Is MYOB suitable for personal finances?

T

tony100

I would love to get some opinions on this...

I have recently purchased MYOB for property projects and other business ventures. For the past few years I have been useing Microsoft Money for my personal finances but am considering useing MYOB for my personal finances as well.

I can see three main benefits to this:

1. I can get my bookkeeper to update my personal finances (saving me more time)
2. It might make it easier to generate a single report that shows all incomes and expenses
3. It should help me to "raise the level" on my management of my personal finances

I have only started playing around with MYOB but data entry seems to take longer (being double entry). Perhaps the cost (in time) will be worth it?

I am also concerned that if I do not research it and make the best decision I might find out months down the track that it was a bad decision.

Is anyone doing this (useing MYOB for their personal finances)? Would you recomend for or against?

I'd appreciate any pointers.

Thanks.

Tony
 
ive been considering something like this.
i currently have a little excel spreadsheet that i put figures in, but i dont know how happy i am.. so i might investigate both money and myob.
 
Tony

If you are using it for business, I'd use MYOB for your personal return also.

I use it for everything, once the charts of accounts are set up it is very quick to enter stuff.

You have the bookkeeper anyway.........;)

Any specific questions, feel free to PM me.
 
Agree with Ani.

We use MYOB for bus and personal.

It may be harder initially but it seems to be the Accountants preferred package which means we can zip and send each quarter and end of year to our accountant and work together on tax, fin planing, etc...

Wasted my time with Quicken first.

Peter 14.7
 
Hi Tony,

We use MYOB for our personal finances, We were using Quicken before, but as I use MYOB for everything else, I set up our finances in MYOB as well.

I keep both mine and the Mrs finances on the one data file so we can track our expenses, budgets etc. Once tax time comes she just lifts off what she needs.

The only thing I can't do in MYOB that I could do with Quicken is to produce those lovely charts to show how much we spent on TAKE-AWAY-FOOD :eek:. But you can export the data from MYOB into excel and create a chart. Too much work for this ol boy :D

The thing I really like about using MYOB for our finances is how easy it is to reconcile accounts. I now reconcile all our bank accounts, credit card accounts, cash etc very quickly and keep everything up to date while before it was the end of year nightmare.

Hope this helps
 
KPW said:
The only thing I can't do in MYOB that I could do with Quicken is to produce those lovely charts to show how much we spent on TAKE-AWAY-FOOD :eek:. But you can export the data from MYOB into excel and create a chart.
Click to expand...
That's a worry for me.

In my business, I can claim takeaway food as a deduction.

But I haven't done so. I should.

Besides, I don't buy very much apart from Subway. But I do tend to buy Subway away from home, just to snoop ;)

(Like a dipsomaniac friend, who was a wine producer- he could claim all his wine purchases).
 
Thank you for the replies, particulary from Ani, Peter 14.7 and KPW.

One other thing, becuase I do not have a separate account for IP's (which means rental income and expenses all go into and out of my personal account -although that might change in the future) should I have just one chart of accounts relating to the one bank account? I assume that is the only way to go but reading some of the other posts on IP's in MYOB it appears some people might set up seperate accounts in MYOB but have them linked to the one bank account. Or I might have completely missunderstood (would'nt be the first time).

Tony
 
TheCamel said:
geoff how do you go about that ?

"market research" ?
Click to expand...
Checking other establishments is an essential part of my business. Their pricing may help me to set my pricing- especially for lines we have in common. It helps me to see how the establishment is run, what ideas they might have, what the quality of the food is like.

For me to claim this, I do need to record details in a diary.
 
tony100 said:
Thank you for the replies, particulary from Ani, Peter 14.7 and KPW.

One other thing, becuase I do not have a separate account for IP's (which means rental income and expenses all go into and out of my personal account -although that might change in the future) should I have just one chart of accounts relating to the one bank account? I assume that is the only way to go but reading some of the other posts on IP's in MYOB it appears some people might set up seperate accounts in MYOB but have them linked to the one bank account. Or I might have completely missunderstood (would'nt be the first time).

Tony
Click to expand...

Tony

How does your accountant deal with the IP's in their chart of accounts?
I'd set up what they want basically.Will make it cheaper in the long run:)

Some might have one expense account only for say rates and use a job no for each IP. Others might have acccounts seperate for each property.
eg: Rates-IP #1
Rates-IP #2

Hope that makes sense!
 
Hi Tony,

Not 100% sure what you are saying, so I may be missing the mark.

Basically, your chart of accounts is your data file in MYOB.

If you only have one bank account that you use for everything you should only have one account in your data file/ chart of accounts.

What you can do is break up your ips into individual catagories. You can do this via catagories or jobs in MYOB. Then you can run a report which lifts off the information relating to which ever ip that you want.

Regarding your bank account, what would happens is that when you receive rent from ip1, you'd debit the bank account, credit rent and allocated it to ip1 (catagory or job). With ip2 same thing except you allocated it to ip2 (catagory or job). One bank account but all expenses is allocated....

Hope that makes sense
 
OOpppssss ...... basically what ani said above...:D

That's what happens when you stare at a screen all day long
 
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