What do I need to have ready to set up an MYOB data file?

To save time and assist with the installation of MYOB AccountRight, you should have the following information ready for your MYOB Certified Consultant:

  • Decide which month is your “conversion month” ie the month you wish to start making entries into MYOB Accounting. This can be any month during the year but ideally it is April or the first month of your financial year.
  • Your latest set of accounts (Balance Sheet and Profit Statement) from your accountant or a list of account codes and descriptions from your previous accounting system
  • A Bank Reconciliation on the last day of the previous month (of conversion). Alternatively a list of unpresented cheques and your bank statement balance should be sufficient.Bank statements, cheque butts and deposit books should be available for your first month on MYOB accounting
  • List of debtors (people who owe you money) on the first day of the month of conversion
  • List of creditors (people who you owe) on the first day of the month of conversion
  • A copy of a well laid out invoice, statement and purchase order (if reqquired) from a supplier or from your previous accounting system. This is needed to create your new stationery in MYOB.
  • A sample of jobs or cost centres which need to be set up in MYOB accounting (if required)
  • A stock count at your month of conversion if you wish to load items to sell or you need to run a full inventory system

If this list seems overwhelming, then get ready what you can and ask your consultant or accountant to help. It is important they communicate over the installation of MYOB as both can assist you get the most from your MYOB investment. For the first 6 months to a year, you may be quite dependent on their help.

Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!