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7th Australian Edition

MYOB® Software

FOR

DUMmIES‰

fprelims.indd 1 22/12/11 8:10 AM


7th Australian Edition

MYOB® Software

FOR

DUMmIES‰

by Veechi Curtis

Wiley Publishing Australia Pty Ltd


MYOB Software For Dummies®, 7th Australian EditionPublished by Wiley Publishing Australia Pty Ltd 42 McDougall Street Milton, Qld 4064www.dummies.comCopyright © 2012 by Wiley Publishing Australia Pty Ltd

National Library of Australia Cataloguing-in-Publication data:

Author: Curtis, Veechi.

Title: MYOB Software For Dummies / Veechi Curtis.

Edition: 7th Australian ed.

ISBN: 978 1 7421 6998 9 (pbk.)

Notes: Includes index.

Subjects: M.Y.O.B. (Computer file)

Accounting — Computer programs.

Small business — Accounting — Computer programs.

Dewey Number: 657.0285536

All rights reserved. No part of this book, including interior design, cover design and icons, may be reproduced or transmitted in any form, by any means (electronic, photocopying, recording or otherwise) without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Contracts & Licensing section of John Wiley & Sons Australia, Ltd, 42 McDougall Street, Milton, Qld 4064, or email [email protected].

Cover image: © iStockphoto.com/Rudyanto Wijaya

Screen captures from MYOB reproduced with permission. Copyright © 2011 MYOB Technology Pty Ltd. MYOB® is a registered trademark of MYOB Technology Pty Ltd and its affiliates.

Microsoft Excel screenshots reprinted with permission from Microsoft Corporation.

Typeset by diacriTech, Chennai, India

Printed in China by Printplus Limited

10 9 8 7 6 5 4 3 2 1

Limit of Liability/Disclaimer of Warranty: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANISATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANISATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ.

Trademarks: Wiley, the Wiley logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Making Everything Easier, dummies.com and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. Wiley Publishing Australia Pty Ltd is not associated with any product or vendor mentioned in this book.


About the AuthorVeechi Curtis loves to teach and communicate with others (just try to stop her talking!). She’s passionate about small business, and loves helping people realise their dreams and succeed.

Born in Scotland, Veechi attended university in Bathurst, New South Wales, where she completed her degree in Accountancy and Business Management. She has been an MYOB Certified Consultant for more than fourteen years, training hundreds of businesses in how to make MYOB software work for them. As a journalist, she has written for many publications including Australian PC World, Australian Personal Computer, Australian Reseller News and CCH Australia Limited, and has also been a columnist for The Sydney Morning Herald.

Running a business in theory is very different from running a business in practice. In MYOB Software For Dummies, Veechi draws on her experience of running her own business over the past fifteen years, as well as her experience in acting as a director on several boards of local businesses and community groups.

Veechi’s first book was the bestselling Making the Most of MYOB Business Software, which is now in its ninth edition. Veechi is also the author of the Australian edition of Small Business For Dummies.

Veechi has three children and lives with her husband in the beautiful Blue Mountains of New South Wales.



DedicationTo Mum, whose courageousness and generosity is an example to live by.

Author’s AcknowledgmentsAs with most things in my life, this book was a team effort. Without my energetic and zany family to encourage me and keep me laughing, I’m sure the first few pages would still be languishing, alone, on my computer. Extra special thanks also go to my husband, John, for his daily jokes and cryptic silliness. (Transforming accounting into a light-hearted subject can be quite a challenge.)


Publisher’s AcknowledgmentsWe’re proud of this book; please send us your comments through our online registration form located at http://dummies.custhelp.com.

Some of the people who helped bring this book to market include the following:

Acquisitions, Editorial and Media Development

Project Editor: Maryanne Phillips

Acquisitions Editor: Rebecca Crisp

Editorial Manager: Hannah Bennett

Proofreader: Liz Goodman

Production

Layout and Graphics: Wiley Composition Services, Wiley Art Studio

Cartoons: Glenn Lumsden

Indexer: Veechi Curtis


Contents at a GlanceIntroduction ................................................................ 1

Part I: The Building Blocks ........................................... 7Chapter 1: Starting from Scratch ..................................................................................... 9Chapter 2: Accounts, Customers and Suppliers .......................................................... 29

Part II: Everyday Activities ........................................ 53Chapter 3: Making Sales .................................................................................................. 55Chapter 4: Here Comes the Money ................................................................................ 79Chapter 5: There Goes Your Cash! .............................................................................. 107Chapter 6: Purchases and Supplier Payments ........................................................... 135Chapter 7: Reconcile Yourself ..................................................................................... 165Chapter 8: Managing Items .......................................................................................... 185Chapter 9: Saving Money on Payday .......................................................................... 215

Part III: Moving On ................................................. 255Chapter 10: Looking Good with Forms ....................................................................... 257Chapter 11: Reporting for Business ............................................................................ 277Chapter 12: The Gist of GST ........................................................................................ 293Chapter 13: Making Electronic Payments .................................................................. 317Chapter 14: Looking After Your Files .......................................................................... 337Chapter 15: Understanding Your Business ................................................................ 361Chapter 16: Keeping Your Company File in Top Shape ............................................ 375

Part IV: The Part of Tens ......................................... 393Chapter 17: Ten (Well, Almost) Perilous Pitfalls ....................................................... 395Chapter 18: Ten Tricks to Speed Up Your Work ........................................................ 401Chapter 19: Ten Tricks (Eight, Actually) to Starting a New Year ............................. 411Chapter 20: Ten Secrets to Upgrading ........................................................................ 419Appendix: MYOB in the Clouds ................................................................................... 431

Index ..................................................................... 437



Table of ContentsIntroduction ................................................................ 1

About This Book ............................................................................................. 1How to Use This Book ................................................................................... 2Conventions Used in This Book .................................................................... 2Different Software Versions ........................................................................... 3How GST Fits in ............................................................................................... 4Foolish Assumptions ...................................................................................... 4How This Book Is Organised ......................................................................... 4

Part I: The Building Blocks .................................................................. 4Part II: Everyday Activities .................................................................. 5Part III: Moving On ................................................................................ 5Part IV: The Part of Tens ...................................................................... 5

Icons Used in This Book ................................................................................ 5

Part I: The Building Blocks .......................................... 7

Chapter 1: Starting from Scratch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Planning for What Lies Ahead ........................................................................ 9

Gathering your wits about you ......................................................... 11Creating your company file ............................................................... 12

Introducing the Easy Setup Assistant ........................................................ 14Getting MYOB to work the way you do ............................................ 15Setting up your accounts ................................................................... 15Preparing for sales .............................................................................. 17Talking about suppliers ...................................................................... 20Bracing for payroll .............................................................................. 21

Getting to Know Each Other ....................................................................... 21Discovering the lingo .......................................................................... 21Understanding what goes where ...................................................... 23

Opening Up, Closing Down .......................................................................... 24Getting back in .................................................................................... 24Activating your file (first time around) ............................................ 25Activating your file (again and again) .............................................. 26Packing up and going home ............................................................... 26

Getting Help, Right Now ............................................................................... 27


xii MYOB Software For Dummies, 7th Australian Edition

Chapter 2: Accounts, Customers and Suppliers . . . . . . . . . . . . . . . . . 29Designing Your Accounts List ..................................................................... 29

Delving deep into accountant-speak ................................................ 30Understanding account types ........................................................... 32Adding your first new account .......................................................... 33Thinking about that pot of gold ........................................................ 34Analysing cost centres and profitability .......................................... 36

Keeping Your Accounts List Looking Good ............................................... 36Putting things in order ....................................................................... 36Grouping apples with apples ............................................................. 37Painting by numbers .......................................................................... 38Getting totalled .................................................................................... 39

Creating New Customers and Suppliers .................................................... 39Defining base rules ............................................................................. 39Entering contact details ..................................................................... 41Organising customers into groups .................................................... 43Adding customer details .................................................................... 44Getting supplier details spot on ........................................................ 45Viewing customer and supplier details ............................................ 46

Looking After Your Lists .............................................................................. 47Making changes ................................................................................... 47Deleting accounts, customers or suppliers ..................................... 48Making accounts, customers or suppliers inactive ........................ 48Merging two into one (ah, young love) ............................................ 49Getting rid of pesky linked accounts ................................................ 50Hunting for that needle in the haystack ........................................... 51

Looking Up Transactions for Accounts, Customers or Suppliers .......... 51

Part II: Everyday Activities ....................................... 53

Chapter 3: Making Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55Recording Your First Sale (Yippee!) ........................................................... 55

Setting up services in your Items List .............................................. 56Billing for hours worked or items sold ............................................ 58Providing a service ............................................................................. 60Taking a professional bent ................................................................. 61Billing for every split second ............................................................ 62Getting invoices how you want ’em .................................................. 64

Meeting GST Requirements ......................................................................... 64Sticking to the letter of the law ......................................................... 65Taxing your brain, taxing your prices .............................................. 65Picking your poison ............................................................................ 66Calculating GST backwards ............................................................... 67


xiii Table of Contents

Looking Things Up ........................................................................................ 67Digging Yourself Out of a Hole .................................................................... 68

Changing or deleting invoices ........................................................... 68Reversing invoices .............................................................................. 69Raising credit notes ............................................................................ 70

Working with Quotes and Sales Orders ...................................................... 72Printing Invoices and Credit Notes ............................................................ 73

Exploring your options ...................................................................... 73Selecting the right form for each occasion ...................................... 74Battling the printing blues ................................................................. 76

Emailing Sales ............................................................................................... 77

Chapter 4: Here Comes the Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Seeing How Much You’re Owed .................................................................. 79Yippee! A Customer Has Paid Up ................................................................ 81

Recording customer payments ......................................................... 82Getting up to speed ............................................................................ 84Finding customer payments .............................................................. 85

Grouping Customer Payments .................................................................... 86Setting up an account for undeposited funds ................................. 87Depositing funds into your bank account ....................................... 87Deleting undeposited fund transfers ................................................ 89

Building Your Survival Kit ........................................................................... 90Changing customer payments ........................................................... 90Deleting customer payments ............................................................. 91Reversing customer payments .......................................................... 92Dealing with underpayments ............................................................ 92Sorting out overpayments ................................................................. 93Matchmaking credits with their debits ............................................ 95Accepting payments in advance ....................................................... 96

Yee Haa! Someone Else Has Given You Money .......................................... 96Recording income that’s not from customers ................................. 97Figuring out which account to pick .................................................. 98Recording bank interest ..................................................................... 99Choosing the correct tax code ........................................................ 100

Sending Customer Statements .................................................................. 100Getting the ball rolling ...................................................................... 101Choosing your statement type ........................................................ 102Smartening up your statement ........................................................ 102

Chasing Money ............................................................................................. 103Set credit limits ................................................................................. 103Show no mercy — cut ‘em off .......................................................... 103Plead, threaten and sweet-talk ........................................................ 104Keep notes of every call and every promise ................................. 105Know when to cut your losses ........................................................ 105


xiv MYOB Software For Dummies, 7th Australian Edition

Chapter 5: There Goes Your Cash! . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107Recording Expenses ................................................................................... 108

Spending money? That’s the fun bit ................................................ 108Picking the right expense account ................................................. 110Splitting an expense across more than one account .................... 111

Managing Your Bank Accounts .................................................................. 113Dealing with multiple bank accounts

(Bahamas, here we come) ............................................................ 113Transferring money from one account to another ....................... 115Keeping track of your bank balance ............................................... 116

Understanding GST (You’ll Be the Only One) ......................................... 116Choosing the right code ................................................................... 117Getting tax codes right, automatically ............................................ 117Calculating GST backwards ............................................................. 118

Locating Transactions ................................................................................ 118Badgering the Bank Register ........................................................... 119Flipping out with Find Transactions ............................................... 119

Covering Your Tracks ................................................................................. 120Deleting transactions ....................................................................... 120Changing transactions ...................................................................... 122Reversing transactions ..................................................................... 123

Playing with Plastic ..................................................................................... 123Owning up to your credit cards ...................................................... 123Confessing your spending ............................................................... 124Paying the price ................................................................................ 126Hanging by a thread .......................................................................... 126

It’s a Petty Business .................................................................................... 127Robbing Peter to pay Paul ............................................................... 127Lock it up, tie it down ....................................................................... 129GST — when petty cash gets pettier .............................................. 130

Shortcuts for Regular Payments ............................................................... 131Setting up a recurring transaction .................................................. 131Recording recurring transactions ................................................... 133

Chapter 6: Purchases and Supplier Payments . . . . . . . . . . . . . . . . . . .135Deciding Whether You Need This in Your Life ........................................ 135Recording Purchase Orders and Bills ...................................................... 137

Ordering up big time ........................................................................ 137Receiving goods when there’s still no bill ..................................... 140Receiving a bill (items only) ............................................................ 141Recording bills for services, not items .......................................... 142

Sending Purchase Orders .......................................................................... 145Giving your purchase order a makeover ....................................... 145Printing purchase orders ................................................................. 146Emailing and faxing purchase orders ............................................. 147


xv Table of Contents

Understanding GST .................................................................................... 148Picking the right tax code for the job ............................................. 148Calculating GST backwards ............................................................. 149Persuading GST to calculate correctly ............................................ 149

Getting Everything Just Right .................................................................... 150Deleting purchases — zap, they’re gone! ........................................ 150Entering credit notes ......................................................................... 151Changing your mind .......................................................................... 151Reversing everything ........................................................................ 151

Paying the Piper ........................................................................................... 152Facing the music (how much do you owe?) ................................... 152Tweaking your Payables reports ..................................................... 153Recording supplier payments .......................................................... 154Paying suppliers electronically ........................................................ 156Taking the short road home ............................................................. 157

Letting Suppliers Know You’ve Sent the Dosh ......................................... 157Emailing remittance advices ............................................................ 158Printing remittance advices.............................................................. 159

Looking Up Purchases and Payments ....................................................... 159Keeping Things in Tune .............................................................................. 160

Recording overpayments .................................................................. 160Recording part-payments or discounts .......................................... 162Fixing up supplier payments ............................................................ 162Zapping bills you know you’ve paid ................................................ 163Matching credits with their debits .................................................. 163Getting rid of odd amounts............................................................... 164

Chapter 7: Reconcile Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165Why You Need to Reconcile Accounts ...................................................... 165Which Accounts to Reconcile .................................................................... 166Getting Ready to Reconcile ........................................................................ 166

Listing uncleared transactions ......................................................... 167Recording bank opening balances ................................................... 167

Reconciling Your Bank Account ................................................................ 169Troubleshooting Tricks .............................................................................. 171

Identifying your starting point ......................................................... 171When you’re faced with a big, black hole ....................................... 172If you’ve forgotten bank charges or interest .................................. 172When stuff disappears but you know it’s there ............................. 173Entering missing transactions on the fly ........................................ 175Fixing mistakes on the run ................................................................ 176Dealing with transactions that can’t be changed .......................... 176Ditching old transactions that won’t go away ............................... 177


xvi MYOB Software For Dummies, 7th Australian Edition

When Your Bank Account Just Won’t Balance ......................................... 178Tricks to try before you kick the cat ............................................... 178Tricks to try before you kick the computer ................................... 179Tricks to try before you kick the bucket......................................... 180Undoing the previous reconciliation ............................................... 181

Keeping Good Records ............................................................................... 183

Chapter 8: Managing Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185Placing Your Bet on the Right Horse ......................................................... 186Working With Your Items List..................................................................... 186

Creating a new item ........................................................................... 187Adding extra descriptions ................................................................ 188Specifying whether you buy, sell or stock items ........................... 189Telling things where to go ................................................................. 191Setting up supplier details ................................................................ 193Getting items organised .................................................................... 195Creating new items from other items .............................................. 196

Doing Your First Head Count ...................................................................... 198Counting is as easy as 1, 2, 3 . . . ...................................................... 198Making sure you got it right ............................................................. 200

Giving Your Items List the Once-Over ....................................................... 202Finding item descriptions and details ............................................. 202Viewing item transactions ................................................................ 203Changing items ................................................................................... 204Deleting items ..................................................................................... 204

Pricing to Sell ............................................................................................... 205Pricing one item at a time ................................................................. 205Pricing a few items at a time............................................................. 205Pricing lots of items in one hit ......................................................... 206Offering special deals ........................................................................ 206Thinking about GST and your item prices ...................................... 207

Fixing Things Up When Stuff Goes Wrong ................................................ 208Adjusting the quantity of an item .................................................... 209Adjusting the cost of an item ........................................................... 210Finding solutions when MYOB doesn’t let you do

an adjustment ................................................................................. 212Standing Up and Counting Down ............................................................... 213

Getting ready for D-Day ..................................................................... 213Doing the grand reckoning ............................................................... 213

Balancing Your Inventory ........................................................................... 214

Chapter 9: Saving Money on Payday . . . . . . . . . . . . . . . . . . . . . . . . . . .215Getting a Head Start .................................................................................... 216

Picking a date ..................................................................................... 216Surviving the Easy Setup interview ................................................. 216Setting up employee details ............................................................. 217Setting up standard pays .................................................................. 221


xvii Table of Contents

Setting Up Wages Categories ...................................................................... 222Paying Up ...................................................................................................... 223

Doing your first pay run .................................................................... 223Working with timesheets .................................................................. 226Producing payslips ............................................................................ 228Keeping everything sweet ................................................................ 228Deleting pays ...................................................................................... 229

Taking a Siesta .............................................................................................. 230Setting up annual leave ..................................................................... 230Preparing for the plague ................................................................... 232Catching up on what’s already owed .............................................. 233Paying annual leave or personal leave ............................................ 234Fixing up leave when it’s up the spout ............................................ 236

Planning for Super ....................................................................................... 236Setting up your super categories ..................................................... 237Ensuring you don’t pay too much super ........................................ 239Dealing with RESC .............................................................................. 240Setting up salary sacrifice super ...................................................... 241Dealing with additional employee super ........................................ 242

Reporting for Super ..................................................................................... 243Reporting on how much super you owe ......................................... 243Recording super payments ............................................................... 244Getting super to balance ................................................................... 245

Withholding PAYG Tax ................................................................................. 246Decoding tax scales ........................................................................... 246Checking your tax tables .................................................................. 246Paying as you go ................................................................................ 247Recording tax payments ................................................................... 248

Producing Payment Summaries ................................................................. 249Setting up payment summaries........................................................ 249Reporting super on payment summaries ....................................... 251Selecting who gets payment summaries ......................................... 251Telling the ATO you did the deed .................................................... 252

Biting the Bullet ........................................................................................... 252Starting a New Payroll Year ........................................................................ 253

Part III: Moving On .................................................. 255

Chapter 10: Looking Good with Forms . . . . . . . . . . . . . . . . . . . . . . . . . .257Understanding What Forms are All About ............................................... 258

Figuring out why good-looking forms are smart ............................ 258Now you see it . . . .............................................................................. 259. . . and now you don’t ........................................................................ 260

Migrating Forms from Old to New ............................................................. 261


xviii MYOB Software For Dummies, 7th Australian Edition

Laying Down the Theory ............................................................................ 261Customising a sale, just like that ..................................................... 262Getting into the lingo ......................................................................... 262Saving when the day is done ............................................................ 263

Choosing What Info to Display .................................................................. 265Getting rid of the dead wood ............................................................ 265Adding new fields and extra columns ............................................. 265Inserting text with a personal touch ............................................... 266Working with tables and connecting data ...................................... 267

Dressing Up for a Night on the Town ........................................................ 268Making things bigger or smaller ...................................................... 268Fiddling with fonts ............................................................................. 268Adding colours willy-nilly ................................................................. 269Moving stuff around .......................................................................... 270Going for that boxed-in look ............................................................. 270Lining everything up ......................................................................... 272

Creating an Image ........................................................................................ 273Previewing Your Handiwork ....................................................................... 274

Creating your very own test bunny ................................................. 274Appreciating that size really does matter ....................................... 274Ironing out the bugs with emailed forms ........................................ 275

Housekeeping Never Ends .......................................................................... 276

Chapter 11: Reporting for Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . .277Five Ways to Cook up a Storm ................................................................... 278Generating Reports ..................................................................................... 278

Adding or removing report columns ............................................... 279Narrowing down the data ................................................................. 280Sorting info in different ways ........................................................... 281Adding the finishing touches ............................................................ 282

Formatting Reports ..................................................................................... 282Changing and adding headers .......................................................... 283Designing your Colosseum ............................................................... 283Bringing out the artist within ........................................................... 284Adding logos, shapes and lines ........................................................ 285

Printing and Saving Reports ....................................................................... 286Getting stuff to fit on one page ......................................................... 286Saving reports for next time around ............................................... 287

Creating Custom Reports When MYOB Doesn’t Fit the Bill ................... 288Getting Excel to fill the gaps ............................................................. 289Paying for a custom report, just for you ......................................... 289


xix Table of Contents

Chapter 12: The Gist of GST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293Understanding Where Everything Fits ...................................................... 293Setting Up Your Tax Codes ......................................................................... 294

Looking for speed? Three’s all you need ........................................ 294Dealing with input-taxed sales or purchases ................................. 296Exporting goods to foreign lands ..................................................... 297Creating a query code when you don’t have a clue ...................... 297Getting rid of excess fat .................................................................... 298

Picking the Right Code ................................................................................ 298Guaranteeing perfection, every time ............................................... 299Setting up Tax Codes in your Accounts List ................................... 300Keeping everything squeaky-clean .................................................. 300Knowing what not to touch .............................................................. 301Dealing with transactions when GST isn’t 10 percent ................... 302Getting personal ................................................................................. 303

Doing the Groundwork for Your Activity Statement ............................... 303Auditing your own accounts ............................................................ 304Checking your opening balances ..................................................... 304Reviewing your final reports ............................................................ 305

Setting Up Your Activity Statement ........................................................... 306Configuring your statement .............................................................. 306Matching codes and accounts.......................................................... 308Saving your settings (don’t forget) .................................................. 310

Finalising Your BAS ...................................................................................... 311Printing your statement .................................................................... 311Recording your payment or refund ................................................. 312Including PAYG tax on your BAS payment ...................................... 313

Making Up for Your Mistakes ..................................................................... 314Fixing mistakes ................................................................................... 315Safeguarding against accidents ........................................................ 315

Chapter 13: Making Electronic Payments . . . . . . . . . . . . . . . . . . . . . . .317Paying Electronically in Three Different Ways ......................................... 318Getting Ready for Electronic Payments .................................................... 319

Setting up employee and supplier details ...................................... 319Hooking up your bank account ........................................................ 320M-Powering yourself — ready or not? ............................................. 321

Making Your First Electronic Payment ...................................................... 324Recording supplier payments .......................................................... 324Recording employee payments ........................................................ 325Marking payments for processing ................................................... 326Transmitting an M-Powered Payments file ..................................... 328Creating and sending a batch payment file .................................... 328

Letting Suppliers Know You’ve Paid Them .............................................. 330


xx MYOB Software For Dummies, 7th Australian Edition

Keeping Track of the Dosh ......................................................................... 331Getting status conscious ................................................................... 331Changing your mind .......................................................................... 332Going back on your word .................................................................. 332Dealing with rejection ....................................................................... 333

Chapter 14: Looking After Your Files . . . . . . . . . . . . . . . . . . . . . . . . . . . .337Opening Your Company File ....................................................................... 337

Firing up MYOB .................................................................................. 338Opening more than one company file at a time ............................. 338Moving your file around .................................................................... 339

Backing Up Is Easy (You Just Have to Do It) ............................................ 340Deciding how often to back up ........................................................ 340Backing up with the latest versions ................................................ 341Backing up in the cloud..................................................................... 343Backing up on a Mac, or with earlier versions ............................... 344Storing your backups — no fibs now .............................................. 344Backing up over a network ............................................................... 345

Resurrecting Data ........................................................................................ 346Restoring your company file (latest versions

of MYOB AccountRight) ................................................................ 346Restoring your file (Macs and earlier versions) ............................ 348Panic! The black hole beckons ......................................................... 349Naming rules and regulations .......................................................... 350

Sharing Data on a Network ......................................................................... 350Adding a network library .................................................................. 352Enabling more than one person to work on your company

file at the same time ....................................................................... 353Looking After Your Data .............................................................................. 353

Doing preventative maintenance ..................................................... 354Verifying your data ............................................................................ 354Optimising data .................................................................................. 356

Sssh! It’s a Secret ......................................................................................... 356Adding an administrator password ................................................. 357Adding new users............................................................................... 358

Chapter 15: Understanding Your Business . . . . . . . . . . . . . . . . . . . . . .361Seeing Where the Money’s Made ............................................................... 362

Finding out how jobs work ............................................................... 362Figuring out how job reporting can work for you .......................... 363Creating a new job ............................................................................. 364Getting rid of jobs .............................................................................. 366Setting up job budgets ...................................................................... 366Budgeting for jobs by the month or by the year ........................... 367

Understanding Financial Statements ........................................................ 368Checking out your bottom line ........................................................ 368Giving your Balance Sheet a health check ...................................... 371


xxi Table of Contents

Working with Budgets and Cashflows ....................................................... 372Deciding whether it’s gruel for dinner tonight ............................... 373Forecasting whether you can afford to eat, or not ........................ 374

Chapter 16: Keeping Your Company File in Top Shape . . . . . . . . . . . .375Lining Up for a Health Check ..................................................................... 375Taking your Temperature: Account Reconciliations ............................... 377

Balancing the scales .......................................................................... 377Other accounts ................................................................................... 378

Going in Deep: The Transaction Review ................................................... 380Reconciling invoices and purchases ............................................... 381Giving inventory a clean bill of health ............................................ 383Troubleshooting inventory when it’s sick ...................................... 383Looking to the future, burying the past .......................................... 384Employing a forensic expert ............................................................. 385Knowing a red herring when you see one ...................................... 386

Dishing Out Medicine: The Tax Review .................................................... 388Splitting hairs ..................................................................................... 388Taking exception ................................................................................ 388Reconciling yourself .......................................................................... 389Making sure the whole deal is spot on ............................................ 389

Heading to the Beach .................................................................................. 391

Part IV: The Part of Tens .......................................... 393

Chapter 17: Ten (Well, Almost) Perilous Pitfalls . . . . . . . . . . . . . . . . . .395Danger — Don’t Delete if Reconciled ........................................................ 395Never Give Away Your Password ............................................................... 396Don’t Stick Your Head in the Sand ............................................................. 397Don’t Fiddle with Linked Accounts ........................................................... 397Don’t Do Things Twice ................................................................................ 398Don’t Try to Do Everything at Once .......................................................... 399Don’t Let Your Bookkeeper Handle Cash ................................................. 399

Chapter 18: Ten Tricks to Speed Up Your Work . . . . . . . . . . . . . . . . . . .401Use All Ten Fingers ...................................................................................... 401Play Memory Games ................................................................................... 402Hurl Your Mouse Out the Window ............................................................. 402Create Cards Wherever Possible ............................................................... 403Move On to Advanced Searches ................................................................ 403Memorise Regular Transactions ................................................................ 405Record Transactions Automatically .......................................................... 405Tell Suppliers Where to Go ......................................................................... 406Stop Printing Stuff ........................................................................................ 407Get Down with the Latest Versions ........................................................... 408


xxii MYOB Software For Dummies, 7th Australian Edition

Chapter 19: Ten Tricks (Eight, Actually) to Starting a New Year . . . .411Give Your Company File the Once-Over ................................................... 411Become an Irritating Pedant ...................................................................... 412Jump the Gun ............................................................................................... 414Lock Yourself Out ........................................................................................ 414Write Your Password on Your Backups .................................................... 415Switch Off Auto Confirmation .................................................................... 415Anticipate the Obvious ............................................................................... 416Communicate More, Communicate Better ............................................... 417

Chapter 20: Ten Secrets to Upgrading . . . . . . . . . . . . . . . . . . . . . . . . . .419Check You Have Enough Muscle ................................................................ 420Contact Your MYOB Partners .................................................................... 421Do the Groundwork ..................................................................................... 421Install the Beast ........................................................................................... 423Run the Actual Upgrade .............................................................................. 424Point Everything in the Right Direction ................................................... 426Revise Your Backup Routines .................................................................... 426Migrate Your Forms and BAS ..................................................................... 427Review User Security and Roles ................................................................ 428Get Acquainted with the Changes ............................................................. 428

Appendix: MYOB in the Clouds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .431Connecting to the Cloud ............................................................................. 431MYOB Online Products ............................................................................... 432

MYOB LiveAccounts .......................................................................... 432MYOB Business Platform .................................................................. 433

Deciding If You’re Ready for the Cloud ..................................................... 433Protecting your private parts ........................................................... 434Understanding the benefits .............................................................. 435Taking the next step .......................................................................... 436

Index ....................................................................... 437


Introduction

Not many people will talk to you in the dead of night, listen without answering back, offer advice whenever asked, and not take up more

than their fair share of the bed. It’s these qualities (and many more besides) that make MYOB software such a perfect companion.

I admit that reaching this comfortable state of cohabitation can take a while. Lots of people feel totally overwhelmed by MYOB at first, but fortunately, the sensation is always temporary. You can do it! I’ve taught MYOB to literally hundreds of people over the years and I’m yet to meet someone who hasn’t mastered the software in the end.

In fact, it’s often the very people who are the most unsure in the beginning who end up being the best bookkeepers. That’s because being cautious pays off in the long run — it’s a quality that carries real worth in accounting. So, however anxious you feel, I’d like to assure you that you can now cast your cares to the wind. Be brave, be confident and read on.

About This BookWhether MYOB software is a complete stranger or an old and trusted friend, my aim in MYOB Software For Dummies is to show you how you can get the most out of this wonderful software. I include a mixture of advice, explanations, warnings (often because I’ve learnt the hard way!) and examples of real-life businesses.

MYOB software isn’t only about producing a set of accounts for tax time. More importantly, it’s about giving you the tools to help you understand your business better. This book does the same thing. Not only do I explain the mechanics of everyday transactions, I also describe how to set up your company file in the best possible way, so that you can see what’s going on in your business.

Last, I understand that your time is precious and you’d much rather be out running your business than wrestling with software. For this reason, I stick to the practicalities and, wherever possible, steer clear of boring theories and explanations. (I’ve even decided to save my treatise on quantum physics for a future edition.)

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2 MYOB Software For Dummies, 7th Australian Edition

How to Use This BookMYOB Software For Dummies isn’t a gripping novel to be read from cover to cover. Even the most determined of readers will go numb after reading relatively few pages. So plan wisely, and read the bits that are most important for you:

5 If you’re a total newbie starting from scratch: I suggest you read Chapter 1 and Chapter 2 before moving on to other areas. That’s because a number of the decisions you make at the beginning affect everything else that follows. A clean start takes a bit of planning and, hopefully, these early chapters help you do just that.

5 If you’re new to MYOB but a company file is already up and running (maybe you’re starting a new job as a bookkeeper): Skip the first half of Chapter 1 and start from the section ‘Getting to Know Each Other’. Then read Chapters 2 and 3 before moving on to other areas.

5 If you’ve been using MYOB for a while but you’ve recently upgraded to the latest version of MYOB AccountRight: I recommend you hop straight to Chapter 20, which provides an overview of the changes that come with the 2011/12 product releases. Then go to Chapter 14, which provides important info about changes to file structure, file management and working on a network. After this, head for the Appendix, which covers the new online features of AccountRight. Last, skim-read the remaining chapters of this book, looking for the special upgrade icon that indicates new features or where something has changed.

Conventions Used in This BookOn occasions, I supply you with step-by-step descriptions of tasks. For each task, I highlight the action itself in bold. If you understand this process, you don’t need to read the blurb underneath, meaning you can whiz through instructions in a few minutes flat. For instance:

1. Click the font tool on your forms toolbar.

The font tool is the third icon along from the right, the one with the two capital ‘T’s.

My point? If you know where the font tool on your forms toolbar is, you don’t have to plough through the description telling you how to find it.


3 Introduction

If a step-by-step instruction consists of menus within menus, then I simplify things further:

1. Choose Setup➪Preferences

This command means you need to choose the Setup menu and then choose the Preferences command.

You may also come across keyboard combinations such as:

Ctrl + P or Cmd + P

This combination means you press and hold the Ctrl key, type the letter P and then release the Ctrl key. Or, if you’re in Mac land, you hold down the Cmd key (the one with the squiggly sign that sits next to the apple key on the bottom row of your keyboard) and then type the letter P before releasing the Cmd key.

Different Software VersionsAlthough a certain amount of hullabaloo reigns about the different MYOB software versions, you won’t find that version differences affect this book unduly. I have written this book with the latest version of MYOB AccountRight (released in 2011/12) in mind, including AccountRight Basics, FirstEdge, AccountRight Standard, AccountRight Plus, AccountEdge and AccountRight Premier. (This book doesn’t include info about LiveAccounts.) Where features in the 2011 and 2012 releases differ substantially from features in earlier versions, I explain how both versions function. As far as the different MYOB products are concerned, I explain tasks in a way relevant to the product you have. On the whole, this is easy because the core accounting activities in each family member are identical. However, if you have AccountRight Basics or FirstEdge, you may come across references to features that don’t exist, such as inventory or payroll, and occasionally there are slightly different ways of doing things. I point out these differences wherever possible.

This book is suitable for PCs (Windows) and Macintosh computers. The beauty of a purple iMac may be hard to ignore, but MYOB software is not guilty of favouritism. Most of the features and procedures in MYOB software are identical, whichever camp you belong to, and in the few circumstances where they do differ, I point out the correct commands for each.



How GST Fits inAlthough Chapter 12 is exclusively about GST and nothing else, the truth of the matter is that GST affects almost every transaction. Because of this, items relating to GST are scattered throughout most chapters and, to make them easy to spot, they’re flagged with a special GST icon.

This book doesn’t attempt to provide an explanation of the intricacies of GST, or impart advice on the many different GST rulings. Instead, I focus on how to account for GST in everyday transactions and produce your Business Activity Statement with a minimum of fuss.

Foolish AssumptionsOver the years, I’ve learnt to assume as little as possible. However, to write this book, I did have to make two small assumptions about you, the reader:

5 Your knowledge of computers and how they work is a little more advanced than knowing where to find the on/off switch.

5 You already have a copy of MYOB software, or you plan to purchase a copy of MYOB software.

How This Book is OrganisedMYOB Software For Dummies, 7th Australian Edition, is divided into four parts.

Part I: The Building BlocksThe first part of this book is the stuff you need to know when you first set up MYOB software. I talk about the initial setup interview, what the Accounts List is all about, and explain how to set up lists for customers and suppliers.


5 Introduction

Part II: Everyday ActivitiesThis part deals with everyday business transactions. Making sales and receiving money (the fun bit), making purchases and shelling out money (the not-so-fun bit), handling inventory and paying employees.

Part III: Moving OnThis part covers a range of topics including customising your own business forms, creating custom reports, backing up your files, coming to grips with GST and paying employees and suppliers electronically. I also dedicate a whole chapter to understanding financial statements and analysing where you make your money, and where you don’t.

Part IV: The Part of TensThis is the list (but not last) part of the book. It provides a list of pitfalls to avoid and a list of tips to help speed your work. I’ve even included a list that explains everything you need to know about closing a financial year, as well as a new chapter about upgrading your company file to the latest version of MYOB AccountRight.

At the end of the Part of Tens is a little bonus chapter (affectionately called the Appendix) which talks about cloud accounting, the new trend in accounting software that enables you to store and work with your data online, in the cloud. The whole range of MYOB accounting software is now available in the cloud, and I talk about the pros and cons of working in this way.

Icons Used in This BookWhat use is a For Dummies book without the little icons pointing you in the right direction? Here’s a brief description of the icons used in this book.

Want to be streets ahead of the competition? Then look for this handy icon.

You guessed it! This icon marks content relating to everyone’s favourite topic — the beloved Goods and Services Tax.

GST



The other big change that’s happened is that you can now work with MYOB in the cloud, meaning that you store your data online, rather than on your own computer. For information about the cloud, look for the cloud icon that appears throughout this book, or skip ahead to the Appendix.

This icon highlights some of the features of MYOB software that aren’t quite set at the time of writing. You can check www.myob.com.au (or www.veechicurtis.com.au) at any time for up-to-the-minute information about new MYOB features.

Don’t forget these little pearls of wisdom. Remember, remember, remember!

This icon flags tricky procedures or in-depth detail. Depending on your level of skills, you may want to ask your accountant for further advice on topics marked with this icon.

Tips are the little ways to make life easier, including shortcuts and handy brainwaves.

This icon flags features that are new to the latest versions of MYOB AccountRight.

Warning icons are serious stuff. If you want to keep your accounts clean and mean, read warnings carefully and take heed.

UPGRADING


Documents

7th Australian Edition - download.e-bookshelf.de filepractice. In MYOB Software For Dummies, Veechi draws on her experience of running her own business over the past fifteen years,