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Need payment summary and statement forms?

Posted by   |   June 17th, 2020   |   Categories: Topics

If you made payments this income year to employees that you didn’t report through Single Touch Payroll, you need to: provide each employee with a PAYG payment summary – individual non-business (NAT 0046) by 14 July. Even if you didn’t withhold any tax, lodge a PAYG payment summary statement (NAT 3447) to the ATO by 14 August. The ATO no longer send reminder letters and paper payment summary forms to employers in June however, you can order the forms on their website.

Next step: Order forms through the ATO Publication Ordering Service and search by the NAT number.

If you lodge payroll through Single Touch Payroll (STP) you no longer need to send PAYG payment summaries. Employees can access their summaries via their MyGov login

Monthly reporting for JobKeeper Payments

Posted by   |   June 17th, 2020   |   Categories: Business Fundamentals

If you’ve enrolled for the JobKeeper Payment and identified your eligible employees, you need to make a business monthly declaration to us. You will be able to do this from the 1st to the 14th day of each month, to receive reimbursements for the payments you have made to your employees in the previous month.As part of this declaration, you need to: ensure you’ve paid your eligible employees at least $1,500 (before tax) in each JobKeeper fortnight you’re claiming for. Reconfirm your eligible employees and your contact and financial details. Provide information on your current and projected GST turnover, this isn’t a retest of your eligibility – it will indicate to us how your business is progressing. If your eligible employees change or leave your employment, you need to notify us through this monthly declaration so we can adjust your JobKeeper payments. To lodge your business monthly declaration: log into the business portal using myGov ID, or ATO online services through myGov. If you’re a sole trader complete this step each month you want to claim payments until the end of the program.

If you need additional help completing the Monthly Declaration, please contact Bookkeeping Concepts at

How To Create Automatically Recurring Transactions and Avoid Financially Costly Errors

Posted by   |   January 20th, 2017   |   Categories: MYOB Tutorials, Topics

There are certain functions in Myob AccountRight that can be real time savers, enabling accurate transaction recording, speeding the entering of data and myriad other shortcuts. However, caution is also encouraged as trouble lerks if you become non attentive. Let me give you a real life example!

Over a coffee with a friend who is a business owner, he told me of his tale of caution, and how much it cost him. Now, seriously interested, I leaned in to hear his tales of woe, only to conclude that what happened to him could happen to many business owners.

Jack (not his real name) has many clients he automatically invoices either monthly or quarterly. The invoice amount for each client doesn’t alter and therefore this is an ideal way of generating invoices as it saves enormous time. However, by pure chance, he was perusing his Accounts Receivables Report and noticed that some of his client’s recent invoices weren’t appearing on the report. These invoices were supposed to be created automatically. He couldn’t understand why. He looked at his Recurring Transaction List, saw the names of those clients on that list and said, What the ……! Lacking a good understanding of Myob, he didn’t know how to fix the problem. Why these handful of clients and not all of them? But what made him really upset? Those clients hadn’t been invoiced for over 12 months. The cost? Thousands of dollars. Would he be able to recoup that money from his clients after so much time had elapsed? What would his clients think of his professionalism? Should he cut his losses?

He asked me what I thought was the problem. I wasn’t sure but I suspected I knew the answer. I asked him if I could have a look at his AccountRight program which he gladly agreed to. I saw the problem immediately. As simple as changing a setting in the recurring transaction setup window. Not clicking the correct button at the time of creating the automatically recurring invoice meant the invoices weren’t being automatically recorded. It’s easy to make this error and many businesses with small to mid size customer bases are guilty of doing the same thing and may be unaware of how money they are losing.

If you have any questions about the functions of AccountRight, please leave a comment or send me an email. If you believe this topic has been of benefit, please click the Like button. Better still, subscribe to my blogs or to my YouTube channel for more How To videos on using Myob AccountRight.

I’m Henry from




Why Entering A Supplier’s Bill in Myob Is So Important?

Posted by   |   June 21st, 2016   |   Categories: Business Fundamentals

Hands Up! Are you the typical business owner that when you receive a bill from a supplier, throws it in a folder/tray/desk draw or somewhere on your messy desk/dining room table? Do you say I’ll pay the bill when I have money in the bank? Then completely forget about it and get on with the job of running your business. Out of sight is out of mind. Right!

But is it good business practice? It is if you have a head in the sand approach to your business, wishing that sales just happen and hoping your suppliers don’t push you to pay them.

And what happens when a supplier calls and says he needs to be paid. Do you know off the top of your head how much the supplier is owed? And what if the supplier provides goods or services a number of times a month? Do you take the supplier at his word and post a cheque or EFT the amount he says he is owed? What if he’s made an error? Can happen. Often does happen. As a bookkeeper, I have come across suppliers who re-email an invoice after the payment due date. Now you have two copies of the same invoice. You may pay a bill twice without realizing and never pick up the duplication.

Accounting software allows you to keep track of whom you owe money and when they’re due to be paid. If correctly set up, you will be alerted if an supplier’s invoice number has previously been entered, preventing the possibility of paying an invoice twice. If you can only pay part of a supplier’s bill or multiple bills, no problem, the software keeps a running balance.

Business owners need to know how much they owe their suppliers and when they need to be paid. Keeping on good terms with suppliers is important. If you make a habit of paying your bills on time or early, there is every chance you can negotiate a discount from your supplier. They also need the cash flow and are often quite prepared to come down to your terms. It may not be a huge discount but over a year these discounts really add up and add to your bottom line. Cash is king, and as a business owner you need to ensure tight control of the money flowing out of your business.

Never pay Supplier’s bills from a Statement!

Posted by   |   May 25th, 2016   |   Categories: Business Fundamentals

As business owners, we are busy and for many of us record keeping is sometimes a price too high to bear. If your business is small, you have all the facets of your business in your head, don’t you? Or do you?

What type of business do you run? If you purchase from regular suppliers, there’s a good chance that you buy products and services from your suppliers more than once a month. Do you know off the top of your head how much, to the cent you owe your suppliers? Do you know how old those bills are? Do you know the terms of payment you have established with your suppliers?

As a contract bookkeeper, I can be required by clients to pay supplier’s bills, or in accounting jargon Accounts Payable (A/P). I have taken over the responsibility left by owners or the previous persons paying the bills and been witness to at times huge messes that I have the pleasure (sic) of cleaning up in the role of bookkeeper. It can be an expensive exercise for the business owner to put right.

Does this following scenario sound familiar? You receive a bill/invoice from a courier dropping off products, or you received the bill via fax or email? You drop the supplier’s bill in either a tray, drawer, folder or somewhere on your desk under a pile of other stuff. You forget about it as you go about your busy day. You get rung up weeks later by the supplier chasing you for money, you ask how much you owe, write out a cheque or transfer an amount. A day or so later a statement arrives from that supplier with those same amounts you just paid. You throw that statement in the same areas where you throw your invoices. Finally some time down the track you find the time to pay bills. You pick up the statement, look at the balance amount and write a cheque or transfer the money.

What a mess. You have just paid some bills twice. Now, if the supplier is honest, they will ring and explain the double payment. If they are honest! What should you do?

If you use an accounting software program, enter every invoice you receive from a supplier. If you own a café/ restaurant or you’re a tradie, for example, you may have a running account with various wholesalers, and may receive a number of bills from them during the month.

Keep all the supplier’s bills together, either in a concertina folder, an arch lever folder or any method which makes sense to you. Once the statement arrives, open up your accounting software to the Accounts Payable report. Does the outstanding amount in the Payables Report match the supplier’s statement balance? If not, why? Have you received a duplicate invoice, or maybe a bill wasn’t emailed. If you have entered a bill twice, delete it. If you did not receive a bill or can’t locate it, call the supplier and ask them to re send it. Once you have all the bills that match the supplier’s statement, you’re in control of your accounts.

Positive cashflow in business is hard enough. Don’t make it more difficult by not keeping on top of your bills or double paying. How do you pay your bills?

If you have accounting software or plan to purchase accounting software and would like to learn how to become an expert entering and paying bills, go to and enter your details.

Get Started today, get in contact with us now to discuss your MYOB Training needs no obligation
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