Hi all, hoping someone is able to help me as in speaking with MYOB Support they weren't.
Background: I am the owner of a small but growing business. 5 years in we have reached the NSW Payroll Tax threshold and therefore have had to register for Payroll Tax. Fortunately I have been assessed as having to submit and pay annually which sounds great.
I have searched and cant find anything with regard to how to account for Payroll Tax in MYOB Essentials. Alex the MYOB Essentials expert support I just spoke with suggested I move to I think Account Right yet you cant simply transfer the data from Essentials to AccountRight
I assume I am not the only user of MYOB Essentials to be in this situation and given I am only required to do this annually I hoped someone can share their solution?
My Thoughts: I assume I need to create a Liability account (for example "2-1300 Payroll Tax Payable"). Then each month when I exceed the NSW Payroll tax threshold I need debit Payroll Tax Payable yet basically have no idea where the credit goes or how to actually do this. Then at the end of the year, when I pay it at the end of the year I credit the Payroll Tax Payable account with payment transaction.
Any help would be appreciated and hope the above explains the situation ok.
P.S. I would like to understand this better before approach my accountant so I can be more knowledgable (read: dont appear so stup!d)