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
The Christmas season can create payroll challenges, but understanding the rules can help you stay compliant. Annual Leave: By law, employees are entitled to four weeks of paid leave per year. To avoid last-minute staffing problems, set clear deadlines for leave requests. Holiday Pay : Employees must be paid for public holidays that fall on their regular workdays. Keeping up-to-date employee records and rosters ensures accurate payment. Christmas Closures : Plan ahead for any business shutdowns. You must provide at least 14 days' notice before a closure. If an employee doesn’t have enough leave, they must be paid 8% of their gross earnings since their start date or their last leave entitlement, minus any leave paid in advance if agreed upon. Cashing Up Leave : If it’s part of the agreement or you choose to allow it, employees may cash up to one week of annual leave each year. However, you cannot pressure them into doing so. Casual Workers : Casual employees should receive an additional 8% on top of their earnings instead of accruing leave, and this must be clearly shown on their pay slips. With careful planning, you can keep payroll running smoothly, allowing both you and your team to enjoy a stress-free holiday season. Feel free to reach out if you need any assistance or clarification.
This time of year can be hard on small businesses. With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Talk to us. We can help.
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