Category Archives for "Accounting"

Correcting 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 reading

Accounting 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 […]

Continue reading

Customer Discounts & Returns

Question: 1 We have different price levels for different customers. But it is not permanent, it changes all the time. For instance one shop had 10% discount on May but did not have it in June. What should I do? 2 Also, in purchase command centre in purchase register you can choose returns and debits. […]

Continue reading

Home Office and MYOB

Home Office Percentages Question: I am new to MYOB and have mastered it really well apart from the splits of home and business components e.g. power & phone for GST purposes. My Accountant installed the program with all codes etc but I seem to have a mental block on the home/business divisions. Answer: There are […]

Continue reading

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 reading

Recording 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 reading

Customer 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 reading