Setting up Electronic Payments
Electronic Payments to suppliers can be easily made from MYOB AccountRight. It results in just one entry showing on your bank reconciliation window, representing the direct debit from your bank account to your multiple suppliers and saves lots of work paying your creditors and suppliers. This feature also creates the file that your banking software […]
Continue readingRecording Intercompany Loans
Question: Say company A makes a loan to company B. I would like to know if there are different ways of recording it in the MYOB software. Do I go through Banking–> Spend Money–> and mention it is a loan to company B in the memo, in the books of company A and go through […]
Continue readingWhat 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 […]
Continue readingCustomer Payments & undeposited funds
Q: Our company does a lot of cash sales and then we do a banking once a week or so. I enter each sale individually but when I reconcile the bank statement the cash sale amounts don’t show individually on the bank statement, rather it shows the full banking amount for the week. What do […]
Continue readingLinked Accounts (connecting the modules in AccountRight)
How do we ensure our accounting is right when we use MYOB AccountRight as 80% of users have no formal accounting training? The answer to this boils down to MYOB’s famous linked accounts. When MYOB is first setup for a business, you ensure the correct general ledger accounts are selected as the linked accounts. This […]
Continue readingHealth check of your MYOB AccountRight file..
One of the time consuming activities of MYOB consulting is digging for dirt and uncovering entries which have gone astray in clients data files. Just because something is entered, allocated and now out of sight doesn’t mean it’s right. An MYOB accounts person should take a half day out every year to to the following […]
Continue readingCredit Terms & Ageing on Statements
Question: I would be interested to have customer credit terms defined as I have had difficulty assigning the correct terms. For example: If I wanted a customer to pay on the 20th of the month, would I choose: – On a Day of the month and enter 20th in Balance Due date, or – In a given number of days […]
Continue readingAssign correct GST codes to your Accounts List
MYOB AccountRight has standard GST codes as per the list below. Other GST codes may be setup and used to account for Rest Homes, Australian GST and other needs. S15 – GST 15% N-T – No Tax 0% E – Exempt Supply 0% Z – Zero Rated 0% When MYOB AccountRight is initially set up with […]
Continue readingCorrecting an Inventory Out of Balance
Problem: The Inventory Value Reconciliation report shows an out of balance at the bottom. What causes this and what can I do to fix it? Solution: If inventory items have been set up correctly, your inventory asset account balance should only ever fluctuate in accordance with the item sales and purchases you have put into […]
Continue readingAccounting for Hire Purchase Agreements
Question: How do you enter transactions when you purchase a fixed asset using Hire Purchase (HP) from a finance company in MYOB AccountRight? Answer: Create Balance sheet accounts as follows: 1. Asset account called Fixed Asset, GST code S15 2. Liability account called eg: Hire Purchase – ABC Finance, GST code N-T 3. Liability account underneath the Hire Purchase […]
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