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MYOB – Exporting lost data from a backup after setting up on new computer

 

MYOB – Exporting lost data from a backup after setting up on new computer

MYOB – Exporting lost data from a backup after setting up on new computer

Question – Had a call that 7 days of data had been lost when a new computer was set up, MYOB software loaded and the company datafile copied over (an earlier backup was restored instead of one made today). Was there a way to copy or export the missing data and bring it into the company file on the new computer?
Answer – Yes the missing data can be exported and then imported in the new copy on the new computer.
In the former company with the extra data, go to – File >Export and select what to export and the date range
In the new company file missing the data, BACK IT UP FIRST
Then go to – File >Import and select the type etc, follow the steps.
CAUTION – Importing can cause problems and a lot of mess so take it slowly and carefully! Certain transactions CANNOT be exported/imported – eg payroll, pay bills, receive payments, which will all need to be re-entered in the new company file.
MYOB creates an information file that will tell you about transactions NOT imported due to errors, and all the rest are imported.
Study carefully and check the import text file contents before importing. Open the file in excel and check each entry. This is the only way you will pick up things like a mixed date issue.
Note: When you import you have an add/reject/update duplicates option. Sometimes this is best set to add, sometimes reject, sometimes update depending on what exactly you are importing.
Importing journals is normally only used for general journals and transfers (as no customer/supplier card is attached).

Need help? Not sure? Call for FREE 30min advice / Strategy session today!
Call 0407 361 596 Aust and also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right! Email info@accountkeepingplus.com.au or call 0407 361 596


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Business Tax Tips – Remember to Claim ALL GST Upfront on Hire Purchase when Cash Reporting

Business Tax Tips - Claim ALL GST Upfront on Hire Purchase when Cash Reporting

Business Tax Tips – Claim ALL GST Upfront on Hire Purchase when Cash Reporting

Previously, if you reported on Accrual basis (as invoiced/billed, not when payment was made/received) you could claim the FULL amount of GST credit upfront at the time of the first payment, but if you were on Cash Reporting, you claimed the GST EACH payment only. For example you could enter the Hire Purchase via bill or journal to the asset account including the GST and it will come up for the full amount in your GST reports to be included in your BAS for that period. Any payments are made to the asset account to pay it off (the capital portion of the payment) and NO GST is on the transaction ( the interest portion can be split to an expense account or you can leave it for the accountant to do at year end).

NOW both Accrual AND Cash reporters can claim the FULL GST upfront on the first payment of all Hire Purchase arrangements from 1 July 2012. Division 158 introduces this in the GST Act, allowing Businesses to account for GST on a cash basis.

Under Hire Purchase (HP) equipment or assets are obtained by hiring the item over the repayment term, where, upon the final payment, ownership is transferred to you or the business. A fixed amount of interest is agreed/offered and depreciation can be claimed. A balloon payment can be included. Before 1 July 2012, HP was best suited to businesses on accrual basis, and Chattel Mortgage (CM) as a means to purchase for those on cash basis reporting. Now the similarities between the tax benefits of HP and CM are much closer.

Remember to get your tax agent to claim the full GST, or ensure you claim it yourself on your BAS for that period!

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

Call 0407 361 596 Aust and also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!


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Reckon Account Right (formerly Quickbooks) – Manage Receivables with the Payment Snapshot

To save time, and jumping between several screens, consider using the Company Snapshot.

Go in the top menu to Company, Company Snapshot and click the Payments tab. This customisable screen consists of several parts, arranged in three columns for easy viewing:

  • There are Quick Links to move to screens that let you receive a payment, create a sales receipt or issue credits and refunds.
  • A graph displays Invoice Payment Status and next to that the A/R by Aging Period for different financial periods
  • A link to summary and detail views of several Receivables Reports
  • Lists of Recent Transactions and Customers Who Owe Money, which you can “drill down” on to see the underlying records and transactions
  • Reminders of Money to Deposit and Overdue Invoices
  • A summary of key reports in the middle – Receivables Reports
Reckon Account Right (formerly Quickbooks) – Manage Receivables with the Payment Snapshot

Manage Receivables with the Payment Snapshot

Like many screens in QuickBooks, the Payment Snapshot is customizable. To modify, click the Add Content link in the upper left corner. Under Add content to your Payment Snapshot, you’ll see miniature pictures of each possible element on the Payment Snapshot page (scroll sideways using the green arrows to see all of them).

Click the + Add button next to each chart, list or set of links to display it on the Payment Snapshot page.

If you want to see a larger version, click Show Preview. If a particular element is already showing on the page, the + Add button will be have a checkmark with Added next to it. To remove one, just click the X in the upper right corner of that section. Click the down arrow to save or print, Restore Default to go back to the original screen, or click Done when you’ve finished modifying.

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY Ask us for a competitive software price BELOW retail – no obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – no-one offers as much!

Call and you also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596


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Business Finance 101 – COGS – Cost of Goods Sold

COGS – Cost of Goods Sold

COGS
– Cost of Goods Sold

Cost of goods sold (COGS) is the cost of the product that was sold to customers. The cost of goods sold is reported on the profit and loss when the sales revenues of the goods sold are reported.

A retailer’s cost of goods sold includes the cost from its supplier plus any additional costs necessary to get the product into inventory and ready for sale. For example, a store purchases a book from a publisher. If the cost from the publisher is $60 plus $5 in delivery costs, the store reports $65 in its Inventory account until the book is sold. When the book is sold, the $65 is removed from inventory and is reported as cost of goods sold on the profit and loss.

COGS is usually the largest expense on the profit and loss of a company selling products or goods. Cost of Goods Sold are taken from the sales/revenue.

Cost of goods sold is calculated as follows: Cost of beginning inventory + cost of goods purchased (net of any return stock) + freight-in – cost of ending inventory.

This account balance or this calculated amount will be deducted from the sales amount on the income statement, leaving a Gross Profit.

Call and you also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596


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Cashflow Tips – Social Media can help Build Revenue – Business Monitor Research

 

Cashflow Tips – Social Media can help Build Revenue – Business Monitor Research

Social Media can help Build Revenue – Business Monitor Research

 

The Australian Government website Digital Business published an interesting article on the increase in use of social media by Aust. Small and medium business and what benefit to revenue and growth they were achieving –

Social media use is on the rise amongst Australian small and medium businesses (SMEs) and can benefit their revenue levels, according to the latest research from MYOB.

The March 2013 MYOB Business Monitor found that the 20% of SMEs surveyed were using social media for business purposes. Interestingly, the most popular form of social media engagement was using services such as Skype or VOIP to make free business phone calls (19%).

Drilling further into how SMEs were using social media, 18% were doing their business networking online via LinkedIn. Around one in six (16%) are connecting with customers or fans via a business page on Facebook, YouTube or Google+. Fewer are sharing news and updates via a company blog (9%) or communicating via micro-blogging sites such as Twitter (6%).

The good news for those social-savvy SMEs was that they were more likely to see a rise in their revenue in the year to February 2013. The survey revealed that 28% of SMEs using social media reported an increase in revenue, compared to an average of 18% across all SMEs. Similarly SMEs using social media were less likely to report a fall in revenue (18%) compared to the average (39%).

MYOB CEO Tim Reed says, “One in five business owners now wear an additional hat – social media manager. Those who embrace that role are reaping rewards beyond building closer relationships with customers, suppliers, partners and others. The financial benefits are clear”.

Moving beyond social media, the MYOB research also supports recent ABS findings that online engagement is generally low amongst SMEs, with just 38% having a website. However those that do have a website reported a number of flow on benefits, including increased customer leads (45%) and a better conversion rate for sales leads (37%). One in five (42%) said that their website made them more competitive in their market.

Less than one in eight surveyed SMEs (12%) sell products and services online directly to customers using their own website. When it comes to accepting online payments, 11% of SMEs do this with a shopping cart while 9% allow payments through a mobile app.

And for more tips on using social media, see the post HERE.

Account Keeping plus can confirm the findings – we engage as much as we can, blog, Tweet and use Linked In. Calls come in for help of which many can be solved on the spot, we also get businesses booking us for training via finding our site. This year has been quieter, and many of our clients and associates report slow business conditions since the announcement of the Aust. election in Sept. So tell us what YOU are achieving! – Comment below.

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

Call 0407 361 596 Aust and also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!