Home – New Forums Money matters myob live accounts and how to record income

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  • #978789
    blueute
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    Hi,

    I am using myob live accounts, can someone explain to be how i record income received, when we receive payments for work completed the tax reducations are taken out (voluntary agreement) how do i record all this????

    #1109517
    MyGreatIdea
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    Are you being paid on an invoice you have issued?

    Wendy :)

    #1109518
    blueute
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    No we have a contract with the company to perform such tasks etc

    #1109519
    MyGreatIdea
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    Then there should be a recipient created invoice from them, showing the amount earned, less the tax deducted, and a net balance being paid to you.

    Either way, you simply enter the payment received as the gross to income, tax deducted to an asset account “PAYG Paid” and the net will go to your bank account. The “PAYG Paid” account will build through the year, in the same way that putting money into a separate savings account does – except you don’t have it lol. You will then use that amount (in MYOB) to balance your tax bill at the end of the year.

    But there must be an invoice somewhere to substantiate the payment being made. Just having a contract isn’t enough, there needs to be paperwork to go with the payment.

    Hope this helps

    Wendy :)

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