All Topics / Legal & Accounting / Which Myob Package

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of yabbiyabbi
    Member
    @yabbi
    Join Date: 2011
    Post Count: 3

    i'm looking at a MYOB  accounting package  for all our finance and investments don't need payroll and able to record details for different investment properties
    Not sure which MYOB Account right standard or account right plus
    Thanks

    Profile photo of DAMPropertyDAMProperty
    Participant
    @damproperty
    Join Date: 2011
    Post Count: 44

    I don't think MYOB or Quickbooks are good for property investing as they are more designed for businesses.  Accountright Plus includes the payroll which you said that you didn't need.  I'm not sure if Quicken will do what you want.

    DAMProperty | DAM Accounting Services
    https://www.damaccountingservices.com.au

    Profile photo of ekghmgekghmg
    Member
    @ekghmg
    Join Date: 2010
    Post Count: 10

    I personally use myob business basics for my private finances (potentially overkill) and my trust with corporate trustee. I have not gone too deep into the standard reports and prefer to dump the trial balance to a spreadsheet/pivot table style management reporting tool I created when I was working for a company that didn’t have very advanced reporting. It really comes down to how detailed you set up your chart of accounts that allows you to break up your management reports or for taxation schedules.

    I would be Interested to hear what others use as I labored over which one to get last year. It really came down to what I felt was more popular (ie possibility of dumping data to the accountant) and what you are more comfortable with. All the majors have a free trial so take them for a test drive with their example company. Consider how many transactions you would need to record and how you would feel recording that many transactions in the program you are trying.

    Good luck, the more effort you put into setting this stuff up it will make it easier to use in the long run (ie not having to constantly come up with work arounds).

    Cheers – Eamon

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619

    Account Right plus includes Payroll, so Standard would be mor than enough.
    I'd look at something like Business Basics (I think that's whatthey still call it), which is much cheaper and would be easier to use.

    Profile photo of DAMPropertyDAMProperty
    Participant
    @damproperty
    Join Date: 2011
    Post Count: 44

    I have designed my own spreadsheets that I use for my investment property bookkeeping business because I couldn't find any software that did what I wanted.  That is, work out my holding costs before tax, after tax, how much did the property cost me to buy, work out borrowing costs, re-allocate depreciation.  The spreadsheets calulate the holding costs for the total property, for each owner, and for my whole portfolio.  I have designed the spreadsheet so that they match the ATO's Rental Property Schedule – all the tax agent does it inputs the figures.  Too easy!

    DAMProperty | DAM Accounting Services
    https://www.damaccountingservices.com.au

    Profile photo of AmnesiaAmnesia
    Participant
    @amnesia
    Join Date: 2011
    Post Count: 7

    Hello, Did you find an investment property owners managment software package.  We have a few investment properties and software to track income and expenses and rental and capital growth would be helpful

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.