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MYOB – How to Delete Old Items

MYOB – How to Delete Old Items

MYOB – How to Delete Old Items

Website enquiry from Lilian

Hi Paul

Hope you are well.

I would like to know if you know how to get rid of 56k of old items in MYOB (currently we are using Premier Enterprise 19.7version) pls?

I have done research and found that a Program called “FGHTables” may work. But we were too scared to use it so we don’t mess up.

So I am wondering if you have experience in this area pls?

Best regards and thanks

Lilian

Answer

Hi Lilian,

Yes it is hard to delete old items – usually up to 2-3 years after rolling over a financial year, because the MYOB keeps totals of some sales and item data for comparison reports for 2-3 years. Some clients also find well beyond the 2-3 years that items will still not be able to be removed, and it is not clear why!

Yes http://www.fghtables.com  is a very reputable company and they have a service to assist removal of items not required, as well as other very reasonable offers

We also use them for clients for Payroll Tax Tables for those who don’t want/need to upgrade from v19 Account Right with Payroll.

Please don’t hesitate to call if you have any questions

Kind Regards,

Paul Humphreys, Account Keeping Plus

Ph 0407 361 596

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

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 Australia

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Cashflow Tips – Improve your Cashflow – By Invoicing Promptly!

Cashflow Tips – Improve your Cashflow – By Invoicing Promptly!

Cashflow Tips – Improve your Cashflow – By Invoicing Promptly!

Many times, small business owners are uncomfortable about asking to be paid, yet the top way to improve your cashflow is by invoicing PROMPTLY! When you run a business, (especially service businesses) if you don’t invoice promptly as well as collect payment promptly (which causes a cash crisis in the first place), then consider the following –

Consequences for your cashflow:

  1. Clients can quickly forget what they owe you;
  2. They are less likely to remember how much they loved your work and pay you promptly;
  3. They may conclude that you do not expect quick payment and will take their time in sending in their money.

Some ACTION solutions:

  1. Where possible, issue invoices at the time services are delivered;
  2. Send your invoice by email to speed the process;
  3. If you can’t issue immediately, be sure to issue your invoices weekly, or at least twice per month on designated days, such as on the 15th and the last day of each month;
  4. Do it like clockwork – it will help to even out your cashflow.

Take-away message

Create the habit – invoice quickly and often.

Part of our service is assistance with cashflow budgets, debtor collection and reviewing supplier costs and terms.

One of our clients said the business finance is now in the BEST shape it has ever been – for our 4-5 hrs work weekly involves managing the invoices, payment follow up unique method and now supplier payments! The owner now can catch up on quoting jobs and finalizing the sale to grow the business.

Could this assist you in your business and let you focus on your best skills and on running the business? If you would like to speak with these clients, email me and I’ll supply contact details!

Get a FREE 30 min answer to your query, 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 Australia


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Business Tax Tips – Tax on Commissions & Bonus Payments

Business Tax Tips – Tax on Commissions & Bonus Payments

Tax on Commissions & Bonus Payments

Does tax apply on commissions and bonuses paid to your staff?

The Australian Tax Office (ATO) has a great page that summarises when tax and super applies in neat easy-to read tables. Here we focus in 2 main payments that employers are often unsure about.

Bonuses

There is PAYG (Pay as you go) tax as well as super on bonuses which are still income for the employee.

tax-super-on-bonuses

Commissions

There is PAYG (Pay as you go) tax as well as super on commissions which are still income for the employee, like ordinary hours, see further down this table.

tax-super-on-commissions

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 Australia


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Bookkeeping – Paid Parental Leave – What is it and how to do the bookkeeping

Bookkeeping – Paid Parental Leave – What is it and how to do the bookkeeping

Bookkeeping – Paid Parental Leave – What is it and how to do the bookkeeping

The Paid Parental Leave here we explain what it is and how to do the bookkeeping in your accounts. The scheme became compulsory on 1 July 2011 – it is an offer from the government of up to 18 weeks paid parental leave is offered to eligible working parents of children born or adopted on or after 1 January 2011. The government makes a payment to the employer to then pass on to the employee. This post explains generally what is involved to setup and record paid parental payments within your software.

What is the current rate of parental leave?

The rate is paid at the National minimum wage. For more information see Paid Parental Leave for employers.

How to do the bookkeeping

1.     Create an account to track parental leaveWe need to create a Liability account to track your Parental Leave. Depending on your Parental Leave reporting obligations, you may want to create an Expense account to track this leave instead of a Liability account. Speak to your accountant or the ATO for the appropriate solution based on your circumstances.

2.     Create a new wages category

3.     Exempt Paid Parental Leave from calculating superannuation

4.     Exempt Paid Parental Leave from accruing entitlements – depending on the way the employee is set up

a.     Hourly employeesthe entitlement will not accrue as there are no hours to calculate the percentage. This seems contradictory, but normally hourly employees will accrue leave as a percentage of hours worked. While they are on Paid Parental Leave, they are being paid via a Salary Wage category, rather than an Hourly Wage category. Therefore having no hours on the paycheque means that no leave will accrue.

b.     Salary Employeesneed to have the Entitlement(s) deselected in their card. This is because generally these employees will be set to accrue a flat amount of hours per Pay Period/Month/Year, and unless the entitlement is deselected in their card, the entitlement will continue accruing throughout the period of their Paid Parental Leave.

5.     Note: When the employee finishes the Paid Parental Leave you will need to select these entitlements again so that the leave entitlements will accrue.

6.     Action – when my employee is taking paid parental leave?
In MYOB for example, you go to the standard pay and zero all the salary or hourly $ amounts, and against the Paid Parental leave category, enter the amount that is to be paid.

7.     We are now ready to process Paid Parental leave payments for your employees. When you have finished paying the paid parental leave payments, you can use the Reset to Original Amounts button on the Payroll Details tab of the employees card (as shown above) to restore the values back to the standard hours.

8.     Receiving the payment from the government. When the employer receives parental leave payment from the government, this needs to be recorded as a Receive Money transaction into the Liability account created.

9.     Note – Paid parental leave and Payment SummariesIf you include the paid parental leave amount in the Gross Wages on your Payment Summary, you will need to account for this if you attempt to reconcile the total from the Payment Summaries with the total in your Wages & Salaries expense account. The paid parental leave amount is not shown as an expense, and therefore it is expected that the Payment Summary total will be higher than the total of the Wages & Salaries expense account. For more information on Payment Summaries, see the MYOB support note Preparing and printing Payment Summaries.

10.   Removing paid parental leaveWhen an employee returns to work after parental leave, their card needs to be updated so the Paid Parental Leave payment will be removed from the employee’s standard pay, and their normal Base Salary will be reinstated.

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

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 Australia