MYOB Assignment Tips and Tricks PDF

Preview

Summary

Download MYOB Assignment Tips and Tricks PDF

Description

22207 MYOB Assignment – Tips & Tricks

Updated 2018 April

MYOB Assignment – Tips and Tricks Key Learning Objective of Assignment: 3 - Apply skills in processing accounting information and preparing financial statements in a manual and computer based environment, taking into account generally accepted accounting principles

A few key tips & tricks 1.

Follow the structure and order of the MYOB Textbook

2. 3.

Back up your Assignment as you go GOOGLE any MYOB queries and check the MYOB Community Support Forums

4.

Edit and review your journals quickly via Accounts -> Transaction Journal -> Update dates -> Select

5.

Arrow ( )for transaction Don’t forget to exclude GST where appropriate and post all the month end journals e.g. Depreciation

6.

Check the Cash, Accounts Receivable, Accounts Payable & Inventory Reconciliations reconcile!

7.

Ask questions on the Discussion Board if you need help

Frequently Asked Questions: 1.

Which Reports do I need to print?

The 6 Reports listed in the Subject Outline. These can be found by selecting Reports -> Index to Reports and clicking the following tabs: Accounts tab 1. Standard Balance Sheet, 2. Profit & Loss [Accrual] Statement, Banking Tab -> scroll down to Transaction Journals heading 3. Cash Receipts Journal, 4. Cash Disbursements Journal, Sales Tab -> Receivables heading 5. Reconciliation Summary. This will print as Receivables Reconciliation [Summary] Purchases tab -> Payables heading 6. Reconciliation Summary. This will print as Payables Reconciliation [Summary] 2.

• • • •

Why are my reconciliations for Cash, Accounts Receivable, Accounts Payable or Inventory not balancing?

Entered the Provision for Doubtful debts into the AR account, rather than the Account The opening balances for the individual debtor, creditor, supplier has not been entered correctly Entered a transaction in the wrong month or year therefore not picked up in the reconciliation for the assignment’s date range You have not updated the “New bank statement balance” from the Bank statement in the Assignment or not included all the outstanding deposits and unpresented cheques 3.

What if I have 13 accounting periods and how to do I change this? th

Your assignment will not be impacted by having a 13 period accounting period, this is used by Accountants to process any year end journals. As the assignment is only for a specific month, do not worry as this cannot be removed depending on the version used, make sure to post all transactions to the correct month and not period 13.

1

22207 MYOB Assignment – Tips & Tricks

4.

Updated 2018 April

Can I use MYOB for Mac?

Yes, see link to 30 day trial for AccountingEdge Pro, the interface will be slightly different to the MYOB Textbook however still can be used. 5.

How do I change the Company name if I have forgotten my Student Number?

Command Bar -> Set up -> Company Information -> Edit Company Details

The textbook is well laid out and sufficient in getting a very good overview of the program and to master the assessment task AND to use the program in real life. Other Useful Items a) MYOB Textbook: MYOB AccountRight Plus 19.12 - A Practical Guide to Computerised Accounting by Greg Pazmandy. January 2018 Edition. ISBN: 978-1-76073-026-0 Available to purchase at: http://learnnowbiz.com/#!/myobhe Read the book from front to back before you make an attempt at the assignment. The book guides you through the program in a logical order. There are plenty of screen prints with explanation on how the program works and how a new file should be set up. This is the textbook referenced in this tips and tricks document. b) Back up your assignment You cannot save files to UTS computers. Save your file to a USB or cloud storage, email yourself the file as an online back up. Read Section 3 in the book where it covers back up procedures and how the file system works. Be particularly careful when working on different computers and copying your files between storage devices. c) Plagiarism As per the subject outline this is an individual assignment! You need to work on your own file from the very beginning. d) Google If you cannot find a solution in the textbook, try googling your question by typing in “MYOB + ”. This should automatically lead you to the MYOB Wiki or wide variety of MYOB Community forum post which may assist. MYOB AccountRight Plus accounting software is commonly used in business so you can find lots of online support in the Accounting space. Googling your question mirrors what you will be expected to do when you work in practice where you will be required to figure out how to use computer software by yourself.

2

22207 MYOB Assignment – Tips & Tricks

Updated 2018 April

Accessing the software •

MYOB AccountRight Plus v19 accessible via selected UTS Library Computers

•

MYOB AccountRightPlus version 19.12 o http://download.myob.com/au/EDU/AU_Plus_EDU.zip

•

MYOB AccountingEdge Pro for Mac – 30 Day Trial Version o http://download.myob.com/au/Compliance_2016/AccountEdge/AccountEdge_Pro_EDU_v 15.5.zip o Interface will be slightly different to the MYOB Textbook however follows the same steps and process

3

22207 MYOB Assignment – Tips & Tricks

Updated 2018 April

Assignment requirements: 1. Set up the business in MYOB • •

Read and use the “Company data” section of your textbook case study. In MYOB Use the Create a new company file assistant to set up your company file.

• •

Use the Company Data in the Case Study. You MUST: o Use your name and student number as the company name o Current financial year = 2018 o Last month of financial year = See case instructions. o Conversion month = See case instructions. o Build your accounts list – you can choose to ‘build your own accounts list’ or ‘start with one of the lists provided.’ If so use choose the industry and type of business that most closely matches the Case Study Question. o

o

o o

Choose where to save your MYOB data file. If you are using a computer at UTS you must remember that your data file will be deleted from the computer once you log off. Remember to save your MYOB data file to a USB or email it to yourself before you log off the computer Enter the ABN as your student number with 0’s added before or after your student number to make an 11 digit number. Read pages 21-24 for information about backing up and accessing your company file. We recommend backing up your company file at the end of every session. For instructions on backup see: https://www.perdisco.com/au/myobLearning/software/backUp.aspx To restore your data file see: https://www.perdisco.com/au/myobLearning/software/restore.aspx Follow the Set-up Operations – PREFERENCES on page 24-26 of your textbook. The main item is to select Setup > Preferences > Security tab .UNTICK the Transactions CAN”T be Changed; They Must be Reversed [System-wide].

2. Modify the chart of accounts •

You may find the following helpful https://www.perdisco.com/au/myobLearning/setup/accountList.aspx

4

22207 MYOB Assignment – Tips & Tricks

Updated 2018 April

3. Enter the opening balances to the general ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory Opening Balances: •

https://www.perdisco.com/au/myobLearning/setup/openingBalances.aspx

•

You should enter all numbers as positive numbers except for the contra accounts accounts, which should be entered as negative numbers. E.g. o Accumulated Depreciation o GST Paid

•

Check that the amount left to be allocated is $0.00 This tells you that debits = credits.

Set up customers: •

Open the Sales Easy Setup assistant by clicking Setup-> Easy Setup Assistant -> Sales

•

Under: o o o o o

o o

Layout select Item Selling Details – Income account select 4-1100 Sales Tax codes – select GST for both Tax codes and Freight Tax codes Payment Information – Payment method select Cheque Linked Accounts:  Account for customer Receipts select 1-1110 Cash at Bank  Account for Undeposited Funds select 1-1180 Undeposited Funds Customer cards - Create the customer cards. Make up the customer names. For additional help see https://www.perdisco.com/au/myobLearning/setup/addCustomer.aspx Historical sales – enter the opening outstanding invoices provided in your case study. Ensure the out of balance amount is $0.00 before continuing

Set up Suppliers •

Open the Purchases Easy Setup assistant by clicking Setup-> Easy Setup Assistant -> Purchases

•

Under: o o o o o o

o

Layout select Item Buying Details – Expense Account select 1-1300 Inventory Control Tax codes – select GST for both Tax codes and Freight Tax codes Payment Information – Payment method select Cheque Linked Accounts:  Account for Paying Bills select 1-1110 Cash at Bank Supplier Cards – Create the supplier cards. Make up the supplier names. Make sure each supplier has an ABN. For additional help see: https://www.perdisco.com/au/myobLearning/setup/addSupplier.aspx although this website only shows suppliers of inventory. Your assignment sets up service providers in customer cards (as well as suppliers of inventory). These service suppliers will need to have additional information changed from their Card Information. Historical purchases – enter the opening outstanding invoices provided in your case study. Ensure the out of balance amount is $0.00 before continuing

Set Up Inventory • •

In the MYOB Command centre, select Inventory Select Items list

•

Select New

• •

Profile tab: Under Item number, enter the Stock Code. Make up unique names for your inventory. Select (tick) the following and select the appropriate account: o I Buy this Item – Cost of Sales Account select 5-1100 Cost of Sales

5

22207 MYOB Assignment – Tips & Tricks

•

•

Updated 2018 April

o I sell this item – Income Account for Tracking Sale select 4-1100 Sales o I Inventory this item – Asset Account for Item Inventory select 1-1300 Inventory Control Buying Details tab: o Tax code when bought select GST o Buying Unit of Measure select 1 o Number of Items per buying unit select 1 o Purchase price and standard cost will be added later Selling Details tab: o Base selling price – enter the Unit Sell Price (excluding GST) o Selling unit of measure – select 1 o Number of Items per Selling Unit – select 1 o Tax code When Sold – select GST

•

After those steps have been performed, click OK and set up another inventory item. The opening balances will be added next.

• •

Opening Inventory Balances: In the inventory command centre, select Adjust inventory

• •

Under Memo type: “Entry of Opening Inventory Balance” Under item number Select the cell and press “Tab” or “Enter” on your computer keyboard to open a window to select the inventory items. Otherwise you can type in the Item Number (Stock code in your assignment) and then type in the Quantity (units) and Unit cost given to you in your assignment. BE VERY CAREFUL to check the total in the AMOUNT column in MYOB matches the Balance column in

• •

your assignment. If you make a mistake and find out later, this can be very hard to fix. So double check your entries here! Click the record button. For additional help see: https://www.perdisco.com/au/myobLearning/inventory/addInventoryItem.aspx Note that this quotes selling prices as inclusive of GST, which is different from your assignment. So under the Selling details tab, do not tick the Prices are Tax inclusive box. Also note that thos has a different process for entering the opening balance of inventory. Do not follow this method, follow the one in your textbook.

Print reports for the month Before printing reports, check the Cash, Accounts Receivables (AR), Accounts Payable (AP), Inventory Reconciliations reconcile! For Cash, this means the bank statement LESS unpresented cheques PLUS outstanding deposits tie back to the general ledger and for AR/AP/Inventory the sub ledgers where you entered transactions ties back to the total Account balance. If the reconciliation shows an out of balance $ figure, it is likely that you have made an error along the way, so go back and check all your entries. If the reconciliation has an out of balance figure of $0, this does not necessarily mean you are correct however a good indication that the books balance. See FAQ for possible reasons why there is an out of balance amount. Don’t forget to include your Student number in the ABN. Only print the 6 reports required in the Subject Outline. All six reports must be included for the assignment to be considered complete otherwise it will not be marked. Be careful to select the correct dates when printing the reports.

6

22207 MYOB Assignment – Tips & Tricks

Updated 2018 April

Printing Reports (Screenshots are examples only) i) Balance Sheet • Reports -> Accounts -> Standard Balance Sheet -> Advanced Fields: Update Dates, Financial Year, use Level 4 Report -> Display

7

22207 MYOB Assignment – Tips & Tricks

•

ii) Profit and Loss Statement Reports -> Accounts -> Standard Balance Sheet -> Update Dates, Financial Year, use Level 4 Report -> Display

iii) •

Updated 2018 April

Cash Receipts Journal

Reports -> Banking -> Cash Receipts -> Update Transaction period -> Display

8

22207 MYOB Assignment – Tips & Tricks

•

iv) Cash Payments Journal Reports -> Banking -> Cash Disbursements -> Update Transaction period -> Display

v) • •

Updated 2018 April

Receivables Reconciliation Summary

Reports -> Sales -> Reconciliation Summary -> Update Dates -> Display Out of Balance should be $0

9

22207 MYOB Assignment – Tips & Tricks

• •

Updated 2018 April

vi) Payables Reconciliation Summary Reports -> Purchases -> Reconciliation Summary -> Update Dates -> Display Out of Balance should be $0

10...