Glad I found this place!

[Anonymous]

Hi Everyone,

First time here...

I work for a small family catering business and have recently taken over the bookkeeping (previously done by the owners father, who rightfully so has had enough!)

I am definately no expert in this field, just the most suitable person available, and consequently have new questions every day.

Will just start with a few...

I have recently bought MYOB to complete bookkeeping tasks, and am reluctant to shell out even more cash to get customer support, so am learning as I go. Today I have been trying to set up a Bank Loan as a liability - we make repayments every month - but can't figure out how to pay form the bank account to this liability. Online help didn't help! Any ideas?

Also we have been debating the issue of PAYE for quite some time now. Most of our employees are working part-time under the tax threshold, but we suspect that the owner may be compensating for this by paying a greater amount of tax in his self assessment. I have tried researching this with Inland Revenue but could do without the jargon. Can anyone dumb it down for me please??? :lol:

Will stop there for now... any help would be much appreciated!

[Alpha]

Hi SM and welcome.

I'm not familiar with MYOB however the principle should be the same no matter what package you use.

You should make a bank payment with the opposite entry being split between the loan account (Capital part) and a profit and loss account probably loan interest paid (Interest part).

If you have an accountant who sorts these things out for you then just post to the loan account and leave the rest to them :)

Also we have been debating the issue of PAYE for quite some time now

Not quite sure who we is if you are an employee of the business could you elaborate please :D

[fastfences]

Hi SM and welcome.

Can't help you with MYOB, although I used to use it in Australia. I don't think many know of it here, but I'm sure on of the accounts wizzes will rally to your cause!!
Cheers, Nigel

[wellnessdirect]

Hi SM,

I used MYOB for a time in my business - I preferred Simply Accounting, and AccPac eventually.

Wouldn't that bank loan be for something specific, a capital purchase? It would end up in a different category then.

Cheers,

Donna

[Anonymous]

That was quick! Thank you for your responses...

Will try the bank payment as recommended, thanks for the tip Alpha. Also, as I mentioned earlier its a family business - this involves my partner's parents (owners), my partner, his sister and myself, and we employ several part-timers. It is registered as a sole trader, but we view it as a partnership. So technically I am an employee with a vested interest I guess! Clear as mud?!?

Thanks for the welcome messsage Nigel! To complicate things even more, I'm actually a kiwi which probably doesn't work in my favour when it comes to business matters here in the UK!

Hi Donna - Had the problem of finding software for a mac, which limited my options somewhat... I'm quite sure I would have problems with any program though! The bank loan was to clear an overdraft - on the bank's recommendation we took the loan route as the fees were lower than an overdraft. Did you mean it would be related to an asset? Any ideas appreciated!

Thanks guys :D

[Alpha]

Wouldn't that bank loan be for something specific, a capital purchase? It would end up in a different category then.

No sorry Donna a loan is a loan irrespective of what it is used for :D

I should have also said just for completeness that to create the loan account of course you will receive money into the bank through a bank receipt and the opposite entry goes to the loan account (Set up as a creditor)...Sorry.

[Jayne]

Hi,

Welcome to the forum :D

Jayne

[fastfences]

Thanks for the welcome messsage Nigel! To complicate things even more, I'm actually a kiwi which probably doesn't work in my favour when it comes to business matters here in the UK!


Business matters? It doesn't work in your favour in ANY matters in the UK :wink:
Cheers, Nigel

[Anonymous]

Thanks for your welcomes and replies...
Will try suggestions tomorrow, bye for now

[Pink Bubbly]

Can I recommend the AAT Bookkeeping course, which you can do distance learning. I got mine through a company called EQL - on the internet.

Like you I took over the running of the accounts when our accounts lady left and it was decided to encorporate my job with hers! I had no previous accounts experience.

I found it invaluable, its done on a disc basis and you learn at your own speed and you can take an AAT exam at the end of it - which as yet I have not done.