DuncanS
6 years agoUltimate Partner
I record Monthly Depreciation and Interest by Journal.
Some (smaller) clients provide information in Excel/Summary format.
I enter Income and Expenses on a monthly/quarterly basis by Journal.
Wages/PAYG - W are also entered on a quarterly basis by Journal.
The Business Owner is provided with a quarterly P&L and Balance Sheet.
It would be beneficial to have Recurring Journal Entries in MYOB Essentials..
Bank Feeds/Bank Rules have diminished the need for Recurring Entries for some businesses..
STP as it stands will require micro businesses to report each pay day using software - my understanding is that the STP requirements for micro businesses are yet to be finalised.
Duncan Smith
Business Advice + Tax
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