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MYOB Bookkeeping – MYOB running slow all of a sudden when doing the books? – Tips to speed up the PC

MYOB Bookkeeping – PC running slow all of a sudden when doing the books? – Tips to speed up the PC

Bookkeeping – MYOB running slow all of a sudden when doing the books? – Tips to speed up the PC

Have you found your MYOB is running slow all of a sudden while you are doing the books, or when you came back after a break? Here are some tips that may help –

Win10 –

In the Cortana window, type “Run”

Click the App “Run” in the list

Type “%localappdata%” > OK

Go to the MYOB folder

Go to the AR folder > 2017.1 > Cache folder

Delete all files there “Company File Cache”

Close the window

Then

In the Cortana window, type “Run”

Click the App “Run” in the list

Type “CMD” > OK

At the cursor type “ipconfig /flushdns” (note there is a space after config) > Enter key

Should get a message.. successfully…

Close the window

Then

Restart your PC

Win7

Click the Windows button, lower left corner

In the search box, type “Run”, and continue as above

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Bookkeeping – Holiday/Annual Leave Payout deducts from the Accrual, but Holiday Cash Out doesn’t – Why? (Updated Article)

Bookkeeping – Holiday/annual leave payout deducts from the accrual, but holiday cash out doesn’t – Why?

Bookkeeping – Holiday/annual leave payout deducts from the accrual, but holiday cash out doesn’t – Why?

( 31 Aug 2017 – Information corrected, due to Sue’s advice in comments below – I learn new tricks every day, even when right before you !!! Thanks Sue!)

Client Skype’d Hi Paul, I’ve had a look and our special Pay Category, Holiday Cash Out doesn’t seem to be deducting from the balance of Holiday Leave Accrual. It’s not listed under entitlements under the Payroll Category List window.

Answer – Yes it is NOT linked to the accrual entitlement because it may only have one wage category (can be) linked (at a time to a) to the pay wage category – the Holiday/Annual Leave wage pay category that is regularly used, is linked to the Holiday Accrual and deducts from the accrual – if you go to Entitlements, and then open the Holiday Leave Accrual, you will see down at the bottom it says it is linked to Holiday Leave.

Your Holiday Cash Out is not an a usual entitlement (only with some awards) – it will be under the Wages Payroll Category to be used when paid :), but it has no effect on the accrual if not linked – until linked.

Client Skype’d – Thanks. So how do we reduce the accrued holiday leave by the hours that have been paid as a holiday cash out which is allowed in the award, up to 2 weeks per year? Can we put it as an entitlement that gets deducted or can we manually deduct from accrued holiday pay?

Answer – You tick it to link to the Holiday Leave Entitlement Accrual at the bottom for linked cateories! It needs be manually deducted – the more automatic way is to set up the Hol Cash Out as a separate entitlement, and choose to link it to the Holiday Cash Out wage category.

BUT – If the 2 weeks are optional and it is linked to the Accrual, it will adjust the hours WHEN Holiday is cashed out – automatically adjusted for you! it will be difficult to balance with the regular Holiday accrual if not taken every year – it becomes messy – if not used regularly but occasional years.

(with this correction of the info, past Cashed Out Holiday still needs to be adjusted to the Holiday Accrual as follows –

I would adjust the Accrual in this way – do a paycheque with ZERO hours, and in the lower lines at Holiday Accrual, adjust the holiday accrual with NEGATIVE the hours cashed out, and write a note in the memo for the reason and date the cash out occurred, there should be no super generated, ensure any other allowances etc are ALL ZERO also – then record, and this pay updates the accrual and there is a clear record with note and date for the reason for the adjustment.

Client Skype’dOK I will try that. There’s only a few done so far. So will need to do that for those ones. May make an adjustment today so these are all done now and up to date. Thanks.

Answer – Yes, do as a pay, then it updates and provides a note and proper record on the staff pays record.

Client Skype’d –  Thanks. Is the other option to use the “Unused Holiday Pay” for Cashed Out pay as well?

Answer – NO Unused is for a different reason – when they leave and still have Unused Leave owing due to them on leaving. The Unused Holiday can ALSO be linked to the Holiday Accrual will ALSO NOT decrease the Holiday Accrual, but it is used to be clear what the pay is for – and when you enter the Termination Date in the card it closes OFF the entitlements.

Client Skype’d –  OK thanks. Thought I’d check. Will org. Cheers.

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Bookkeeping – End of Financial year final pay falls in new financial year

Bookkeeping – End of Financial year final pay falls in new financial year

Bookkeeping – End of Financial year final pay falls in new financial year

Client questionJust 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 WHEN it is paid.

Regardless of what period it covers – it is WHEN it 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.

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

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Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Here are some timely reminders from J T Ripton at smallbizdaily.com

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, Reckon and Xero 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 Dropbox and  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 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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Bookkeeping – Quick tip – Don’t use “Miscellaneous” or “Sundry” all the time for Miscellaneous expense in the accounts

Bookkeeping – Quick tip – Don’t use “Miscellaneous” or “Sundry” all the time for Miscellaneous expense in the accounts

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 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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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


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Bookkeeping – Entering Annual Leave calculation that was missed

Bookkeeping – Entering Annual Leave calculation that was missed

Bookkeeping – Entering Annual Leave calculation that was missed

Client emailed Sorry to be a nuisance… this is so confusing and I am stuck.

Staff X took a week off from Monday 22nd February to Monday 29th Feb for his honeymoon and was back to work on Tuesday 1st March.

         Paid X 18/02/2016 covering period Mon 8th to Sun 14/2

         Paid X 3rd March covering period 22nd   Feb – 28th Feb

         Did not pay X on 25th Feb – covering period Mon 15th to Sun 21st

         Don’t know what I was thinking here….

How do I enter the correct information (45 hours annual leave) in MYOB?

Answer It is a matter of looking at what you HAVE DONE in MYOB, and working out what is missing –

Here is a summary of what I understand – see excel FREE download

You can alter amounts if you wish (NOT in blue boxes as they have formulas).

It just looks like do the NEXT pays to catch up Hol hours and make note in the memo of the payslip before recording.

Maybe need to redo an earlier pay – see notes in the excel.

If still not sure, we can discuss.

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!