Hi dudleygb
Thanks for your post and welcome to the Community Forum.
I'd recommend speaking to your accountant about this to ensure you are meeting the ATO obligations for your business structure.
Generally speaking, a sole trader pays income tax on the business income and can't be an employee of the business. This means that invoices would be entered as sales and allocated to income account(s). Any expenses would be entered as purchases and allocated to expense account(s). If you were registered for GST, your BAS would be calculated based on the income and expenses entered. *This is general information so please do check with your accountant.
As sole traders can't be employed by the business you would need to check with your accountant about private drawings and personal super contributions.
For the transfers done before bank feeds was set up, you can record these manually in the software. If they are transfers between your own bank accounts you can record Transfer money transactions. You'll need to manually reconcile them by ticking them in the Reconcile accounts window.
Please let me know if you need further help.
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Thank you Tracey,
This was most helpful thank you very much. I have deleted myself as an employee and I'll definitely find a tax consultant to help me out with the initial setup and the items you mentioned.
I'm just trying to determine if a simple sole-trader setup is worthwhile doing in MYOB as opposed to just using spreadsheets to record income and expenses, super and GST, which I can refer to later for completing BAS and tax returns. I'm trying to see the benefit using the tool as opposed to just keeping a spreadsheet. Maybe using MYOB is just a bit of overkill in my specific scenario.
