Copyright Notice: Publishers: ISBN: Printed: 30 December BSBFIA303A: Process accounts payable and receivable

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1 A Step by Step Approach to Processing Accounts Payable and Receivable using MYOB Accounting v18 Copyright Notice: Copyright 2008 Marian Brown. All rights reserved. No part of this material may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying or by information retrieval systems) without permission in writing from Marian Brown. Written by: Marian Brown Dip T [Commerce], MICB Cert IV Workplace Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 14 years MYOB Accredited Author, MYOB Publisher, MYOB Accredited Trainer MBS Training Services Pty Ltd sales@mbsts.com.au Publishers: Software Publications Pty Ltd [ABN ] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN: Printed: 30 December 2008 BSBFIA303A: Process accounts payable and receivable Copyright Marian Brown 2008 Process Accounts Payable and Receivable using MYOB Accounting v18

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 Marian Brown will accept no responsibility to any person who acts on information herein without consultation with Marian Brown. 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. Copyright Marian Brown 2008 ii

3 Unit 11: Entering Payments to Suppliers Learning Outcomes On completion of this unit you will be able to: pay accounts using BPay/EFT; check the accuracy of statements received; enter payments to suppliers by cheque; customise a Remittance Slip; and print supplier reports. This unit covers the following performance criteria: BSBFIA303A Element 4.1 Reconcile accounts payable statements with accounting records in accordance with organisational policy and procedures Element 4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements In this unit you will use the month you used in Unit 10. Remember to back up at the end of every session. Copyright Marian Brown 2008 Process Accounts Payable/Receivable using MYOB Accounting v18 - Unit 11: Supplier Payments 131

4 Paying Suppliers handwritten cheque (i) Display your Aged Payables using Analysis in Command Panel. Your report should look like this: [using your current month] (ii) (iii) A cheque will be written out to pay ABC Hardware and Plumbing the amount owing from the previous month - $5, On 28/month you are using, complete the cheque below to pay ABC Hardware and Plumbing $5, [Invoice 245]. This topic should have been covered in previous units studied or recognition of prior learning. Date.. Pay Details.... FWD WBC Bank Plumbsville QLD Date:.. Pay.. OR BEARER The sum of $... This Cheque DRAWER " "014"'667: " (iv) (v) The cheque would be signed by Matt Brown, the only person authorised to sign cheques on this account. [Just indicate Matt Brown will sign here.] The cheque would be sent with a Remittance Slip. Please complete the Remittance Slip below. ABN Gold Card No Water Avenue, PLUMBSVILLE QLD 4350 (07) To:... Date: Please find attached a cheque which is payment for the following invoice/s: Details Amount TOTAL Signature: 132 Unit 11: Supplier Payments Process Accounts Payable/Receivable using MYOB Accounting v18 Copyright Marian Brown 2008

5 To enter this payment in MYOB: (i) (ii) In the Purchases Command Centre, select Pay Bills. Enter the payment like this: [28 th month] Apply cheque to Invoice 245 here. (iii) Click on Record. [Later in this unit, you will print a Remittance Advice.] Return to the Command Centre. Checking the Accuracy of Statements received at the end of the month At the end of the month, Statements were received from the following suppliers: ABC Hardware and Plumbing Downs Equipment Kwik Copy Printing (i) (ii) The accuracy of these statements will be checked. Usually, the invoices listed on the statement are attached to the statement and approval is given for payment by the end of the next month. Copyright Marian Brown 2008 Process Accounts Payable/Receivable using MYOB Accounting v18 - Unit 11: Supplier Payments 133

6 PRINTOUT 27 Supplier Ledger for the month The Supplier Ledger report is a good report to check the Supplier s Statement against. To print this report: (i) (ii) (iii) (iv) (v) (vi) (vii) In Reports, select the Purchases TAB. Point to Supplier Ledger and double click. In Report Customisation select All Suppliers for the month you are using. In Report Fields, select Debit and Credit and deselect Transaction Amount. Display your report. Widen the Memo column so that all the details are displayed. Print a copy. Your report should look like this. Supplier Ledger 1/month To end/month Date Src ID# Memo Debit Credit ABC Hardware and Plumbing *None $5, /current mth PJ Purchase; ABC Hardware and Plumb $1, $7, /current mth PJ Purchase; ABC Hardware and Plumb $ $7, /current mth CD 1 Payment; ABC Hardware and Plu $5, $2, Total: $5, $2, $2, Downs Equipment *None $ /current mth PJ Purchase; Downs Equipment $1, $1, Total: $0.00 $1, $1, Jim's IT Works *None $ /current mth PJ Purchase; Jim's IT Works $90.00 $90.00 Total: $0.00 $90.00 $90.00 Jim White Plumbing *None $ /current mth PJ Purchase; Jim White Plumbing $ $ Total: $0.00 $ $ Kwik Copy Printing *None $ /current mth PJ Purchase; Kwik Kopy Printing $ $ /current mth PJ Adjustment, Kwik Copy Printing $35.00 $ /current mth PJ PJ Kwik Copy Printing: Debit from 00 $35.00 $35.00 $ Total: $70.00 $ $ Synergy Accountants *None $ /current mth PJ Purchase; Synergy Accountants $ $ Total: $0.00 $ $ Telstra *None $ /current mth PJ Purchase; Telstra $ $ Total: $0.00 $ $ (viii) Check the accuracy of your report. If you have an error, call up the transaction and make the necessary adjustment. 134 Unit 11: Supplier Payments Process Accounts Payable/Receivable using MYOB Accounting v18 Copyright Marian Brown 2008

7 Simple Explanation of Debit and Credit Date Src ID# Memo Debit Credit ABC Hardware and Plumbing *None $5, Cr 8/current mth PJ Purchase; ABC Hardware and Plumb $1, $7, Cr 10/current mth PJ Purchase; ABC Hardware and Plumb $ $7, Cr 28/current mth CD 1 Payment; ABC Hardware and Plu $5, $2, Cr Total: $5, $2, $2, Cr (a) (b) (c) (d) (e) (f) owes $2, to ABC Hardware and Plumbing. ABC Hardware and Plumbing is therefore a Liability, remembering that Liabilities are amounts owed by the business. Accounting Rules state that Liabilities have a credit balance. [There is no reason, just an assumption all accounting rules are based on.] Therefore the purchase of $1, means that owes ABC Hardware and Plumbing MORE. Therefore to INCREASE the amount owing, the $1, has to go in the Credit column. Therefore the payment of $5, means that owes ABC Hardware and Plumbing LESS. Therefore to DECREASE the amount owing, the $5, has to go in the Debit column. Summary of Rules for you to complete: Liabilities have a.. balance. To increase a Liability you To decrease a Liability you.. (g) The rules for the Customer Ledger you printed in Unit 8 are the opposite. Customers are Assets and therefore have a Debit. A sale will increase the balance a Debit. A payment will decrease the balance a Credit. [Refer to the report on Page 102.] Copyright Marian Brown 2008 Process Accounts Payable/Receivable using MYOB Accounting v18 - Unit 11: Supplier Payments 135

8 Checking the Accuracy of Statement received [continued] Check the statements received below with the Supplier Ledger printed on Page 134 for accuracy, identifying any discrepancies. ABC Hardware and Plumbing ABN Hardware Street, PLUMBSVILLE QLD 4350 Phone (07) Fax (07) STATEMENT For the Month of [Current Month] TO: 121 Water Avenue PLUMBSVILLE QLD 4350 Date Reference Description Sales [Debits] Terms: EOM after EOM Payments/ Adjustments [Credits] 1/month from previous month $5, /month Inv 4478 Sales $1, $7, /month Inv 4480 Sales $ $7, /month Cheque Payment $5, $2, > 60 days Overdue 30 days Overdue Current Total Amount Owing $ $2, $2, Is the above Statement correct?... What is incorrect? (iii) Rewrite the Statement using the correct figures. Date Reference Description Sales [Debits] 1/month from previous month Payments/ Adjustments [Credits] 8/month Inv 4478 Sales 10/month Inv 4480 Sales 28/month Cheque Payment > 60 days Overdue 30 days Overdue Current Total Amount Owing Discuss the above statement with your supervisor. Your supervisor will then authorise this statement for payment. 136 Unit 11: Supplier Payments Process Accounts Payable/Receivable using MYOB Accounting v18 Copyright Marian Brown 2008

9 Kwik Copy Printing ABN Quoted TO: 121 Water Avenue PLUMBSVILLE QLD 4350 Date Reference Description Sales [Debits] Terms: EOM after EOM STATEMENT For the Month of [Current Month] Payments/ Adjustments [Credits] 1/month from previous month $ /month Inv 2254 Sales $ $ /month Adj 65 Adjustment $35.00 $ > 60 days Overdue 30 days Overdue Current Total Amount Owing $ $ Is the above Statement correct?... Your supervisor will approve for payment. Downs Equipment ABN Quoted TO: 121 Water Avenue PLUMBSVILLE QLD 4350 Date Reference Description Sales [Debits] Terms: EOM after EOM STATEMENT For the Month of [Current Month] Payments/ Adjustments [Credits] 1/month from previous month $ /month Inv 2487 Sales $1, $1, > 60 days Overdue 30 days Overdue Current Total Amount Owing $1, $1, Is the above Statement correct?... Your supervisor will approve for payment. Copyright Marian Brown 2008 Process Accounts Payable/Receivable using MYOB Accounting v18 - Unit 11: Supplier Payments 137