Alignment journals – why do you need them?
My accountant has asked I enter an alignment journal before I roll over. What is this about and what is the point? The purpose of end-of-year (EOY) adjustment entries is to get your ducks in a row and align your MYOB file with your accountant’s end of year tax accounts. Their job is to check over your […]
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 […]
Continue readingReconciling GST in MYOB (payments basis)
This is relevant for all of us who report GST on the Payments (cash) basis. MYOB AccountRight clocks up GST on the invoice basis – i.e. every time you enter a sale or purchase the GST content adds to the GST Collected or GST Paid account. To ensure you have claimed or paid the correct GST […]
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 […]
Continue readingEnd of Financial Year Checklist
I’ve entered everything in my accounting system and want to send to my accountant for end of year. What checks can I make?
Continue readingAre you short paying Holiday Pay?
Recent news articles have indicated that some employers have been found to be underpaying their employees holiday pay. Unfortunately this is the case. Some employers don’t understand the Holiday Pay Act and others prefer to do ‘their own thing’…
Continue readingThe changing face of accounting software
Accounting software is changing at an ever increasing speed & most people struggle to keep up. The answer is ongoing training..
Continue readingDebits and Credits Rule
Some of you have taken formal accounting courses and know the debit/credit rules backward, forward & inside out. But the bulk of you have “fell into” a bookkeeping role when your real profession was a butcher, baker or a candlestick maker. Quite simply there are 5 account types and each one can go up or down […]
Continue readingHow good is your office filing system?
I once went into an office and noticed a pile of paper a meter high next to a desk. I asked the accounts lady “what’s this?”. Oh she answered “that’s my filing! – I only do it once a year”… If this is you then sort it! Eastlight folders (or similar) are essential for your office to […]
Continue readingAdvantages/benefits of computerised accounting
The decision generally comes down to the owner and their previous experience or the advise they get from those around. Owners who have had a computerised accounting system in the past can see the benefits. They wouldn’t contemplate the idea of a manual system and realise they need an efficient accounting system to be serious and […]
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