Using MYOB Essentials? We talk you through how to Prepare a Budget
28 September 2021
You can create as many budgets as you want, and for whatever period length you want – from just one month to a budget that spans a couple of financial years. You can also create multiple budgets for the same period.
To create a budget
- Go to the Reports menu and click Budgets.
- Click Create budget and enter your budget name and the period you want to enter details for.
- Click Create and a blank budget will appear.
- Fill in your budget details in one of three ways:
- Start from scratch: Type the income and expenses you expect, or hope to achieve, for the period directly into the budget edit area.
- Import the previous year’s actual figures:
If you have been using MYOB Essentials for more than 12 months, you can import last year’s actual figures into the budget and make any adjustments for the new year.
To do this, click Import > Import last year’s actuals. Note that this will overwrite amounts already entered in your budget. - Import a CSV file: You can use Microsoft Excel, or another spreadsheet application, to prepare your budget. You can do this by exporting the budget as a CSV file, working on it in Excel and then importing it back into Essentials. Learn more.
- Click Save
Check out the MYOB video here
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As an employer, there are several obligations and expectations set by the Inland Revenue Department (IRD) that you must adhere to. Understanding these requirements is essential for maintaining compliance and avoiding any potential penalties. Let's take a closer look at what the IRD expects from you as an employer. Register as an Employer Before you hire your first employee, you are required to register as an employer with the IRD. This is a crucial first step in ensuring that you can meet all tax and payroll obligations. Accurate Record Keeping The IRD requires you to keep accurate and detailed records of all employment-related transactions. This includes: Employee personal details Wages and salary paid Payroll dates and methods PAYE deductions and remittances Details of benefits or allowances provided to employees Maintaining proper records helps ensure that you are reporting and remitting the correct amounts to the IRD. Deduct PAYE Tax You are responsible for deducting PAYE (Pay As You Earn) tax from your employees' pay. This involves calculating the correct amount of PAYE and ensuring it is deducted from each employee's salary or wages before their net pay is provided. Pay Employer Contributions In addition to PAYE, you may also be responsible for contributing to your employees' social security and retirement benefits, depending on the country you operate in. These contributions are typically paid in conjunction with PAYE tax. Issue Statements and Forms At the end of the tax year or upon employment termination, you should provide each employee with a statement showing their total earnings and PAYE deductions. Additionally, filing the appropriate end-of-year PAYE schedules with the IRD is required. File Employer Returns Employers are required to file regular returns with the IRD, which could be monthly, quarterly, or annually, depending on specific regulations. These returns should accurately report all payroll activities, including PAYE deductions. Handle Tax Codes and Changes It's crucial to apply the correct tax codes for each employee's circumstances. Any changes in employment status or tax code must be updated promptly to ensure accurate tax withholdings. Comply with Audit Requests The IRD may audit your business to ensure compliance with employer obligations. As such, being prepared to provide all requested information and records in a timely manner is vital. Adhering to these expectations from the IRD is not just about compliance; it's about fostering a transparent and trustworthy relationship with your employees and the tax authorities. If you need assistance with understanding or managing your obligations as an employer, consider reaching out to a professional accountant. Our team is here to help you navigate these responsibilities seamlessly, ensuring peace of mind and allowing you to focus on growing your business. Feel free to contact us for further information or assistance.
Thinking of starting your own sole trader business? The Sole Trader Toolkit from the Ministry of Business, Innovation and Employment has all the basic advice you might need.
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