Hi all,
I apologise for starting a new post for this as I know there are a lot of similar posts but I have read through them all and am still feeling very confused - I am a sole trader and this is my first year using MYOB and I am very much a beginner at this. I have been paying PAYG installments quarterly to an asset account - PAYG installments 1XXXX but not sure if that is correct.
I have an income tax payable account - 9XXXX and an income tax liability account 2XXXX set up but have not done anything with them yet.
I have already paid the 2015-2016 income tax in March but have not entered it yet due to my confusion.
I gather I need to clear the funds set aside (currently in the asset account) before entering payment from my bank account to liability account, but then how does it show as an 'other expense' separate from my bottom line. I really need a very dumbed down step by step for this I think.
Would anyone be able to help me out?
Thanks,
Shelly.