We are using MYOB but can’t seem to find the “right” chart of accounts where you have more than 1 IP (as 1 set of accounts). Accountant has suggested we use a seperate set for each property.[angry2]
Hoping that someone might have a chart of accounts (MYOB) applicable for multiple IP’s that I might be able to copy.[embarassed]
Ray
To begin and not succeed is not to fail
To never try is to failhi learay
I run myob 13 and if you ring them the will tell you most things over the phone.
my ip are run within my company so its part of our procees.
Ring there help line or your local accountant myob is the most common software so most accounts will be able to tell you if not ring myob in melbournehere to help
Thanks for the reply. I had a similar problem as this with a business some years ago that had multiple streams and unfortunately MYOB staff couldn’t help, but I’ll try them again.
Ray
To begin and not succeed is not to fail
To never try is to failI may be a bit late with my reply but found that by giving each property a job number that I can track expenses and income that way!
marsden has propably given you the easiest way, another is to give each property a separate ‘Heading and then repeat the accounts below each as sub headings – rather messy, but it works. It summates the individual IPs costs in the header account.
….although, if you own them (with the banks) the accoutns could be set up as a sole trader (or company if that is your financial structure) and then it doesn’t matter as you could use one set of accounts for all houses.
….stick with marsdens suggestion.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonThanks for the further advise. Have been looking into it further and it seems that, for us, the most convenient would be using job numbers. Perhaps I have to “train” our accountant a bit more on job numbers?
Ray
To begin and not succeed is not to fail
To never try is to fail
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