MY O B Mind Your Own Business
BEFORE STARTING – NEED TO KNOW……………………………………………………………………………………3
TOPIC 1. TOPIC 2. TOPIC 3. TOPIC 4. TOPIC 5. TOPIC 6. TOPIC 6A. TOPIC 7. TOPIC 8. TOPIC 9. TOPIC 10. TOPIC 10A. TOPIC 11. TOPIC 12. TOPIC 13.
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RESTORE A MYOB FILE AND RENAME THE COMPANY. …………………………………………………5 AMENDING THE ACCOUNTS LIST (CHART OF ACCOUNTS)……………………………………………..7 INSERTING OPENING BALANCES (SET-UP > ACCOUNTS OPENING BALANCES)………………………..9 HOW TO SET UP CARD FILES FOR BOTH CUSTOMERS AND SUPPLIERS. ………………………………10 SETTING UP OPENING BALANCES FOR CUSTOMERS AND SUPPLIERS. ………………………………..11 HOW TO ADD AN INVENTORY ITEM IN ITEMS LIST. ………………………………………………….. 12
HOW TO ENTER OPENING INVENTORY BALANCES………………………………………………….14 HOW TO ENTER GENERAL JOURNAL TRANSACTIONS. ……………………………………………….. 16 HOW TO ENTER BAD DEBTS TRANSACTIONS. ………………………………………………………… 17 HOW TO MAKE AN INVENTORY ADJUSTMENT. ………………………………………………………. 19
BANK RECONCILIATION FOR FIRST MONTH. ………………………………………………………… 20 BANK RECONCILIATION FOR SECOND MONTH……………………………………………………..21 HOW TO CREATE A BACKUP FILE. ……………………………………………………………………22 HOW TO PERFORM AN END-OF-YEAR ROLLOVER. ……………………………………………… 24 GENERATING REPORTS AND OTHER PRINTING. ……………………………………………………. 26
Before starting – Need to Know
When sitting and working on a computer, it is very important to sit correctly.
Understanding the Financial Year
In Australia, the tax year runs from July to June. Most businesses select this as their financial year
2014 Mar Apr Jul Aug Sep Oct Nov Dec 2015 Mar Apr Jul Aug Sep Oct Nov Dec 2016 Mar Apr Jul Aug Sep Oct Nov Dec
The shaded months are the months of the 2015 financial year
Click – Tab – Enter
Left click
Most times you can use the mouse to click on your choice. (Left hand button) Sometimes you can use the right-hand mouse click to short-cut functions (e.g. delete
account in a chart of accounts)
When moving between fields in a transaction entry, use the tab key. Often this will bring up menu choices, auto fill fields, etc. It is also useful to use the tab key as this highlights each field on the page and ensures that you do not leave anything out.
To go backwards hold the Control key down while depressing the tab key.
Use the enter key when finished a field and you wish to move onto a new section. For example, when you are entering sales transactions, after completing a sales line, if you tab, it will allow you to enter another sales line. If you are finished entering the sales, and want to move to the next section, press enter.
Topic 1. Restore a MYOB file and Rename the Company.
Restore a MYOB file
Open any MYOB file to begin. This allows us to have access to the Menu bar.
1. From the main menu bar select File and Restore.
2. This opens the Select File to Restore window where you select the .ZIP file
that you wish to restore. Once you have selected the file, click Open.
3. This opens the Save As window where you select the location where you wish to save the restored file.
You should save your restore file in the H drive.
4. Herethefilenamecanbe
changed if required and Click the Save button.
5. Youwillbepresentedwiththefollowing
message confirming the name and location of the restored file. Click OK.
6. Your MYOB software then begins to open the company file you just restored. If you
see the following Sign-on screen, leave the Password field blank and click the OK
7. If a message appears to remind you to
backup, click No.
You are now ready to start work!
Rename a MYOB Company
1. In the Menu Bar, select SETUP > Company Information to open the Company Information window.
2. Change the Company Name to your business name + your own name.
3. Select OK to accept the change and close the Company Name window.
Topic 2. Amending the Accounts list (Chart of Accounts).
To Edit the Account Names in the Chart of Accounts:
1. Select Accounts > Accounts List from the main menu
2. Select the required tab in the Accounts List Window
3. HEADER accounts are shown in BOLD.
4. Detail accounts are listed below the
5. Select the open arrow next to the account to be changed.
6. Amend the account name (no other
changes) & click OK to accept the change.
To Create in the Chart of Accounts:
1. In the Accounts Command Menu, Select Accounts List
2. In the Accounts List and select the required account type tab.
3. Select NEW to open the Edit Accounts Window.
4. In the Edit Accounts Window, complete the following fields:
a. Account Type
b. Account Number
c. Account Name
Do NOT enter any opening balance here.
5. Click the Details Tab and the Tax Code drop-down arrow.
6. Select the correct Tax-Code from the list and click ‘Use Tax Code” to make the change.
7. Click OK to accept all changes and close all windows.
Topic 3. Inserting opening balances (Set-up > Accounts opening balances).
In an already established business you may need to enter opening balances.
x Setup – Balances (Menu at top of page)
Choose: AccountOpening Balances
Enter the amount in the list
Hint: when you click on a field/number and it turns blue, you can type over it without having to erase it first. You do not need to enter dollar signs.
E.g. to enter Bank Loan $3000, click on the amount for bank loan and just start typing “3000”. It should automatically erase the old number and it will insert decimals and dollar signs.
1 Enter the amounts next to the correct account names.
CARE: If the account has a “contra balance” (eg a liability account with a debit balance), enter the amount as a negative number in MYOB.
2 After entering all the opening account balances, check that this amount is zero.
Topic 4. How to set up card files for both customers and suppliers.
You can create customer and supplier accounts first or you can create them when you insert the opening balances.
1. Choose List
2. Choose New
3. Customer or Supplier?
4. Enter Customer or Supplier name.
5. For SUPPLIERS – choose Buying Details.
For CUSTOMERS – choose Selling Details tab.
Enter ABN Number
You do not need to enter any further information at this stage.
x A.B.N. is an Australian Business Number. All registered business will have an A.B.N. for tax purposes.
x A.B.N. consists of 11 digit numbers.
x All suppliers and service providers must have an A.B.N. Private individuals are not required to have an
Topic 5. Setting up opening balances for customers and suppliers.
Opening Balances – Accounts Receivable (Customer)
Step 1: Opening Balances
In already established business you may need to enter opening balances. Setup – Balances (Menu at top of page)
Step 2: To enter Customer or Supplier Balances (menu at top of screen) SetupÎBalances (Menu at top of page)ÎCustomer Balances
Choose the customer/supplier name Choose [Add Sale] (bottom of screen)
The total of individual Accounts Receivable balances should match with the opening balances of Accounts Receivable Control account in the General Ledger. This is the same concept of Subsidiary Ledger and Control Accounts learned in manual accounting.
Change date to date of opening entries.
Enter Total Including Tax
Topic 6. How to add an Inventory Item in Items List.
At the Command Centre, choose the Inventory book and the Items List option.
1. Select New and the Item Information screen will appear. 2. Enter Item Number
3. Enter Item Name
4. Tick the boxes (all three)
5. Enter the account numbers as indicated in the screen-shot.
6. Click on the Buying Details tab
7. Select Tax Code as GST.
If you wish, you can also enter “ea” (which represents ‘each unit’) as the Buying Unit of Measure;
8. Click on the Selling Details tab;
9. Enter the Base Selling Price;
10. If you wish, enter “ea”(which represents ‘each unit’) as the Selling Unit of Measure;
11. Select Tax Code as GST and;
12. Ensure the Prices are Tax Inclusive box is ticked.
Topic 6a. How to Enter Opening Inventory Balances.
Entering Inventory Count Opening Balances:
1. Select Inventory Command Centre and select Count Inventory.
2. Enter opening inventory quantities in the “Counted” column.
3. Adjust Inventory > Continue
4. Click Opening Balances
5. In the Adjustment Information dialogue box, enter the Inventory Control Account as the Default Adjustment Account.
6. Click Continue
7. In the Adjust Inventory window, enter opening date (eg: 1/6/20xx) and Memo = “Opening Inventory”. For each Inventory Item, enter your opening inventory unit quantities
Click Record
Topic 7. How to enter General Journal Transactions.
Select Accounts command centre
Select Record Journal Entry
Check the correct tax code is applied.
Enter date Enter memo
Enter adjustments, debits and credits
Out of balance must be zero
Topic 8. How to enter Bad Debts transactions.
1. From the Sales Command Centre, select “Enter Sales” to open a new Sales window.
2. Click Layout and select the ‘Miscellaneous” layout option.
3. Complete the required details:
1. Select the required Customer
and complete the Date and Description field.
2. Select the Bad Debts Expense account
3. Enter the amount as a NEGATIVE number and use the correct Tax code
4. Click Record
Bad Debt Transactions cont’d..
5. Still in the Sales Command Centre, select “Sales Register” to open the Register Window.
6. Select the Returns & Credits Tab. The Credit entry just generated will be showing.
7. Complete the Date
8. Click in the Amount Applied space and the full amount of the credit will appear.
9. Click Record
10. If processed correctly, the Customer balance will appear as Zero in the Customer Card List
Topic 9. How to make an Inventory Adjustment.
1. From the Inventory Command Centre, select “Count Inventory” to open the Count Inventory window.
2. Enter the new inventory counts for the required product. The Difference Column will show the number of units the inventory will be adjusted by.
3. Click Adjust Inventory
4. Select the Inventory Adjustment Account from the drop down menu Care: for an inventory surplus, an income account must be selected.
5. Complete the required details in the Date and Memo fields
6. Click Record
Topic 10. Bank Reconciliation for first month.
1. From the Banking Command Centre, select “Reconcile Accounts” to open the Reconciliation Window.
2. Enter the Bank Statement Date and the appropriate Statement Balance.
3. Click in the checkmark column against any cheques that are shown as being presented in the Bank Statement.
4. When all steps are correctly done, the Out of Balance amount will show $0.00
5. Click Reconcile
6. When the Print Report option box appears, select Reconcile
Topic 10a. Bank Reconciliation for second month.
1. From the Banking Command Centre, select “Reconcile Accounts” to open the Reconciliation Window.
2. Enter the Bank Statement Date and the appropriate Statement Balance.
3. Click in the checkmark column against any cheques that are shown as being presented in the Bank Statement.
4. When all steps are correctly done, the Out of Balance amount will show $0.00
5. Click Reconcile
6. When the Print Report option box appears, select Reconcile
Topic 11. How to create a Backup File.
To Backup company file
1. From the main menu bar select File, then Back Up.
2. MYOB Company File Backup window will appear. Select Back up all data. Subsequently, choose the option to Check Company File for errors.
3. A Report Status window will show the progress of the verification process. If errors were found in the verification process you can attempt to fix the file. If no errors
are found you will see the following message at the end of the process:
4. Click the OK button. This opens a window where you can select the location where
you wish to save your backup file. You should save your backup file in the
assessment drive or other place as directed by your teacher.
Select a place to save the back-up
5. Change the name of the BACKUP to a name that is meaningful for you. For
example, “myobfinal_YourClassNumber_Your ClassYear_YourStudentName”. If you follow this format the name will look like: “myobfinal_acf01_2016_BillSmith”.
DO NOT LEAVE SPACES BETWEEN ELEMENTS.
6. Click Ok. Your backup file has been created! It should appear as a Zip file format.
Topic 12. How to Perform an End-of-Year ROLLOVER.
Start a Year
At the end of the financial year, there are steps that must be followed to close the company file and make it ready for the next year.
3⁄4 Daily Transactions
3⁄4 Balance Day Adjustments
3⁄4 Print all documents required
Roll Over Process
1. ChooseFile.
2. ChooseStartaNewYear.
3⁄4 Back-up
3⁄4 Roll over to the next financial period
3. ThenStartaNewFinancialYear.
4. Select“NewYear-Noreport”(ifthisscreenappears)
5. Perform a backup if you have not already done so.
6. Continue.
7. You do not need to make any changes to any screens.
8. Keep selecting continue until the roll-over is complete.
Check your roll-over process
From the Accounts Command Centre, choose Transaction Journal.
Type the date that includes the end date of the new financial year. Choose the “all” tab.
A transaction report similar to the following one (different amounts) should be shown if the rollover has been correctly processed.
Topic 13. Generating Reports and Other Printing.
Printing Journals – All Journals
1. GotoAccountsCommandCentre.Click on Transaction Journal.
2. Setanappropriatedaterangeegfrom01/05/2015to31/05/2015.
3. Selectthe“All”tabtoshowalltypesoforspecifictabsifyouwanttonarrowthe search for transactions.
4. Printthelisting.
Printing Reports – General instructions
1. SelecttherequiredCommandCentreTab
2. SelectReportstoopentheIndextoReportsWindow
3. SelecttherequiredReportName
4. Whenrequired,selectCustomise
5. Underthe‘AdvancedFilters’tab,settherequireddate
6. Whenasked,underthe‘ReportFields’tab,removethetickfromthe‘JobNo.’field. 7. Underthe‘Finishing’tab,removethetickfrom‘IncludeAccountswithNoActivity’. 8. ClickonDisplaytodisplaythereport.
General Ledger
Go to ‘Reports’ menu. Click on
‘Index to Reports’. Select the
‘Accounts’ tab.
Under the ‘Accounts’ subheading, select ‘General Ledger – Detail’. Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the required date range.
Under the ‘Report Fields’ tab, remove the tick from the ‘Job No.’ field.
Under the ‘Finishing’ tab, remove the tick from ‘Include Accounts with No Activity’. Click on Display to display the report.
Trial Balance
Go to ‘Reports’ menu. Click on
‘Index to Reports’. Select the
‘Accounts’ tab.
Under the ‘Accounts’ subheading, select ‘Trial Balance’. Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the required period.
Under the ‘Finishing’ tab, remove the tick from ‘Include $0.00 Balances’. Click on Display to display the report.
Print Income Statement
Go to ‘Reports’ menu. Click on
‘Index to Reports’. Select the
‘Accounts’ tab.
Under the ‘Profit & Loss’ subheading, select ‘Profit & Loss [Accrual]. Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the date range required.
Under the ‘Finishing’ tab, remove the tick from ‘Include $0.00 Balances’. Click on Display to display the report.
Select ‘Print’ or ‘Send To’ > ‘PDF…’ to save the report as a PDF file.
Print Balance Sheet
Go to ‘Reports’ menu. Click on
‘Index to Reports’. Select the
‘Accounts’ tab.
Under the ‘Balance Sheet’ subheading, select ‘Standard Balance Sheet’. Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the date required.
Under the ‘Finishing’ tab, remove the tick from ‘Include $0.00 Balances’. Click on Display to display the report.
Select ‘Print’ or ‘Send To’ > ‘PDF…’ to save the report as a PDF file.
Print Customers and Suppliers Accounts List Detail
Go to ‘Reports’ menu. Click on ‘Index to Reports’. Select the ‘Card’ tab. Under the ‘Cards’ subheading, select ‘Card List Summary.
Click on Display to display the report.
Print a Bank Reconciliation Report
Go to ‘Reports’ menu. Click on ‘Index to Reports’. Select the ‘Banking’ tab. Under the ‘Cheques & Deposits’ subheading, select ‘Reconciliation Report’. Click on ‘Customise’ button under the list of reports.
Under the ‘Advanced Filters’ tab, set the date required.
Under the ‘Finishing’ tab, remove the tick from ‘Separate Pages’. Click on Display to display the report.
Select ‘Print’ or ‘Send To’ > ‘PDF…’ to save the report as a PDF file.
Print Item List using Windows Snipping Tool:
1. Gotothe‘InventoryCommandCentre’.
2. Select‘ItemsList’.
3. Open the Snipping Tool in the Windows Accessories Folder.
4. Click “New” in the Snipping Tool Window.
5. LeftClick&HoldtoselecttheareaoftheItemListtobeprinted.
6. Releasetheleftclickandawindowwiththeselectedprintareawilldisplay.
7. SelectFile>Printtoprinttheselection.
Fitting work on one page
Sometimes you need to fit the work on a page to print it.
Select print preview to see if it will fit on one page
(if this is not an option, then the report automatically fits on one page)
Select print preview
that are not significant. Keep checking the print preview to see if it fits.
Notice the line through the work?
Be careful not to partially delete a heading or the column. Select columns
It is also possible to send the report to another format (Excel, PDF, etc) for later printing or for further analysis and editing. (use ‘SEND TO’ at the bottom of the page to select a format.
This function is not available in Transaction Journals.
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