Forum

• # 114100
• Fri 11 Nov 2016 06:36 AM

We have a client who has an Employee with a Novated Lease, but the client is experiencing difficulties in reconciling the entries in MYOB.

We have managed to work out the Pre and Post deductions through wages and also managed to work out the GST claim, but we are unable to work out how to record the GST payable portion.

Is there any step by step instructions available in setting up a Novated Lease in MYOB both on the wages side and the subsequent payment to the organisation.

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• # 114379
• Wed 04 Jan 2017 05:36 AM

Sue B said:

“

We have a client who has an Employee with a Novated Lease, but the client is experiencing difficulties in reconciling the entries in MYOB.

We have managed to work out the Pre and Post deductions through wages and also managed to work out the GST claim, but we are unable to work out how to record the GST payable portion.

Is there any step by step instructions available in setting up a Novated Lease in MYOB both on the wages side and the subsequent payment to the organisation.

”

 Hi Sue,

Have you resolved this query?

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• # 114384
• Wed 04 Jan 2017 11:14 PM

No I am still waiting for a response.

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• # 114388
• Fri 06 Jan 2017 02:13 AM

Either of these two links might assist :

http://www.icb.org.au/Resources/Bookkeeping/Novated-Lease

http://old.icb.org.au/AccessRestricted.aspx?requested=%2fMembers+Area%2fMember+Newsletters%2fFebruary+2012%2fBest+Practice+Bookkeeping+February+2012%2fnovated

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• # 114390
• Fri 06 Jan 2017 02:57 AM

Hi 

Thank you for your reply. I had already looked at these resources, but it didn't help with my client's situation. We are actually trying to work out how to record the GST payable portion on the Novated Lease.

Cheers

Sue

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• # 114391
• Fri 06 Jan 2017 06:30 AM

Hi Sue,

It's a little more complex than the usual set-up, however you could create a payroll category in MYOB and link it to your GST account.  Check this out:

http://community.myob.com/t5/Getting-started-with/Novated-lease-tax-invoice/td-p/139742.

Try it out in Clearwater first and preview various relevant reports before you implement in MYOB.

Happy to assist further.

Kind regards,

Wendy

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• # 114408
• Mon 09 Jan 2017 06:09 AM

Hi Wendy

Thank you for your reply. I have scanned the paperwork which will hopefully explain the problem I have. Is there any way I can attach or send this to you?

Cheers

Sue

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• # 114409
• Mon 09 Jan 2017 09:44 AM

Sue B said:

“

Hi Wendy

 

Thank you for your reply. I have scanned the paperwork which will hopefully explain the problem I have. Is there any way I can attach or send this to you?

 

Cheers

Sue

 

”

 Hi Sue,

Please email support@icb.org.au with your attachment.

Please ensure that you address privacy concerns - no names, TFN, etc.

Regards,

Wendy

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