More MYOB Questions

I have plenty of MYOB questions.

Setting up expense accounts for recording IP expenses. Is it best to have a single account to record all expenses of a single category for all properties, or have multiple occurences of the same category for each property?

Eg. Chart of accounts looks like this:

6-7000 Investment Property Expenses
6-7100 IP #1
6-7101 Maintenance and Repairs
6-7102 Rates
6-7103 Mortgage Interest

6-7200 IP#2
6-7201 Maintenance and Repairs
6-7202 Rates
6-7203 Mortgage Interest


or Chart of Accounts looks like this:

6-7000 Investment Property Expenses
6-7001 Maintenance and Repairs
6-7002 Rates
6-7003 Mortgage Interest

with all Maintenance and Repairs for all properties recorded against the single expense account.

Preferences anyone?

Pete
 
Hi Peter

I usually find that it works better if you use job numbers

IE IP 1 is job 1 etc

Then you can run a profit and loss for each property

WHen you do your tax return you must itemise the income and expenses for each property.

I have a checklist available for download on my website which is based on the categories in the tax return.

Get your MYOB expenses to be as close to that as possible
to save your tax agent time (and you money)

NickM
 
So use option 2 and allocate a Job number to each property to differentiate between the properties?

I'll have a look a setting up Jobs. It can't be too hard.

Pete

(MYOB spastic)
 
Yes thats right Peter

Keep working at it. You will be fine

At least you know how to open the program, so you are way ahead of most

CHeers
NickM
 
I wish I had clarified this point two years ago when I started entering my data into MYOB. I have a lot of data purification to do, and a lot of changes to make to my Chart of Accounts.

At least I can get it right early(ish) so that I have good records 5-10 and more years down track.

Thanks for the info. My buy for a pint at the Cricketer's Arms.

Pete Noake
 
Jas
It really is personal preference

I personally prefer MYOB and of my business clients I have 1 that uses Quickbooks

Many accountants have the differing views, however i find MYOB a better program and it integrates payroll very well.

I would recommend MYOB over Quickbooks any day, however their annual upgrade fees can be rather high for non business users.

CHeers
NickM
 
You say business clients. And you talk about payrolls.

What about for those without employees? Is what Peter's doing like trying to make a fish sing?

MYOB is a ggod program, but is it right for properties? (and for those without accounting degrees?)

Jas
 
Jas

If property is owned in individual names i usually prepare a simple spreadsheet which is a summary of the annual rent + expenses

if you have multiple properties owned then you may consider a program such as MYOB, particularly if you use a trust as it can provide you with a balance sheet.

NIckm
 
I've been using Money for years, but I'm thinking of upgrading to one or the other. I downloaded MYOB, and didn't get much further than poking around.

I would like a demo copy of quicken - when I went in the store all the different flavours meant nothing to me.

Jas
 
I noticed the other day that westpac are promoting on their business banking site a product called Cashflow manager. Costs around $198 and has a 30 trial period. I have not tried it yet but maybe worth a look.

Darryl
 
G'day Nick M,

I also was interested in starting to input data / create accounts in my MYOB software.
I tried entering an existing IP using the method you suggested, but due to my impompetance I guess I couldn't get the desired result. So instead I entered it via the Accounts general ledger ... all seems to be fine.
Is there any problem doing it this way ?
 
PATOSAN
Journal entries can be confusing

try using Spend money and receive money in the Banking module.

This would be preferred.

Good Luck
NickM
 
Ta NickM,

Confusing ... really. How so ?

Could you help me with using the banking module for entering the existing IP; part from loan acc (detailed cheq) and remainder from Owners Equity.
Step by slow boring step, please.
 
Each entry is entered individually as a cheque
if you are using owners equity then a journal may be more suitable.

any entries that come directly out of the bank acct should be entered in the banking module.

NickM
 
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