When you are doing lots of Cash Sales, having the cash sale card half way down you selection list is a pain. In this video we will show you how to name your Cash Sale card so it is always at the top of your selection lists.admin
In this video you are going to learn how to have the ToDo list open as soon as you open the MYOB Company File.admin
In this video you will learn how to add a new Shipping Method to the selection lists. You will then see how to use the shipping method in the Invoices and Bills.admin
In this video you will learn how to set Default Customer Terms for all new customers in MYOB V19.admin
One of the biggest challenges that occur when working in MYOB is where staff enter in transactions once you have reconciled the previous period. The biggest risk when this occurs is that it may damage the reconciliation or cause the reconciliation to become unbalanced.
To overcome this problem MYOB provides you with the ability to lock the previous period. The way in which you do this is quite simple:
Step 1: Select the Setup Menu and choose Preferences from the drop down menu.
Step 2: Select the Security tab from the Preferences dialog box.
Step 3: Click once of the Lock Period check box and then enter in the closing date of the period.
A MYOB bookkeeper, in small business is one of those necessities that will help you as a small business owner save time in making sure the books are correctly setup and up to date however choosing the right MYOB bookkeeper can be a challenge so in this blog post I have put together seven Hints and tips to consider when choosing a MYOB Bookkeeper.
Hint and Tip 1: Ask for Recommendations from Friends and Family
You know this sounds just like plain common sense but you would be amazed at the number of people who actually do not ask for a recommendation from other business owners, their family or friends astounds me.
Hint and Tip 2: Are they Qualified and Registered to Submit a BAS!
All bookkeepers must now be registered to submit the BAS and must be registered as a Registered BAS Agent. This was introduced by the tax office to ensure that they understand their obligations for doing the BAS
Hint and Tip 3: Ask Your Accountant for Advice
(especially if they recommended you use MYOB)
Many accountants do have preferred MYOB bookkeepers and this will generally mean that the total cost of your books being done will be less because they work together and know the quality of each others work.
Hint and Tip 4: Ask the Bookkeeper to Enter Some Data
What is your mYOB bookkeeper going to cost. A really good indicator of what your MYOB bookkeeper is going to cost is to watch how long it takes to enter a sample invoice or bill into your accounting system. Physically Time the event….now if the bookkeeper, whilst using MYOB, used their mouse exclusively for the data entry, they you can reasonably expect their fees will be seven times higher than someone who uses the shortcuts.
I have seen some MYOB bookkeepers charge up to $15,000 a year for data entry for a small business with a turnover of $400,000. This is outrageous and part of the problem was that the bookkeeper was using the mouse instead of the shortcuts.
Hint and Tip 5: Were Your Surveyed Before Starting Your Books
If your bookkeeper isn’t asking you questions about where your data is entered then there is a real risk that they could be posting your invoices and bills to the wrong locations. A good bookkeeper will spend the first couple of sessions with you to identify where your invoices and bills should be posted.
Hint and Tip 6: Are they Nationally Accredited Qualification
All bookkeepers in this day and age should hold the required Nationally Accredited Qualification or degree. Ask to see a copy of their qualifications
Hint and Tip 7: Check References From Previous Clients
Any bookkeeper who works with MYOB and is a professional will have asked previous customers to supply them with references and testimonials. Ensure that you check their references and give the previous clients a call.
One-on-One Professional Business Training provides you with a range of training courses in MYOB and Quickbooks to help you do your own books. Check out our MYOB Courses and our Quickbooks Courses on our website which are run monthly in Townsville and Brisbane.admin
One of the most common questions I get in my MYOB courses is, “How Often Should you Backup?”
Many people are surprised by my answer, which is, at the beginning and end of every session. A session is any time in which you spend time manipulating or adding data to your MYOB file.
The common question at this point is, “Why?”
The main reaon I recommend that you do the backup at the start and end of each session is so that if either back has failed you have a second one to try. The reality is that most people who use MYOB, will use it on a desktop computer and even more commonly, the computer is not attached to a UPS. This means that if the computer does lose power whilst the MYOB file is open there is a very real possibility that the file will be corrupted.
Does it happen often?
Well unfortunately my answer to that is YesI I have had a number of files over the years where I have been working away, the power cuts off due to a black out and my MYOB file has been corrupted. Unlike Microsoft Word, MYOB does not have the ability to pickup where it left off and when you lose power to the computer it damages the sensitive hard drive inside.
More often then not, the MYOB file will corrupt and you will have to resort to the backup. I do recommend with MYOB that each time you go for a major break during the day that you backup. This means that if your file does corrupt you are only going to lose a small amount of work.
It is also very important that when you do your backups that you put them onto an external drive not connected to power. This also means that if you lose power, your external drive with the backups doesn’t corrupt as well.admin
One of the things that I encourage small business owners to do is to create separate tax codes for both Sales and for Purchases. The reason for doing this is to make it easier to see whether someone has allocated a tax code incorrectly. There are a number of reports that allow you to see this such as the GST Detail Report.
If you want to create a new tax code the process is quite simple.
1. Choose the 3 letter code you want to use for the tax code.
For this example we will use the ITS Tax Code.
2. Select from the Lists menu at the top of MYOB the Tax Codes command
3. Click on the [New] button in the Tax Code List
4. In the Tax Code information dialog box type in the Tax Code in the Tax Code box and then press the [Tab] key.
5. Type a description in the Description Field.
6. Choose the type of Tax Type and the Rate.
7. Finally if your tax code is a GST related code you will need to enter the Linked Accounts for the Tax Collected and Tax Paid. The account numbers are normally -
GST Collect – 2-1310
GST Paid – 2-1330
Finally press the OK button at the bottom of your screen
Employees have a right to ask you to deduct various items from their pay. The deductions can vary from Union fees, medical fees, loan payments etc. The process of creating a deduction is no different. To do this follow this process:
1. Select the Payroll Command Centre
2. Click once the Payroll Categories link to select the Payroll Category list dialog box.
3. Choose the Deductions tab
4. On the bottom left of the dialog box you will see the New button. Simply click on this button once.
5. This will now open the Deduction information dialog box where you can make your choices.
6. On completion simply press the OK button.
Now that you have created this deduction you can now use it in one of your employees pays.admin
Personal tax changes related to clean energy legislation (Carbon Tax)
In July 2011, the Federal Government announced changes to the personal income tax system as part of the plan for a clean energy future. From 1st July 2012, the Government will deliver tax cuts to low and middle-income individuals by increasing the tax-free threshold and adjusting the first two marginal tax rates.
- Tax-free threshold increases from $6000 to $18,200 and the maximum value of the Low-income tax offset (LITO) reduces from $1,500 to $445.
- First marginal tax rate increases from 15% to 19% on taxable income that exceeds $18,200 but not $37,000.
- Second marginal tax rate increases from 30% to 32.5% on taxable income that exceeds $37,000 but not $80,000.
What does this mean for small business?
- Frees up one million low-income earners from needing to lodge a tax return from 2012/13.
- Individuals can now earn up to $20,542 from 2012-13 without paying any net income tax.
- Around 60% of taxpayers receive a minimum tax cut of $300 and no one will be required to pay more income tax