MYOB for Accountants using MYOB Accounting v18

Transcription

1 MYOB for Accountants using MYOB Accounting v18 Preface This workbook was written for training with those clients who already have a basic knowledge of MYOB Accounting and need to know the ins and outs, advanced features and how to fix errors. Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Unit 6 Unit 7 Setting up an MYOB data file, concentrating on linked accounts and levels. Working in Two Financial Years, purging and new financial years Reconciling your Cheque Account and handling reconciling errors End of Year Adjustments, journals and reporting MYOB and GST handling many complicated GST issues Budgets entering budget figures and reporting Job Management, Budgets and Categories using jobs, job budgets and categories to enhance reporting. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB Accounting and assure the user that the data is being entered accurately. The outstanding feature of this book is the drilling down of transactions to explain what is happening in the data file to assist in the understanding of how MYOB Accounting works. This workbook can be covered in a ONE-DAY workshop provided participants have a solid background of the basics of MYOB. MYOB for Accountants Table of Contents Copyright 2010 Software Publications Pty Ltd

2 Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB Accounting, MYOB Accounting Plus, MYOB BusinessBasics, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M- Powered Bank Statements, MYOB M-Powered Invoices, MYOB M-Powered MoneyController, MYOB M-Powered Payments, MYOB ODBC Direct, MYOB PowerPay, MYOB Premier and MYOB Premier Enterprise are registered trademarks or trademarks of MYOB Technology Pty Ltd and their use is prohibited without prior consent. Ceedata, Solution 6 MAS and Xlon are registered trademarks or trademarks of Solution 6 Holdings Limited, a member of the MYOB group. Bpay is a registered trademark of Bpay Pty Ltd, ABN MasterCard is a registered trademark of MasterCard International Inc. Microsoft, Access, Excel, Internet Explorer, Office, Outlook, Smart Tags, Windows and Word are registered trademarks or trademarks of Microsoft Corporation in the United States or other countries. VISA is a registered trademark of Visa International Service Association. Other products mentioned may be service marks, trademarks or registered trademarks of their respective owners. Screen captures from MYOB Accounting Plus v18 reproduced with permission. Limitations of Liability: This material is designed to provide basic information on how to use MYOB Accounting/Accounting Plus v18. Because business circumstances can vary greatly, the material is not designed to provide specific GST or business advice for particular circumstances. Also, because aspects of the GST are complex and detailed, the material is not designed to comprehensively cover all aspects of the GST. Further, the laws implementing GST and rulings and decisions under those laws may change. Before you rely on this material for any important matter for your business, you should make your own enquiries about whether the material is relevant and still current, and whether it deals accurately and completely with that particular matter; and as appropriate, seek your own professional advice relevant to that particular matter. This information is for the general information of MYOB clients and is not to be taken as a substitute for specific advice. Consequently Software Publications will accept no responsibility to any person who acts on information herein without consultation with Software Publications. The information in this book is relevant to MYOB Accounting Plus v18. Earlier or later versions of MYOB software could change the instructions in this workbook.

3 Unit 4 End of Year Adjustments and Reporting Learning Outcomes Enter stocktake figures periodic inventory Enter purchase of an asset Record depreciation Record end of year adjustments Print end of year reports What to do at the End of the Financial Year On 30 June, you can just keep entering data. Anything dated 1 July will be stored in the next financial year. You only Start a New Year when all the transactions for the old year have been entered this could be October of the current year or even January next year. Open the data file used in Unit 3 for {Your Name} Copy Centre a business with a copy centre and also a Snack Bar for a quick coffee while copying and laminating. Copyright 2010 Software Publications Pty Ltd MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting 49

4 Recording Stock Figure on Hand Snack Bar [not inventoried] The stock of food in the Snack Bar on 30/6/financial year was valued at $ To enter the Snack Bar Stock on Hand figure: (iii) Select the Accounts Command Centre. Select Record Journal Entry. To record the transfer of opening stock, Stock on Hand 1/7/financial year [$200], to Cost of Sales key in the following transaction: The 13 th period can be used to record adjustments so that the June figures are not distorted. SELECT the account number for Opening Stock, then key in 200 in the Debit column. Press ENTER. Now key in the second line in a similar way, amount to be keyed in the credit column. (iv) (v) Click on Record to record this entry. To record the closing Stock on Hand valued at $ on 30/6/financial year, key in the following transaction: (vi) Click on Record to record this entry. 50 MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting Copyright 2010 Software Publications Pty Ltd

5 Recording Stock Figure on Hand Pens [not inventoried] The closing value of pens on 30/6/financial year was valued at $0.00. The opening value of pens on 1/7/financial year was $ In this exercise, no more pens were bought or sold. The pens in stock have been taken for office use. To enter the office use of the Pens: Key in the following Journal entry in Record Journal Entry : Record the transaction. [GST was accounted for when goods were purchased - change Tax Code to N-T.] Return to the Command Centre. Viewing your Balance Sheet end of financial year View your Balance Sheet using Analysis in the Command Panel. [Remember to use the Search Icon.] In Filters, select P13. [*30/6/09 is P13 adjustments]. Your stock figures should now look like this. Copyright 2010 Software Publications Pty Ltd MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting 51

6 Return to the Command Centre. Recording the Purchase of an Asset Bank Loan A new computer valued at $3,300 including GST was purchased on 30/6/financial year. An extension to the Bank Loan was received to pay for the computer When reporting GST on a Cash Basis, you must never record a purchase on credit using a General Journal entry because MYOB reports journal entries in GST Cash reports. This of course would be incorrect. General Journal entries can be used when reporting GST on an Accrual Basis or when the purchase has been paid for. Capital Acquisitions [eg computer] need to be accounted for on the Business Activity Statement in a separate field [at G10 ]. The Tax Code CAP [or GCA] is used to distinguish this purchase from GST Tax Codes. Enter the purchase of the computer using an extension to the Bank Loan using a General Journal entry like this. Note the following: Amount entered was $3,300, therefore Tax Inclusive must be selected. The $300 represents GST Paid, therefore the Purchase [Acquisition] button must be selected. [ Sales button would result in GST Collected.] The Spend Money window could have also been used. Record the transaction. Return to the Command Centre. 52 MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting Copyright 2010 Software Publications Pty Ltd

7 Accounting for Prepaid Expenses To account for Prepaid Expenses ie expenses paid in advance, create a new ASSET Account for Prepaid Expenses account number like this: (iii) (iv) Select the Accounts Command Centre. Select Accounts List. Click on the Asset TAB. Click on New and create a new account like this: (v) (vi) (vii) Click on OK. Return to the Command Centre. Key in the following payment in Spend Money. Cheque Butt No: June/09 To: Ace Advertising For: Advertising Contract for 6 mths [June Nov] This cheque $ [inc GST] Key in the name and select NEW to create a new Supplier card for Ace Advertising. [Allocate to Prepaid Expenses.] Your Spend Money window will look like this. Copyright 2010 Software Publications Pty Ltd MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting 53

8 Accounting for Prepaid Expenses [cont] To account for the Advertising for the month of June [ie 1/6 th of $300 the GST exclusive amount] = $50 [GST component has already been accounted for {therefore use N-T code}]: In the Accounts Command Centre, select Record Journal Entry. Key in the following entry: (iii) Record the Prepaid Expenses entry. Return to the Command Centre. Note: A similar entry would be made at the end of July, August, September, October and November to account for the advertising for that month. 54 MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting Copyright 2010 Software Publications Pty Ltd

9 Accounting for Accrued Income An insurance refund is owing to the business, but the amount and no paperwork has been received. The amount of insurance refund [no GST applicable] is $2, (iii) To account for this Accrued [owing] Income, create a new Asset Account for Accrued Income account number In the Accounts Command Centre, select Record Journal Entry. Key in the following entry. (iv) Record the Accrued Income entry. When the payment is received, the amount will be allocated to the Accrued Income account, not Miscellaneous Income because the income belonged to the previous financial year. Return to the Command Centre. Note: Prepaid Income and Accrued Expenses would be handled in a similar manner. Copyright 2010 Software Publications Pty Ltd MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting 55

10 Recording Depreciation The entry for depreciation [also known as Capital Allowance] is keyed in using a General Journal Entry. MYOB s General Journal allows posting of accounts to the General Ledger only. Entries to be posted to customer and supplier ledgers and inventory MUST be entered in Sales, Purchases and Inventory Command Centres. Transaction: On 30 June, xx, depreciate Equipment $1, To record depreciation written off: Select Accounts Command Centre. Select Record Journal Entry. (iii) Key in the date *30/6/09. (iv) Key in Memo eg Depreciation on Equipment and complete your entry like this. (v) Record the entry. Return to the Command Centre. 56 MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting Copyright 2010 Software Publications Pty Ltd

11 Finalising your Data File At the end of your financial year, you would: Enter your stocktake figures. Make the necessary adjustments to your accounts such as the prepayments and accruals, depreciation. Reconcile your Cheque A/c, Visa Credit Card A/c, Loan A/c etc. Reconcile Debtors, Creditors, Inventory and Payroll if appropriate. [see GST unit] Check GST Paid and Collected during the year reconciles with the figures reported on your BAS. [see unit on GST and preparing your Business Activity Statement] Check your General Ledger [Detail] report for accuracy. [see below] Run the Company Data Auditor [see unit on preparing the Business Activity Statement] PRINTOUT General Ledger [Detail] report To check the accuracy of all transactions entered in your data file: (iii) (iv) (v) Select Reports in the Command Panel. Select Accounts TAB. Select General Ledger [Detail] report ie point to report and doubleclick. In Report Customisation select All Accounts for the appropriate date range ie 1/2/09 to *30/6/09. Select the Report Field TAB and deselect Job and Activity columns. [These fields are not required in this report for this business.] (vi) Select the Finishing TAB and deselect Include Accounts with no Activity. Copyright 2010 Software Publications Pty Ltd MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting 57

12 (vii) Display your report. You can make columns wider or narrower by dragging the required so that your report now looks like this. to the right or left as This report tells the story about your business. An extract from your General Ledger is printed below Extract - GENERAL LEDGER [Detail] ID# Src Date Memo Debit Credit Ending Balance Petty Cash Beginning Balance: $ CD 28/02/2009 Petty Cash - office supplies $3.60 $16.40 Total: $0.00 $3.60 $ Trade Debtors Beginning Balance: $ SJ 17/02/2009 Sale; Wilson, Mr Ross $ $ SJ 17/02/2009 Sale; Wilson, Mr Ross $14.00 $ SJ 17/02/2009 Sale; A-One Solutions $1, $1, SJ 17/02/2009 Sale; A-One Solutions $ $1, Total: $1, $0.00 $1, Inventory Beginning Balance: $ SJ 17/02/2009 Sale; Wilson, Mr Ross $66.03 $ PJ 17/02/2009 Purchase; SDS Supplies $ $ Total: $ $66.03 $ Stock on Hand - Snack Bar Beginning Balance: $ GJ GJ *30/06/2009 Transfer Opening Stock to Cofsales $ $0.00 GJ GJ *30/06/2009 Record value of Closing Stock $ $ Total: $ $ $ Stock on Hand - Pens Beginning Balance: $80.00 GJ GJ *30/06/2009 Pens on Hand - taken for office use $80.00 $0.00 Total: $0.00 $80.00 $ MYOB for Accountants v18 Unit 4: End of Year Adjustments and Reporting Copyright 2010 Software Publications Pty Ltd