Bookkeeping – End of Financial year final pay falls in new financial year
Client question – Just a quick question.
We have an employee being paid fortnightly.
Next payment to be made 07/07/2017. This includes the week 26/6 to 30/6/2017. Does any of this have to be put through in EOFY for 2016/2017? Or will it be first payment for New year on new tax table?
Solution – Payroll is taken as a cash payment in the accounts – ie WHENit is paid.
Regardless of what period it covers – it is WHENit is paid.
So not included in previous tax year.
You can finish your payroll YE17 year, prepare the Payment Summaries – check you include in Gross Payments, any NEW payroll types/categories if you created any during the year.
Then roll forward to new payroll year, and you can process the 7/7/17 payroll that covers end of June days and some of July days.
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The new tax tables for 2017-2018, have been released. The new tax tables include the removal of the temporary budget repair levy, the increase in Medicare levy low-income threshold, as well as the annual indexation of HELP/SSL/TSL and SFSS.
So employees earning between $394 and $520 per week will be affected, all employees with student loans, as well as those on higher incomes.
Last tax year, 16-17 they mainly changed in the level $37,001 – $$87,000 (was up to $80,000) range. The past tax year levels are –
Does your MYOB software have out of date tax tables, or you know you need them by experience every year. (To find what you have, click Set Up then General Payroll Information. In about the middle is the table date at the start of that tax year it applies to).
Tax tables become out of date nearly each year as tax rates and/or Medicare and HECS thresholds can be changed by the Tax Office (ATO). MYOB only supply new tax tables via full software annual subscription. You can no-longer buy the latest tax tables separately as many years ago. Users must upgrade to a new version or take out Cover under their support program to receive the latest tables or ‘pay2myob.bin’ file for earlier versions (MYOB) to keep payroll compliant. (If you want assistance to upgrade to the latest MYOB call Paul – 0407 361 596 or email us – info@accountkeepingplus.com.au).
The special MYOB tax file (eg ‘pay2myob.bin’) has been specially formatted so that it disallows any manual edit. Additionally, each version is formatted specially, so you can’t use a tax file formatted for MYOB Version 19 with say Version 16. For the Mac version (AccountEdge®) the tax table file is called “MYOB Tax Tables” or in v9 to 9.6 has a “.tax” extension. Everything else though is the same and all the comments here apply equally to the Mac version.
Note third-party tax tables cannot be used in MYOB 2011 onwards – you MUSThave subscription or upgrade. Contact us to discuss your needs, or assistance with upgrades and get our extra BONUSES no obligation. 0407 361 596.
There is a Solution up to MYOB v19.13 and Account Edge 15.5–Third party updatedtax tablesavailable for $80 provide a substitute, have been tested by ourselves and work with many prior versions. They are for those who want to continue to use their current versions of MYOB® without the need to upgrade. Note that there is nothing in your license agreement that prevents you using 3rd party tax tables.
Installationis simple. The tables are supplied with easy to follow video and instructions and instantly downloaded after secure credit card payment in most instances, or will be emailed to you. You also receive a PDF copy of the applicable Aust Tax Office Weekly Tax Table for you to check the accuracy of the calculations. After-sales email support is available for any installation or setup issues you may encounter. If you would like Account Keeping Plus to install for you, we can do by remotedesktop – Teamviewer (free software). For $50+GST. Call or email for instructions.
Note– NOchanges are made to the software. The only changes made are to the tax rates in yourcompany data file that the software calls upon to calculate PAYG Withholding in a pay, when processing payroll. The changes made are not permanent and can be reversed by reloading the tax tables from your current tax table file, simply moving a file in the software folder
These third-party tables are available, which Account Keeping Plus have tested in the software and tested against the ATO tables and work perfectly for us and our clients. To get more details and purchase for your MYOB – click the grey box to the right – “Tax Tables” orCLICKHERE
Support to prepare the books/accounts well! MYOB Account Right
MYOB have a huge amount of resources to assist you in better books for your accountant, but more importantly for you to have an accurate set of books to UNDERSTANDand gain INSIGHTto MANAGEyour business BETTER! Your books and accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!
EOFY – End of Financial Year key dates –
A great tool is this calendar where you can select the date to see key compliance tasks and actions that need to be taken – click this image –
MYOB Account Right –
There are End-of-year procedures that need to be carried out to prepare your company file for the coming year. By reconciling and completing the year in your company file, you are effectively bringing the company file up to date.
These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.
Your payroll, invoices, purchases statement reconciliations as well as finally your inventory should be counted, valued and, where necessary, adjusted in your company file.
TheMYOB End of Periodpage is where you begin. The resources include end of Month, Financial and Payroll Year things that you should do. Overall it’s about checking the accounting records to ensure they are complete, accurate and reconciled to key support documents such as bank and credit card statements.
For users of MYOB Essentials, see theend of year videoon what to do. You can also find FAQs and The Help Centre there.
Software Upgrades
You will be able to download the current update directly from Updates within the MYOB Account Right software in many versions, or fromthis page.
Want help with upgrading? – do you need to talk about what is available without obligation or any pressure? Then call Paul! 0407 361 596
Get a FREE30 min answer to your query, and FREEongoing 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.auor call 0407 361 596 Australia
Accounting is often one of the toughest jobs for small business owners, especially those who don’t have a lot of experience or a strong background in bookkeeping. Following a few simple tips throughout the year can make it much easier to track expenses and file taxes when the time comes.
1. Plan Ahead
The first step is to look ahead at the potential needs for your company and plan for these expenses. For example, if you know that you will need to replace expensive equipment in the near future, make sure to set aside funds every month to cover the costs. Other major expenses that may arise include office supplies, inventory, maintenance, and repairs. You can also set aside money each month to cover the annual taxes, so you won’t stress about the amount you need to pay when April 15 arrives.
2. Use Reliable Software
Business bookkeeping software has come a long way over the past decade, and some programs make it much simpler to input expenses and cash flow. MYOB, ReckonandXero allow you to keep everything you need in one place for easy recovery as needed. From tracking the status of unpaid invoices, to creating customized invoices, to tracking billable hours and budget spent, online accounting software is a great way to save time and money. Some programs like Dropboxand Google Drive also offer cloud access to your files, which means that you can pull up information from anywhere instead of having to go to the office to find a document or receipt.
3. Separate Business and Personal
If you use your business credit card to pay for a personal expense, make sure to track that and separate it as soon as possible. It is much easier to separate expenses if you use separate accounts to pay for them, but you may accidentally use your business card for a non-company purchase. Business costs are tax deductible, so make it easier on yourself by separating them every time you make a purchase.
4. Schedule Yourself
When it comes to bookkeeping, it might seem easier to just put it off until the end of the year. However, this is going to result in a big headache when you are trying to track down receipts and invoices that may be months old. Schedule time each week or each month to work on your books and stay as current as possible. It may be tempting to skip this every so often, but when you can stick to the schedule, it will be much easier to stay on top of the finances without feeling so stressed.
5. Review Invoices
Be sure to keep close track of your invoices, since some (clients) are notorious for paying bills late. You can probably use your accounting software to run a monthly report and determine what invoices are still outstanding. This gives you the flexibility to send reminders and follow up on outstanding bills before too much time passes. It is also smart to keep a close eye on your cash flow statement, so you can avoid the dreaded insufficient funds message on a payment.
6. Call in a Pro
For some things, it is definitely worth the investment to bring in an expert. You may rely on a financial advisor who specializes in your industry, or you might just need an accountant who can pay your taxes and payroll. You can even use a student intern who is working on an accounting degree if the budget is tight.
7. Track Expenses
Most experts discourage business owners from using cash to pay for any business expense, since it can be very difficult to track. When you use a credit card or debit card, you can view the transactions right away and make sure that all items are true business expenses to avoid issues with write-offs and taxes.
Accurate bookkeeping is an important part of business ownership, so it is crucial to stay on top of the expenses and invoices to prevent problems. If you have questions about bookkeeping, you can always rely on an expert, but once you have your system down, it should be much easier to keep track of the money coming in and out of your company each day.
Need help? Not sure? Call for FREE30min 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!
MYOB / Reckon / Quickbooks / Xero – Clear / Remove / Delete the “to be printed” items from print queue
A client called and said – We had ticked in our invoices to be printed and never did the printing. Now when I go to print a batch that I want to print, all these non-printed invoices are highlighted. There are about 400 so it does take some time to scroll to the few I want. Is there any way I can delete this instruction without bringing each invoice up and deleting the instruction?
A good solution 1 – Turn off your printer – go to print all unwanted items, then delete the print job in the queue on the printer (usually the printer status window that opens, or from icon lower RHS in task bar or hidden icon area.
A good solution 2 – Choose a PDF printer to create a file – it may need some time to be left to run.
And sometimes using the Reckon PDF creator may not take them off and they re-appear next time, so try using Cute PDF (download FREE here http://www.cutepdf.com/Products/CutePDF/writer.aspand click the top “Free Download” on the right, it will also automatically tell you to download the Ghostscript converter, the second free download on the right, say yes as well) or another PDF software.
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!
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Bookkeeping – Quick tip – Don’t use “Miscellaneous” or “Sundry” all the time for Miscellaneous expense in the accounts
If you use a “Miscellaneous Expense” or “Sundry” account, it can indicate lazy bookkeeping. It is also no help when you or the bank reads your Profit & Loss! What is in that account will be the question!
It is better to use the closest correct expense account or to add a new account to better capture the expense type. Also use the memo in the transaction, to fully describe the expense, and invoice number if not using purchases. The more detail you put in now, then you won’t have to sift through your papers later to find out what the expense was, or dig out a copy for your accountant (or the taxman)!
Need help? Not sure? Call for FREE30min 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!
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!
