MYOB Basics plus BAS and Payroll Preface This workbook has been written to cover all the basic information on how to use MYOB AccountRight [Standard, Plus, Premier and Enterprise] using v19 and v19.5 [and MYOB AccountEdge v9] and an introduction to processing payroll. You start the workbook by exploring a data file already set up to become familiar with the various Command Centres. You then learn how to enter data including cash receipts and payments, sales invoices, customer payments, purchase invoices and supplier payments. Some inventory is included. Reconciliation of bank accounts, debtors and creditors is carried out. A variety of reports are printed to expose the user to a number of basic reports which can be used to analyse the business.. You then learn how to prepare the Business Activity Statement using the data entered. In the last unit you look at a payroll data file and learn how to process straight-forward pays and print reports. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB AccountRight Plus 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 AccountRight Plus works. Anticipated time taken by the average user to complete this workbook is 9 hours. This workbook is used in the following training situations as an introduction to basic data entry and payroll using MYOB AccountRight Plus: 9-hour course or 3 sessions of 3 hours ISBN: 978-1-921780-25-7 A Teachers Resource CD is available containing additional exercises and solutions. Software Publications Pty Ltd 2010 i
Copyright Notice: Copyright 2010 Software Publications Pty Ltd. 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 Software Publications Pty Ltd. Written by: Marian Brown Dip T [Commerce], MICB BAS Agent Cert IV in Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 16 years MYOB Accredited Author, MYOB Accredited Trainer Practicing Member of the Institute of Certified Bookkeepers Member of the Australian Bookkeepers Network Publisher: Software Publications Pty Ltd [ABN 75078026150] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: 1 800 146 542 Web address: www.softwarepublications.com.au ISBN: 978-1-921780-25-7 Revision: 2 September 2010 Software Publications Pty Ltd 2010 v
Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB Accounting, MYOB AccountRight, MYOB BusinessBasics, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M- Powered Bank Statements, MYOB M-Powered Invoices, MYOB M-Powered Payments, MYOB ODBC Direct, MYOB PowerPay, MYOB AccountRight Premier and MYOB AccountRight 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 69 079 137 518. 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 AccountRight Plus v19 reproduced with permission. Limitations of Liability: This material is designed to provide basic information on how to use MYOB AccountRight Plus v19/19.5. Earlier or later versions of MYOB AccountRight Plus software could change the instructions in this workbook. 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 and Marian Brown will accept no responsibility to any person who acts on information herein without consultation with the publisher. vi Software Publications Pty Ltd 2010
Unit 5 Reconciling your Cheque Account Learning Outcome Extract and record information from a bank statement and produce a Bank Reconciliation Statement. Reconciling your Cheque A/c with your Bank Statement You should have your BASICS19 MYOB data file open. Each month [or even week], it is usual for the business to receive a Bank Statement from the Bank or download their Bank Statement using On-line, Internet banking or MYOB M-Powered Bank Statements. Printed below is the Bank Statement received showing transactions up to 18/month. [Your Name] Copy Centre Bank Statement Issued: 18/month Bank Statement 1 Page 1 Date Transaction Withdrawal Deposit Balance 1/ Balance 8 500.00 CR 3/ 1001 320.00 8 180.00 CR 4/ 1004 275.00 7 905.00 CR 5/ 1003 89.00 7 816.00 CR 8/ Deposit 615.00 8 431.00 CR 9/ 1002 220.00 8 211.00 CR 10/ Deposit 1,684.50 9 895.50 CR 15/ 1007 470.00 9 425.50 CR 18/ A/c Keeping Fee 9.00 9 416.50 CR Cheques presented to the Bank, periodical payments and bank fees. Deposits Bank Statement Balance - 18/month Software Publications Pty Ltd 2010 Unit 5: Reconciling your Cheque Account- Page 71
METHOD 1: To reconcile your Cheque Account with the Bank Statement: (iv) (v) Select the Banking Command Centre. Select Reconcile Accounts. In the Account field, select Cheque A/c. In the Bank Statement Date field, use the Space Bar to select 18/month you are using and press ENTER. [You may receive a warning that this date is after the system date on your computer. In this exercise, select OK.] In the top right-hand corner, key in the New Statement Balance of 9416.50 and press ENTER. Your Reconcile Accounts window will look like this. (vi) Look at the first entry on your screen. Look at your Bank Statement. Has this cheque been presented? YES Date Transaction Withdrawal Deposit Balance 1/ Balance 8 500.00 CR 3/ 1001 320.00 8 180.00 CR Page 72 Unit 5: Reconciling your Cheque Account Software Publications Pty Ltd 2010
(vii) Then click in the column to the left of Cheque 1001 like this: On your Bank Statement, indicate that cheque 1001 reconciles with your records [usually tick]. YES Date Transaction Withdrawal Deposit Balance 1/ Balance 8 500.00 CR 3/ 1001 320.00 8 180.00 CR (viii) Continue in this manner, checking entries on your screen with entries in the Bank Statement on Page 71. Your window will now look like this. Only Cheques numbered 1005 and 1006 are unpresented. Your Out of Balance is $9.00. This represents Bank Fees. Software Publications Pty Ltd 2010 Unit 5: Reconciling your Cheque Account- Page 73
Entering Account Keeping Fees [Bank Charges] To enter Account Keeping Fees: Select the Actions button at the bottom of your window. Select Bank Entry option. Key in your Account Keeping Fees like this: Note: Account Keeping Fees are GST-free. (iv) Click on Record or press ENTER. Note that the Account Keeping Fees entry is now listed and reconciled on your Reconcile Accounts window. Your Reconcile Accounts window should now look like this. [The month you have been using will be displayed.] Your Out of Balance is 0. Unpresented cheques [not highlighted] Page 74 Unit 5: Reconciling your Cheque Account Software Publications Pty Ltd 2010
NOTE: If your Out of Balance is NOT 0 : (a) (b) Check the accuracy of your figures. If an entry is incorrect, CLICK on the ZOOM ARROW to the left of the entry and correct. If an entry is missing, it could be dated AFTER 18/month in error. Check your Transaction Journal enter a To date some time in the future. (v) Select Reconcile. PRINTOUT 4 Bank Reconciliation Statement Click on the Print Report button to print a report showing Cleared and Outstanding entries. To reconcile, click on Reconcile. In the next window, select Reconcile. Your window should look like this [using your current month]. Undo the Bank Reconciliation You will now Undo Reconciliation so that you can practise reconciling a second time. [In business, you would undo the reconciliation if you have made an error or entered the incorrect reconciliation date. You can only undo the last reconciliation, then the one before etc.] In Actions, select Undo Reconciliation. Read the warning. In this workbook, you will learn how to make a back up in Unit 6. Select Undo Reconciliation and OK. Reconcile the Cheque A/c with the Bank Statement on Page 71 again. Return to the Command Centre. Software Publications Pty Ltd 2010 Unit 5: Reconciling your Cheque Account- Page 75
PRINTOUT 5 Balance Sheet as at 18/month This report lists all the ASSETS and LIABILITIES of the business and the OWNER S EQUITY [investment] in the business. This report is also known as a Statement of Financial Position. You can print this report from Reports in the Command Panel, or use Analysis in the Command Panel. To print your Balance Sheet using Analysis in the Command Panel: Click on the Analysis Search Icon in the Command Panel. Select Balance Sheet. The Balance Sheet for the current month should be displayed. If not, click on Filters and select the month you have been using. To print a copy, click on the Print button, and Print in the Print Dialog box. Your Balance Sheet report will contain 0 s. To print a report without 0 s you have to use Reports, covered later in this workbook. A copy of your Balance Sheet is printed on the following page. Page 76 Unit 5: Reconciling your Cheque Account Software Publications Pty Ltd 2010
Note: Your report will have amounts with 0 s. I have deleted these so that this report is easier to read. I have also displayed the Balance Sheet using Microsoft Word. Check your figures with the Balance Sheet below. Balance Sheet Month Check this balance with your Reconciliation Report s MYOB Balance on 18/month. Assets Current Assets Cheque A/c $8,941.50 Petty Cash $16.40 Inventory $359.00 Stock on Hand - Snack Bar $200.00 Stock on Hand - Pens $80.00 Total Current Assets $9,596.90 Non-Current Assets Furniture & Equipment Furniture & Equipment at Cost $25,000.00 less Furn/Equipment Accum Dep -$10,000.00 Total Furniture & Equipment $15,000.00 Motor Vehicle Motor Vehicle at cost $32,000.00 less Motor Vehicle Accum Dep -$10,000.00 Total Motor Vehicle $22,000.00 Total Non-Current Assets $37,000.00 Total Assets $46,596.90 Liabilities Current Liabilities Visa Credit Card $33.00 GST Liabilities GST Collected on Sales $194.05 GST Paid on Purchases -$148.69 Total GST Liabilities $45.36 Total Current Liabilities $78.36 Non-Current Liabilities Bank Loan $10,000.00 Total Non-Current Liabilities $10,000.00 Total Liabilities $10,078.36 Net Assets $36,518.54 Equity Owner's Equity Capital $36,159.00 Total Owner's Equity $36,159.00 Current Earnings $359.54 Total Equity $36,518.54 Software Publications Pty Ltd 2010 Unit 5: Reconciling your Cheque Account- Page 77
Method 2 Reconciling your Cheque A/c For your information only. [READ ONLY]: If you have online or internet banking, you can download your Bank Statement and import into MYOB simply by selecting the Get Statement button in the Reconcile Accounts window. To download the statement from the banking internet site, save the bank file in one of the following formats: OFX, QFX, QIF and OFC. [dd/mm/yy format] Your Internet Banking could look something like this. Then download the file to the location of your choice. To import the above file, select Get Statement in the Bank Reconciliation window and select the above file. The following message could be displayed: Click on OK. MYOB will automatically match transactions on your statement with the transactions you entered in your company file. Matched transactions will be marked as cleared for reconciliation, making it really easy to reconcile your account. If MYOB cannot find a match, you have the option of matching the transactions manually with uncleared transactions, adding them in or skipping them altogether. Continue matching until all entries in the Unmatched Transactions have been matched. If an entry is in the Unmatched Transactions but not in your Reconcile Accounts window, Select Add Transaction and complete the transaction as required. Select Done. Your Cheque A/c should now reconcile. Method 3 Reconciling your Cheque A/c If your business has registered for M-Powered bank statements, simply select the Get Statement button. You can download your statement in this window. Turn to Unit 6 to learn how to manage your data file. Page 78 Unit 5: Reconciling your Cheque Account Software Publications Pty Ltd 2010