Contact usSpend Money
Purpose
The Spend Money module allows an easy way to enter record the spending of money by the business. For example paying for goods purchased.
Procedure
1. Open MYOB
The Spend Money module allows an easy way to enter record the spending of money by the business. For example paying for goods purchased.
Procedure
1. Open MYOB
2. Click the Banking button
3. Click the Spend Money button.
Tip: The short cut key for this is CRTL+H.
Tip: The short cut key for this is CRTL+H.
4. In the pay from account field enter the account that the payment is being made from. Where the payment is made from a bank account this refers to the relevant bank account. When the payment is made with cash select the Petty Cash/Cash on Hand account.
5. Enter the Cheque Number.
The cheque number is the reference given to the payment. The type of payment method determines what you put in cheque number field. For example:
Cheques: Use the actual cheque number
Electronic payments: Use DD to indicate direct debit unless you are tracking transactions on the individual basis. In this case use the payment reference given by the bank.
Cash transactions and ATM withdrawals: Use CHQ/WDL.
The cheque number is the reference given to the payment. The type of payment method determines what you put in cheque number field. For example:
Cheques: Use the actual cheque number
Electronic payments: Use DD to indicate direct debit unless you are tracking transactions on the individual basis. In this case use the payment reference given by the bank.
Cash transactions and ATM withdrawals: Use CHQ/WDL.
6. Enter the date of the transaction.
7. Enter the amount of the transaction. Where tax inclusive button is ticked ensure this amount includes GST or other relevant taxes in the amount. Conversely, if the tax exclusive button is not ticked do not include the tax.
8. Enter the name of the entity you paid the money to in the card field. For example if you are buying goods this would be the name of the supplier. If the entity does not exist create the card (see separate procedure on creating cards).
MYOB will then prepopulate the memo and payee fields using the information from the card.
MYOB will then prepopulate the memo and payee fields using the information from the card.
9. In the memo field enter any information that will help you remember what this transaction was for. For example November 2012 payment to Newton’s Nerds.
10. Enter the account name(s). This is the category where the expenses are classified.
11. Enter the amount for the relevant account.
11. Enter the amount for the relevant account.
12. Check the tax code is correct. In most cases the tax code will be correctly entered based on the account name stipulated however be sure to check the invoice.
Tip: Bank Charges do not attract GST.
Other things that are typically GST‑free include:
· most basic food
· some exports, international transport and related matters
· some childcare
· water, sewerage and drainage
· supplies of ‘going concerns’
· supplies through inward duty‑free shops
· And international mail.
13. Where a single payment is for more than one category of expense enter more than one line of payment categories. In each line enter the relevant amount and tax code.
Tip: Bank Charges do not attract GST.
Other things that are typically GST‑free include:
· most basic food
· some exports, international transport and related matters
· some childcare
· water, sewerage and drainage
· supplies of ‘going concerns’
· supplies through inward duty‑free shops
· And international mail.
13. Where a single payment is for more than one category of expense enter more than one line of payment categories. In each line enter the relevant amount and tax code.
14. Click the Record button.
