Provisioning in Balance Sheet
I am wanting to create a few accounts to keep track of liabilities other than Payroll ones (Payroll Tax, Insurance etc). Essentially these are little "buckets" of money that I want to see in the Cur...
Forum Discussion
Hi, Allied_P
Thanks for your post.
You're on the right track! Creating provision accounts in MYOB AccountRight is a great way to track liabilities other than payroll. To create a provision account, go to Lists > Accounts > click New. For more information about this, kindly check out the Help Article: Adding, editing and deleting accounts.
Please let us know if you require further assistance with this.
If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.
Best regards,
Doreen
I will give another example,
Lets say you want to pay a $3000 insurance premium equally over 10 months.
You could do a Journal Dr Insurance Cr Prepaid Insurance for $3000
Allocate to Prepaid Insurance when the payment of $300 is made.
Once again, there can Tax and GST implications (also Accounting cost implications) of your method.
I do believe it is best to do Accounting in MYOB on a Payments basis for Insurances.
Internet Banking has improved over the years.
I understand the Banks provide a listing of upcoming Direct Debit payments. Monthly Statements also list the Direct Debit Payments during the month.
Duncan
