Credit Terms & Ageing on Statements
Question: I would be interested to have customer credit terms defined as I have had difficulty assigning the correct terms. For example: If I wanted a customer to pay on the 20th of the month, would I choose: – On a Day of the month and enter 20th in Balance Due date, or – In a given number of days […]
Continue readingAssign correct GST codes to your Accounts List
MYOB AccountRight has standard GST codes as per the list below. Other GST codes may be setup and used to account for Rest Homes, Australian GST and other needs. S15 – GST 15% N-T – No Tax 0% E – Exempt Supply 0% Z – Zero Rated 0% When MYOB AccountRight is initially set up with […]
Continue reading20th of the month payables procedure (To Do List method)
This method is popular for those who have large numbers of payments to make on the 20th & need a speedy process. Enter all purchase invoices for the month Print an Aged Payables [Detail] Report Tick off each purchase that you intend to pay on the 20th (you should collate/reconcile the relevant invoices/statements behind the […]
Continue readingHow do I handle GST paid to NZ Customs for imported goods?
When importing goods from overseas, GST is calculated at 15% of the landed-cost of the goods and is payable to the Customs agent, not your overseas supplier. The GST paid to Customs needs to appear in Box 13 of the GST return. Therefore, you need to create one Purchase order (bill) to record the overseas […]
Continue readingLanded Cost Procedure for Importers
Your MYOB software cannot automatically apportion landing costs to individual line items. This procedure is a workaround to ensure that: Stock on Hand is valued at full landed cost Cost of Sales reflects landed cost of stock sold Actual landed costs can be easily identified Please follow these instructions to set up Setup Steps Set up cost […]
Continue readingDebtors Out of Balance and customer deposits
This problem is a common one and compounded by the fact that recorded entries can’t be fixed. All we can do is get it right for future entries. The error is compounded further if a journal entry is posted by your accountant to align the debtors list with the debtors control account at year end […]
Continue readingSetting up MYOB AccountRight Video Tutorial
This video tutorial demonstrates the steps to take to set up an existing business on MYOB AccountRight. It covers the setup assistant, entering opening account balances, debtors and creditors balances. Before starting it is important to gather the information together including your last set of tax accounts produced by your accountant, your conversion balances (bank, […]
Continue readingMonthly Ageing on Customer Statements & Debtors Lists
Many of you call querying the ageing on your customer statements. In the situation here, we are dealing with ‘normal’ monthly ageing. If you have 7 day ageing or a combination of 7 day and 20th of the month following, we can also sort that to give correct reports/statements. To correct your monthly ageing follow […]
Continue readingEntertainment Expenses
We get plenty of questions on the subject of entertainment. Some new business owners get excited by the thought of entertainment but for all the wrong reasons..! Use the table below to help code entertainment correctly (maybe have an expense code for 100% and another for 50%). Don’t expect your accountant to spend hours wading […]
Continue readingBank Feeds? Why do you need ‘em?
Automated bank feeds completely change your MYOB work flows and with it, improve accuracy and reduce the time you spend doing accounts. As the MYOB user, you get Bank Feeds on a daily or other basis. All entries come into MYOB since the last time you clicked on Get Bank Transactions. Unlike other online programs we […]
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