TK | Tekniks PublicaTions PTy lTd

Business Computing Greg PazmandyFourth Edition January 2011 ISBN 978 098 052 624 0

Units CoveredBSBWOR204A Use business technology

BSBWRT301A Write simple documents

BSBITU304A Produce spreadsheets

BSBITU306A Design and produce business documents

BSBITU402A Develop and use complex spreadsheets

Computerised Accounting Using MYOBGreg PazmandySecond Edition July 2010 | ISBN 978 098 052 6226Includes CD & Coverage of Payroll & Asset Manager Pro

Units CoveredFNSACC406A Set up and operate a computerised accounting system

FNSBKG405A Establish and maintain a payroll system

Tekniks books emphasise interactive learning and pair theory with step-by-step practical instruction.

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Self-Check Points Provided

Clear Format

MYOB 18: A Practical Guide to Computer Accounting56 Chapter 3 Creating a Company File and the Accounts List

Editing Accounts

1. Change Account Name: “Cash at Bank”

2. Click OK

Exercise00

Change the name of the Liability Account 2-2000 “Trade Creditors” to “Accounts Payable”

Create New Accounts

1. Click “Asset” Tab

2. Click “New” Button

3. At top of window Select “Detail Account”

4. Account classifi cation is “Asset”

5. Select Account Type: “Fixed Asset”

6. Enter Account Number: “1 - 6110”

7. Press TAB

8. Enter Account Name: “Offi ce Furniture at Cost”

9. Click OK

Step-by-step InstructionsFrequent Exercises

MYOB 18: A Practical Guide to Computer Accounting32 Chapter 2 Spending and Receiving Money

Exercise00

Buying Stationery

On 10 May 2010, Gus’ Gas N Go paid $210.00 to purchase stationery from Penpack Stationery for use in its offi ce. Gus records purchase of stationery to its “Offi ce Supplies” Expense Account.

The tax code for recording this transaction is “GST”.

Record the transaction using the Spend Money Function.

Quick Reference

Guide

WRITE OFF A BAD DEBT

Entered as a negative invoice, then applied to the open invoice.

1. Click Sales Command Centre 2. Click Enter Sales 3. Select relevant Customer 4. Change to Miscellaneous Layout 5. Enter Invoice Number 6. Enter Date 7. Account - Bad Debts expense 8. Enter amount as negative 9. Click Record 10. Click Register 11. Click Returns & Credits 12. Highlight the negative invoice 13. Click Apply to Sale 14. Enter Date 15. Enter Amount Applied 16. Click Record

MYOB 18: A Practical Guide to Computer Accounting Chapter 3 Creating a Company File and the Accounts List 47

Setting up Header and Detail Accounts

The setup of the Accounts List (or chart of accounts) is the basis for the layout of the fi nancial statements. Therefore, it is important that you consider what sections and subtotals you would like included in the fi nancial statements.

Detail Accounts are accounts which are debited and credited by entering transactions in MYOB.

Header Accounts are used to group Detail Accounts according to their layout in the fi nancial statements. Header Accounts cannot be debited or credited and therefore cannot have a balance of their own. Their balances are the sum of all Detail Accounts below the Header Account in the Accounts List.

For example, our Balance Sheet should separate Current Assets from Non-Current Assets, and Current Liabilities from Non-Current Liabilities. In order to distinguish between them in the Balance Sheet, we must create header accounts in the Accounts List. These header accounts tell MYOB which assets or liabilities to present as current or non-current, and where to create subtotals in the Balance Sheet.

1. Click “Asset” Tab .

2. Click the “New” Button .

3. At top of window select “Header Account”.

4. Account classifi cation is “Asset”.

5. Select Account Type: “Asset”.

6. Enter Account Number: “1 - 1000”.

7. Press “Tab” key.

8. Enter Account Name: “CURRENT ASSETS”.

9. Select “Details” Tab .

10. Tick “When Reporting Generate a Sub Total for This Section”.

11. Click “OK” to fi nalise the creation of the “CURRENT ASSET” header account.

You will now see the CURRENT ASSETS account in your Accounts List. Header accounts appear in bold.

Concise Commentary

MYOB 18: A Practical Guide to Computer Accounting Chapter 2 Spending and Receiving Money 35

You can view the journal entry which MYOB is going to record by clicking Edit > Recap Transaction in the tool bar. Notice that using the “FRE” tax code (which stands for GST Free) has meant that MYOB has not recorded any GST Collected.

j. Close the Recap Transaction window and click “Record” to save the transaction.

MYOB 18: A Practical Guide to Computer Accounting18 Chapter 1 Computer-Based Accounting Systems

The MYOB Command Centres

The Command Centres are the main menus of the program, which allow the user to access the most frequently used tasks. The tasks are divided into different Command Centres, depending on their function. Each of the Command Centres can be accessed by clicking the icon in the top section of the MYOB window.

The Accounts Command Centre allows you to control all the account information and activities for business. This includes setup and management of the Accounts List and processing of journal entries.

The Banking Command Centre allows you to complete tasks relating to spending and receiving money. This includes reconciling bank accounts, printing receipts and preparing bank deposits.

The Sales Command Centre allows you to complete tasks relating to sales transactions. This includes recording sales transactions, creating sales receipt, invoices, and customers statements.

The Purchases Command Centre allows you to complete tasks relating to purchase transactions. This includes recording purchase transactions, creating purchase orders, assigning payments to outstanding purchase balances.

The Payroll Command Centre allows you to complete tasks relating to the payment of your employees. This includes accounting for employee entitlements such as Annual Leave and Long Service Leave.

The Inventory Command Centre allows you to complete tasks relating to the control of your inventory.

The Card File Command Centre allows you to enter and manage information about your customers, suppliers, employees and other contacts.

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■ Clear & Concise

■ Input > Process > Output Approach

■ Transferable Skills

■ Integrated Assessment