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Suggested MYOB End of Month Routine
Suggested MYOB End of Month Routine
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By developing an end of month routine, the bank reconciliation, GST reconciliation and monthly trading reports become hassle free and you have more time doing the thing that you went into business to do and not becoming bogged down in administration.
Do this within the first week of each new month and you should have little difficulty meeting the normal GST, payroll (PAYG) and Superannuation monthly or quarterly obligations.
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- Last week of the quarter/month – bring customer invoices up-to-date and post payments as they are received. Likewise with purchases and vendor payments. If time permits do a partial bank reconciliation;<O:P</O:P
First week following the quarter/month start routine in this order:<O:P</O:P
Post any end of month general journals, adjustments etc. (if required)<O:P</O:P
Reconcile bank account - paying attention to direct debits/credits that have a GST component,
Reconcile Sales for quarter/month,<O:P</O:P
Reconcile Purchases for quarter/month,<O:P</O:P
Reconcile GST received (use tax exclusive filter),<O:P</O:P
Reconcile GST paid (use tax exclusive filter),<O:P</O:P
Reconcile PAYG Withholding,
Reconcile Superannuation (not needed for GST, but do this anyway)<O:P</O:P
Print GST cash/accrual summary report (tax inclusive this time)<O:P</O:P
Print other quarterly/monthly reports; profit & loss etc. as required.<O:P</O:P
Connect to BAS link (GST Reports old version or General Ledger latest version);<O:P</O:P
Check BAS links and ensure correct GST codes are linked, be careful in selecting;<O:P</O:P
Run BAS and print forms; (suggest save file as "BAS-Sep01")<O:P</O:P
Lock reporting period from Sep2001 inclusive (security);<O:P</O:P
Back-up your file (suggest save as "BAS-Sep01").<O:P</O:P
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Remember, BAS link can only report GST data you have tagged with a GST code or linked to a specific account. Here are some more tips:<O:P</O:P
- Upgrade to latest version ASAP, currently V11 for MYOB Accounting; 5 Premier;<O:P</O:P
Always allocate a tax code to every entry, use No-tax when not sure;<O:P</O:P
Always use a client/customer card even for the bank fees;<O:P</O:P
Bank fees are GST free, but merchant services include GST;<O:P</O:P
POS, Diners, Amex merchant fees have GST and must be processed through a clearing account;<O:P</O:P
Insurance policies have some non-GST components such as stamp duty (N-T);<O:P</O:P
Telephone bill, watch the GST amount for credits and the bill rounding;<O:P</O:P
Do not over-ride the GST amount when entering data, use adjusting entries;<O:P</O:P
Try doing every entry (invoices/cheques) with the "Tax inclusive" box ticked.<O:P</O:P
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When all else fails give Patricia Winn & Associates a call and book some time to get you on the right track. What ever you do, don’t start losing sleep by leaving the BAS and reconciliations until the last minute or drive yourself to drink from frustration trying to wrestle the programme. Call us on …. 07 3323 3100
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