The notes are of a general nature to familiarise clients with MYOB.


•SEPARATE DATA FILE FOR EACH ENTITY

Have you set up a data file ? Do NOT use the Tutorial Data File ! It is easy to set up a data file using the Myob wizard but the resulting Chart of Accounts and Set up of Historical Balances may not be appropriate to your business. We can assist by designing and developing a tailor-made data file and system that will be a pleasure to implement.


•CHEQUE BOOK INPUT & RECONCILIATION


If you do not intend using the Payroll, Sales or Creditors Modules you should get your feet wet by learning how to enter cheques and deposits and reconcile them to your Bank Statements.

The first task is to input from the cheque butts and deposits slips using "Write Cheques" and "Make a Deposit" in the "Command Centre."

Classification codes are listed on the chart of accounts but may be accessed in most parts of the package when the cursor is in the Account code area by pressing "TAB." We are able to design, set up and refine the chart of Accounts as is appropriate for your business.

 Dates - Careful as with most programs, the default is the system date, not the date on your cheque butt! You will easily lose a transaction and confuse the reconciliation process if the wrong date is entered.

Banking - Receive Money

If you are not using the Sales and Receivable modules of MYOB each banking should be inputted directly to CASH RECEIPTS in the CHEQUE BOOK SECTION OF THE COMMAND CENTRE.

Each deposit amount and detail is entered individually (optionally using contact cards for major customers).

Care to alter date to transaction date, change id to one id per bank deposit.

Reconciliation

It is imperative that after inputting the cheque payments and deposits for a given time frame that you then reconcile the cash book balance on the computer back to your bank statements, by clicking each transaction off. We can help you with the procedure here or by telephone . Print the Reconciliation Report and file with the Cash Book Reports. Do not input more than one month prior to reconciling! You may reconcile day by day or week by week for that matter, but get the procedure right before getting in a mess!

 Session Reports

After saving your work, you should get in the habit of printing a "session report" which you may file in a separate binder. You could have a section in the binder to file "Cash Disbursement and Receipts Journals" which effectively are the result of Session Reports.

 Backups

The Program may be set to prompt you to Backup after each Session. We recommend that you acquaint yourself with the very effective "zip" backup included with MYOB.

Payments & Interplay with Purchases (Payables)

Coding Payments for Suppliers

If your business uses the Purchases\Creditors to enter payables, so payments for those items will need to be inputted in the Purchases Command Centre, not the Cheque Book part of the program.

 Care here to avoid mis-coding or duplications. You need to become familiar with the list of suppliers entered via the Payables part of the program. Where a purchase invoice has been entered in the payables section of the Command centre, each suppliers' account must be reconciled and then payment authorised by the Manager.

 The cheque made out to the supplier must be coded to the correct Trade Creditors Account in the General Ledger. At least once a month the Trade Creditors in the General Ledger must be reconciled to the Payables Subsidiary Ledger. There are appropriate Report facilities contained in MYOB for this purpose.

Coding Payments for Payroll

 If one pay cheque or ATM, other Direct debit system is made out to cover several employees, the PAYROLL Module should be utilised with a Payroll "Cheque" Clearing Account. Each payroll cheque (made out to cash ) must be debited to Payroll Clearing Account to zero that account. After each pay is inputted please check that the Clearing Account has been zeroed or reconcile any timing differences.

 A note re Payroll System : Care not to leave it to the computer to calculate PAYE tax on lump sum payments covering more than one pay period !! Check the PAYG tax manually and override the group tax Negative amount as appropriate.

Job Name - Many Applications to help with your Business

Job names (prefixes) may be allocated to every income and expense item but this is not necessary. Some uses for job names include :


•to track superannuation and other expenses (say car expenses) for certain employees •to check profits on certain projects or jobs •matter files for clients of solicitors or architects


Contact Cards

For non-Purchase (payables module) items, you may set up a Card for each supplier or payee and select the appropriate card for each deposit or payment. Change the Card Classification as appropriate to "vendor", "employee" or "customer."

 The more you use card files or job names the more versatile your data retrieval possibilities but the input will be slower.

  Some uses for :


•Contact names include to track subcontractor payments gross of withholdings •To track regular customer payments if not using Receivables.


Amending Prior Transaction Input

You must not attempt to amend the amount of a cheque or deposit after reconciling. (The program issues a warning but if ignored could lead to file corruption. ) Merely list the queries, and after resolving we can effect an adjustment using a "journal" or in some cases amend by "reversal" under telephone instruction. Note that the system is not disturbed if you merely change the classification code after reconciling but do not change a dollar amount.

CREDIT CARD Transactions

Credit card transactions may be taken up by setting up a Separate econcilable Account. Care here as private charges must be debited to a loan account in the case of employer Companies and may be deemed as an unfranked dividend for tax purposes unless they are repayment of credit loan balances. Seek advice here. 

 

REPORTS

You may select This Month or two to three months in Spreadsheet Format for comparison purposes. Quarter by Quarter is useful for budgeting purposes.

Drag the mouse to highlight the month or months you wish.

For example, if the Year has ended, Drag from period 1 to Period 12 or 13 to highlight all periods.

 

These notes are intended as a checklist of some common basic problems only. Please see our disclaimer. Telephone our Firm for professional assistance. Tel (02) 9319 2504