Home Office and MYOB

Home Office Percentages

Question: I am new to MYOB and have mastered it really well apart from the splits of home and business components e.g. power & phone for GST purposes. My Accountant installed the program with all codes etc but I seem to have a mental block on the home/business divisions.

Answer: There are a couple of ways to do this. Firstly, you could pay all your home bills in full with personal cheques, keep the bills in a file, and once a year do an entry to move the business % into your books and account for the GST. Or alternatively you could pay the bills in full from the business, and do an entry at year end to move the personal part of this across to drawings, again moving the GST portion as well. Perhaps chat to your Accountant about this, as they will need to advise you on the percentage split for your situation as well.

Question: Automatic Percentage for Business/Personal

What is the best way to make personal use adjustments for GST purposes. I’d like to set it up so that transactions that are part business, part personal can have the personal use adjustment done automatically. Is this possible?

Answer:  Use the rules in your Bank Feeds to set a percentage split for business and personal. That works well and the drudgery calculation is done for you.

Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!