personal bookeeping?
- Thread starter rodimus
- Start date
I've given my accountant stuff in Excel. It's accpetable- though you're probably paying high rates just to get the accountant to enter the stuff into their own system.
Ask the accountant what format they prefer, and how much it would cost if it was not in their preferred format.
You can pay a bookkeper to enter stuff into MYOB or whatever system your accountant prefers, at a lot less than the accountant would do it. You may be able to get an accounting student to do work, if it's all straight forward.
Ask the accountant what format they prefer, and how much it would cost if it was not in their preferred format.
You can pay a bookkeper to enter stuff into MYOB or whatever system your accountant prefers, at a lot less than the accountant would do it. You may be able to get an accounting student to do work, if it's all straight forward.
Just Coverted to MYOB
I have just converted my personal record keeping to MYOB Business Basics and it is bloody great. I had used myob previously but had no training on it at all - just fumbled my way through it - correcting a lot of mistakes!!! But i have done accounting before and understand it.
I used to be an employee but have since become a contractor - bout 18 months ago.
I have entered all my info in for the March 06 quarter and its great. Just playing with the reporting blows my mind. Previously iIused Excel to track expenses across a number if different spreadsheets and this was fine, but i really wanted to take control of my 'business' and know where everything is going.
For those interested, this is what i have learnt:
1. most banks will not allow me to export my statements to Business Basics - have use the CSV format - but still having troubles doing this
2. I track all my expenses by using different job numbers eg 100 is my Contracting, 200 personal items, 250 joint items with partner, 300 partner's items, each IP has its own job number and my shares are bundled together 600. This feature is great!!!!
3. A basic understanding of accounting is very helpful - knowledge of debit/credits, nature of Equity (Cr)/Assets (DR)/liabilities (Cr)/Expenses (Dr)/Revenue (Cr) etc
4. I only ever enter the tax details where relevant (GST) eg for my business i do - but for personal expenses i enter N-T (Not Reportable)
5. MYOB has shown me i need to rationalise my bank accounts - some accounts i have just sit there with nominal amounts of money in ($500) - between my partner and I, we have in excess of 15 bank (savings accounts - some opened solely to avoid bank fees on the lot ie if you have 4 accounts they won't charge a $5month account keeping fee.
6. Conversion month - make sure you back date this to the time of your first transaction you wish to enter...otherwise you can't enter any before that date - i entered Jan 06 and can't enter any anything prior to this date - had to start a new file with this info
7. Great for GST
8. Don't think Business Basics has a forward projection cashflow tool - would have been handy for some of the major items - rates, prepay interest etc
I am sure the more i use it, the better i will become at it. I feel very proud for persisting with this and really feel i can now try to get control of my finances better (hopefully)
If anyone is considering using this kind if software - i can recommend it because i sat on the sidelines of this one for more than a year tossing up if i should buy it or not. Should have done this ages ago.
OSS
I have just converted my personal record keeping to MYOB Business Basics and it is bloody great. I had used myob previously but had no training on it at all - just fumbled my way through it - correcting a lot of mistakes!!! But i have done accounting before and understand it.
I used to be an employee but have since become a contractor - bout 18 months ago.
I have entered all my info in for the March 06 quarter and its great. Just playing with the reporting blows my mind. Previously iIused Excel to track expenses across a number if different spreadsheets and this was fine, but i really wanted to take control of my 'business' and know where everything is going.
For those interested, this is what i have learnt:
1. most banks will not allow me to export my statements to Business Basics - have use the CSV format - but still having troubles doing this
2. I track all my expenses by using different job numbers eg 100 is my Contracting, 200 personal items, 250 joint items with partner, 300 partner's items, each IP has its own job number and my shares are bundled together 600. This feature is great!!!!
3. A basic understanding of accounting is very helpful - knowledge of debit/credits, nature of Equity (Cr)/Assets (DR)/liabilities (Cr)/Expenses (Dr)/Revenue (Cr) etc
4. I only ever enter the tax details where relevant (GST) eg for my business i do - but for personal expenses i enter N-T (Not Reportable)
5. MYOB has shown me i need to rationalise my bank accounts - some accounts i have just sit there with nominal amounts of money in ($500) - between my partner and I, we have in excess of 15 bank (savings accounts - some opened solely to avoid bank fees on the lot ie if you have 4 accounts they won't charge a $5month account keeping fee.
6. Conversion month - make sure you back date this to the time of your first transaction you wish to enter...otherwise you can't enter any before that date - i entered Jan 06 and can't enter any anything prior to this date - had to start a new file with this info
7. Great for GST
8. Don't think Business Basics has a forward projection cashflow tool - would have been handy for some of the major items - rates, prepay interest etc
I am sure the more i use it, the better i will become at it. I feel very proud for persisting with this and really feel i can now try to get control of my finances better (hopefully)
If anyone is considering using this kind if software - i can recommend it
because i sat on the sidelines of this one for more than a year tossing up if i should buy it or not. Should have done this ages ago.OSS
