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Do you use MYOB Essentials?

Did you know they are releasing new features all the time? Below are some of the new features available (and some old ones you may not be aware of).

Throw away the shoebox

You may be aware of a feature called the "In Tray", where all of your expense receipts and supplier invoices can be sent electronically and used to create Bills. But did you know that these documents can now be attached to any bank feed transaction? When we log in to perform some compliance or advisory work for you, we can also see the supporting documents attached to your bank transaction – and the best part is that your documents are now filed securely in the cloud.  

Some suppliers, (e.g. Officeworks) will send their invoices straight to your In Tray, ready to be matched to a bill or payment.

For more information on the In Tray, click here.

For more information on attaching documents to your bank feed transactions, click here.

Sick of chasing your customer payments?

You can now schedule Essentials to send a reminder to your customers that they have an invoice due at intervals 3 days before, 1 day after and 14 days after the due date. This is a feature that has to be turned on before it will do anything, and it can be turned on only for specific clients if you choose.

For more information on setting up Invoice Reminders, click here.

An oldie, but a goodie: rules!

Arguably the best features of Essentials are the Bank feeds and rules. Bank feeds save you time keying the data from your bank transactions, leaving only the task of allocating them to a reporting category (account), or matching them to a Bill or Invoice. Even better, by setting up some rules, you can have Essentials perform this task automatically as well. For example – do you always shop with the same suppliers for fuel? Tell Essentials that anything from these places are fuel costs, and you won't have to do anything with these transactions again.

For more information on creating rules, click here.

If you would like any information on the above, or if you require assistance, please don't hesitate to contact us.

Additionally, support from MYOB is part of your subscription.

Is there an App for that?

For most of us, our smart phone is keeping us connected to our clients, managing our tasks and organising our day. It can also be a link to your bookkeeping software and record-keeping. Read more…

Drought Relief

You may have heard the announcement that the Government is providing over $1.1 billion in financial support for drought-affected farmers, but not know where to start applying. We have listed below some of the subsidies and payments that you may find helpful Read more…

Sales Suppression Technology

As part of the Black Economy Taskforce findings, it was revealed that some taxpayers have been utilising sales suppression technology to fraudulently under-report their sales, by destroying or manipulating electronic sales records. Read more…

From 1 July 2017, travel expenditure incurred in maintaining or inspecting your residential rental property will no longer be deductible (and also cannot form any part of the cost base). This will affect 2018 and future Income Tax Returns.  Read more…

On 1 April, if you have a headcount of 20 or more employees, you will need to be set up for Single Touch Payroll by 1 July 2018.  Read more…

Farm Business Skills Assistance

Did you know that the Rural Assistance Authority in NSW is offering to reimburse up to 50% (ex GST) of approved training and courses for farmers?

The assistance is capped at $5,000 per person and $9,000 per farm business. For more information, check out the following links:

If you have any further queries, or need help to apply, contact the NSW Rural Assistance Authority.

See these helpful guides below:

If you have any questions, or require further information, please do not hesitate to contact us.

If so, 12.5% of the purchase price must be withheld from the proceeds and paid to the ATO, where the vendor is a foreign resident. The vendor is assumed to be foreign resident unless a clearance certificate is obtained by them from the ATO before settlement.  Read more…

How does it work?


Next steps:  Read more…

Resources

Please click on one of the following links to access additional resources:

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Tamworth Office

82 Brisbane Street
Tamworth, NSW 2340

Phone 02 6766 4716
Fax 02 6766 8155
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27a Little Timor Street
Coonabarabran, NSW 2357
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