Hi,
I've lost my MYOB for Dummies book!
I am setting up MYOB for my new business (sole trader) which is similar to a franchise (licensing rights). A couple of questions -
1. I borrowed money from family to buy the licensing rights, how/where do I enter this? A loan account ie. from me to business? Do I record it somehow to Licensee? And how would I record loan repayments back to family member? I'm completely confused.
2. I have to pay the Licensee 5% commission on every sale. What would be the best/easiest way to record this? I have to pay commission quarterly.
Thanks in advance.
Angie
NB. Curious - Is there a NZ version of MYOB?