his wife $300 per week to run errands, clean etc… and would like to pay $50 per week to her super, I tried to change the superannuation set up to do this each pay period however it changed it for the other employees also… client called to get advice.

First – Never change the Super SG category – it is for the required Super Guarantee 9% (from July 2013 it’s 9.25%, so check latest amount by current law) after $450 is earned a month and applies to full time, casual and part-time employees!

To do $50 per week for the wife, you set up ANOTHER super category just for the wife as Salary Sacrifice.

Go to her card, and set up another Super Category set to deduct from her pay – to use for her only and link it to your Super Liability account.

In a pay run this category will DEDUCT $50 from her pay – so if he still wants her to get $300, he needs to raise her pay to $350 per week – and less the $50 (which will show as needing to be paid with all the super to pay), it will be recorded and handled correctly.

In her pay, when processing payroll, it should come up Base Salary /Hourly line with $350, and the Salary Sacrifice line with (-)$50 leaving a net $300.

For The detail on “How-to”, go HERE


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Quickbooks/MYOB Bank Reconciliation Opening Balance is different from Opening Balance on Bank Statement

 

Quickbooks/MYOB Bank Reconciliation Opening Balance is different from Opening Balance on Bank Statement

Quickbooks/MYOB Bank Reconciliation Opening Balance is different from Opening Balance on Bank Statement

If your opening balance of the bank reconciliation is different from the opening balance on your bank statement in your previously reconciled account, you need to find the cause of the discrepancy. You mustn’t change the beginning balance; you need to find out why the beginning balances are different.

Some reasons that may cause a discrepancy:

You may have uncleared a transaction directly in the account register by mistake. If you do this, your beginning balance will be off by that amount. You’ll be able to see this in the Reconciliation Discrepancy report.

or

You’ve changed or deleted a previously cleared transaction that you have already reconciled. To fix this, you’ll need to undo the previous reconciliation, then reconcile again with the correct transactions.

What to do next

  1. If the software provides it (eg Quickbooks) you can find the discrepancy using the Reconciliation Discrepancy report.
  2. If you’re able to resolve the discrepancy, click Restart Reconciliation.
  3. If you think your discrepancy might be caused by a previous reconciliation, click Undo Last Reconciliation. Once this process completes, you will need to reconcile that particular statement again.