Monday, 2 April 2012

Data entry invoice questions

Hi Platinum
I have some questions on data entry of invoices.
I did all the data entry of the invoices first and tried to do the bank and credit card rec but i am totally confused how to do it. Is that something I need to work on daily basis entering all the transaction of particular day and reconcile on that day and move on to the next day or it can be done in the way I have tried to do. I would really be very grateful to you if you could briefly explain me how it can be done in a efficient way.

Also I found some of the coles invoices paid by gift card now is that something we need to record on myob ?
Some restaurant bills and coffee bills. Are all of them meal allowance or not ?
Are all the taxi invoice travel expenditure ?



  1. Hi Niresh,

    Thanks for your questions and please see the advised solution below:

    Bank Rec - I would recommend you to do it on a daily basis. In that case, it is easier to track down which entry is wrong. We do it on a weekly basis in our firm. For those transactions that are missing on your MYOB but appearing on bank statement, just do a catch up entry if it’s legitimate. If you still have problems, just come in any afternoon during the weekday when you finish work, either Jane or myself can show you how to proceed.

    Coles invoice – yes you have to process them as they are all business related expenditure. They are all paid from ‘ loan from director’ account.

    Restaurant bills – if they are from interstate(check the address), they should be coded under meal allowance as they are all expenditures incurred while travelling on business. If it’s from Sydney, it should be coded under Entertainment (dining in) or Staff Amenities (take away);

    Taxi invoices – Yes, they should be coded under Business Travel;

    Hope the above will clear things up for you a bit. Let me know if you need any further help.



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