Customer Discounts & Returns
Question: 1 We have different price levels for different customers. But it is not permanent, it changes all the time. For instance one shop had 10% discount on May but did not have it in June. What should I do? 2 Also, in purchase command centre in purchase register you can choose returns and debits. […]
Continue readingHome 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 […]
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 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 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 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 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 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 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 readingWant to speed up your MYOB AccountRight?
Some find AccountRight Live slower than your old desktop version of the software. Some find AccountRight Live faster mainly those who have been using MYOB Premier. Generally it is slower but the enhancements to the software reduce the time we take to do accounting. Check the table below for possible ways to speed up AccountRight Live: Possible cause Try this […]
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