MYOB for Beginners using AccountRight Plus v19

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1 Preface MYOB for Beginners using AccountRight Plus v19 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 v8.5 and 9]. 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. The customising of invoices is also covered. End of financial year transactions including journal entries are also entered. 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 set up a data file from scratch, enter opening balances and revise the entering of transactions and carry out reconciliations. The Business Activity Statement is prepared using the data entered. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB AccountRight 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 works. This workbook is similar to the Introduction to MYOB using MYOB AccountRight v19. However this work contains additional exercises and information to meet the following competencies. Anticipated time taken by the average user to complete this workbook is 30 hours. This workbook can cover all the competencies in the following units: BSBFIA301A - Maintain financial records BSBFIA303A - Process accounts payable and receivable BSBFIA304A - Maintain a general ledger FNSACCT407B [except Performance Criteria 3.2] There are assessments on the Teachers Resource CD to cover BSBFIA301A, BSBFIA303A and BSBFIA304A. ISBN: Revised Edition: 15 May, 2011 Copyright Software Publications Pty Ltd 2011 i

2 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 Written by: Marian Brown Dip T [Commerce], MICB BAS Agent Cert IV Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 16 years MYOB Accredited Author, MYOB Accredited Trainer and ABN Tax Client Manager Publishers: Software Publications Pty Ltd [ABN ] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN Revised 15 May, 2011 BSBFIA301A - Maintain financial records BSBFIA303A - Process accounts payable and receivable BSBFIA304A - Maintain a general ledger Copyright Software Publications Pty Ltd 2011 iii

3 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 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 v19/19.5. Earlier or later versions of MYOB AccountRight 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. All names and businesses in this workbook are fictitious. All references to URLs and websites were accurate at the time of writing. These references can change at any time. This workbook is dedicated to Kathy Brown [of Mount Isa TAFE, now Brisbane North Institute of TAFE], the first teacher outside my local college [Brisbane North Institute of TAFE] to use my MYOB workbooks a long time ago. iv Copyright Software Publications Pty Ltd 2011

4 Unit 10 Sales Command Centre Learning Outcomes On completion of this unit, you will be able to: open your MYOB data file and enter cash and credit sales; print invoices and adjustment notes; enter customer payments; print statements; reconcile receivables and bank account; identify and follow up overdue accounts; and print sales and receivable reports. Sales Command Centre The Sales Command Centre allows you to create invoices, adjustment notes, receive payments from customers, settle returns and credits and print invoices and statements. Open your MYOB data file Begin19U10 In this unit you will open a NEW DATA FILE belonging to [Your Name] Copy Centre, just in case your previous data file had errors. Open Begin19U10. DO NOT use the data file from the previous unit. Back up your data throughout this unit to ensure against loss or corruption of data. Copyright Software Publications Pty Ltd 2011 MYOB for Beginners Unit 10: Sales Command Centre 113

5 Changing your Business Name Change the name of the business in your data file to include your name. [Refer to Page 49] Also check the Current Financial Year in Company Information. [Refer to Page 49] In this unit, you will enter the transactions for the current month. This month does not have to be the same as the month used in previous units. The month you will use in this unit will be:. Notes on CASH and ACCRUAL Accounting In previous units you entered accounting transactions using CASH ACCOUNTING PROCEDURES ie you entered the transactions when the money was actually received or paid. From this point, ACCRUAL ACCOUNTING PROCEDURES will be used ie the transactions will be entered in MYOB when the transaction occurs or money is received, whichever comes first. You will be entering invoices for goods sold and services performed and customers are expected to pay in an agreed number of days. {Your Name} COPY CENTRE POLICIES AND PROCEDURES SALES AND CUSTOMER RECEIPTS 1 A Job Card is created for each job in the Copy Centre. 2 The Service or Professional Tax Invoice is created from this information. An item invoice is used when stock is sold. 3 All invoices are printed on plain paper using a customised MYOB invoice. All invoices are Tax-Exclusive invoices. Invoices are issued when the job is completed and handed to the customer when copying is received. 4 Cash and Cheques received each day are processed immediately, stored in a safe place and banked when convenient. 5 A card for each customer is established in MYOB and used as a database. The company has obligations under the Privacy Act 1988 to ensure that the details it stores about its customers are current and correct. 6 To assist with cash flow, aged receivables reports are printed each month and overdue accounts are followed up immediately. Overdue Account procedures are covered later in this unit. 7 A Statement is printed and dispatched to customers at the end of each month. 114 Unit 10: Sales Command Centre: MYOB for Beginners Copyright Software Publications Pty Ltd 2011

6 Notes on Invoices When Goods or Services are provided and the GST Sale is more than $75 exclusive of GST, a Tax Invoice must be issued to the customer as proof of purchase. A customer cannot claim the Input Tax Credit [GST] unless your invoice contains the following: A tax invoice must contain information sufficient to determine: The supplier s identity and ABN; If the consideration for the supply is $1,000 or more or the document is issued by the recipient, the recipient s identity or ABN; What is supplied, including the quantity and price of what is supplied; The extent to which supplies are taxable; The date of issue and The amount of GST payable and if the document is a recipient created tax invoice, that GST is payable by the supplier. It must also be clear from the document that it is intended to be a tax invoice and, if the document is issued by the recipient, a recipient created tax invoice. Source: Explanatory Memorandum to Tax Laws Amendment (2010 GST Administration Measures No 2) Bill 2010 Note: If amount is <$75 ex GST, docket is still required for income tax purposes ie $82.50 inc GST. Copyright Software Publications Pty Ltd 2011 MYOB for Beginners Unit 10: Sales Command Centre 115

Creating a SERVICE Invoice Your business photocopied 1000 flyers for Ross Wilson [a regular customer]. Job Cards are always created for each job. This Job Card is used to invoice.

7 Creating a SERVICE Invoice Your business photocopied 1000 flyers for Ross Wilson [a regular customer]. Job Cards are always created for each job. This Job Card is used to invoice. 3/month you are using Ross Wilson Photocopying [1000 flyers] JOB CARD $ inc GST To record this sale using a SERVICE layout invoice: (i) (ii) Select the Sales Command Centre. Select Enter Sales. The following window will be displayed. (iii) MYOB gives the user a choice of Invoice Layouts. click on Layout at the bottom of your window to view the different layouts available. The window on the following page is displayed. 116 Unit 10: Sales Command Centre: MYOB for Beginners Copyright Software Publications Pty Ltd 2011

$(iv) (v) \ Select the radio-button in front of each invoice layout to view the layout of each invoice.$ To enter the Credit Sale for Photocopying: (i) In the Customer Card field, click on the Search Icon.

To enter the Credit Sale for Photocopying: (i) In the Customer Card field, click on the Search Icon.

8 (iv) (v) \ Select the radio-button in front of each invoice layout to view the layout of each invoice. Select the Service layout and click on OK to return to your Invoice window. To enter the Credit Sale for Photocopying: (i) In the Customer Card field, click on the Search Icon. The following window will be displayed: (ii) (iii) (iv) Point to Wilson, Mr Ross and double-click to select. Enter the date of the sale 3/month you are using. Click in Description or TAB to Description and key in the sale details like this: (v) Press TAB to move to Acct #. Copyright Software Publications Pty Ltd 2011 MYOB for Beginners Unit 10: Sales Command Centre 117

(vi) Press TAB to display the Accounts List and select the appropriate account from the list. [4-2000 Sales - Photocopying] Or click on this Search Icon and select Sales Photocopying from the list.

9 (vi) Press TAB to display the Accounts List and select the appropriate account from the list. [ Sales - Photocopying] Or click on this Search Icon and select Sales Photocopying from the list. (vii) Press TAB to move to the amount column. (viii) Key in the amount 335 [Amount includes GST because Tax Inclusive option has been selected] and press TAB. Your Service Invoice should look like this: Customer Order or Job Card number can be added. Salesperson, Comment, Method of Dispatch, Dispatch Date and a Referral Source such as Yellow Pages, can also be added. (ix) (x) You can select the Spell button to check for typing/spelling errors in the Description field. Make the necessary correction if required. Click on Record to record this entry. [You will print invoices later in this Unit.] 118 Unit 10: Sales Command Centre: MYOB for Beginners Copyright Software Publications Pty Ltd 2011

10 Changing Method of Selecting the Appropriate Account The MYOB User can select from the Accounts List using Account Number [method used up to this point] or Account Name [method used on this page]. To change the method used to Account Names: (i) (ii) In the Menu Bar, select Setup Select Preferences. (iii) Select Windows TAB. (iv) Select the Account Name option like this: (v) Click on OK to return to your sales window. Return to the Command Centre. Creating a Professional Invoice 8/month you are using Customer: 1/month Photocopy 200 Price Lists 8/month Photocopy 50 Conference Notes AMOUNT OWING JOB CARD F Wilson $ [inc GST] $ [inc GST] $ [inc GST] To enter the above sale: (i) (ii) Select the Sales Command Centre button. Select Enter Sales. (iii) Create a new Customer Card for Ms F Wilson like this: (a) (b) (c) Click on the Search Icon to the right of the Customer Card field. Select New. Key in the Profile details for F Wilson displayed on the following page. [Use TAB to move from field to field.] Copyright Software Publications Pty Ltd 2011 MYOB for Beginners Unit 10: Sales Command Centre 119

Change to Individual (d) (e) (f) Only 1 Address is required. [You can key in 5 different addresses with corresponding Phone/Fax numbers.] No Card Details required.

delivery eg email can be selected here. CLICK on Search Icon, and SELECT this account name.

11 Change to Individual (d) (e) (f) Only 1 Address is required. [You can key in 5 different addresses with corresponding Phone/Fax numbers.] No Card Details required. Click on the Selling Details TAB and key in the following Selling Details : Type of invoice layout used, printed invoice form to be used, account usually used and invoice delivery eg can be selected here. CLICK on Search Icon, and SELECT this account name. [displayed below] F Wilson has 30 days from the date of invoice to pay the account. Accounts List displayed using Account Names instead of Account Numbers. 120 Unit 10: Sales Command Centre: MYOB for Beginners Copyright Software Publications Pty Ltd 2011

(g) Click on the Payment Details TAB and key in the following usual method of payment: (h) Click on OK to return to your invoice. (iv) In the Card Field, select Ms F Wilson.

(v) Key in the following job details: [Use TAB to move from field to field.] [DUPLICATE FROM PAGE 119] 8/month you are using JOB CARD Customer:... F Wilson 1/month Photocopy 200 Price Lists... $120.

12 (g) Click on the Payment Details TAB and key in the following usual method of payment: (h) Click on OK to return to your invoice. (iv) In the Card Field, select Ms F Wilson. The Professional Layout should be selected if selected on F Wilson s card. The Professional Layout allows a date for each entry. (v) Key in the following job details: [Use TAB to move from field to field.] [DUPLICATE FROM PAGE 119] 8/month you are using JOB CARD Customer:... F Wilson 1/month Photocopy 200 Price Lists... $ [inc GST] 8/month Photocopy 50 Conference Notes.. $ [inc GST] AMOUNT OWING $ [inc GST] Your Professional invoice should look like this: Account Name instead of Account Number now displayed. (vi) Click on Spell to run the spell check and correct any errors. DO NOT RECORD read the instructions on the following page. Copyright Software Publications Pty Ltd 2011 MYOB for Beginners Unit 10: Sales Command Centre 121

Advanced. This workbook has been written to follow the MYOB Basics plus BAS and MYOB AccountRight v19 Intermediate workbooks.

Advanced. This workbook has been written to follow the MYOB Basics plus BAS and MYOB AccountRight v19 Intermediate workbooks. MYOB AccountRight v19 Preface Advanced This workbook has been written to follow the MYOB Basics plus BAS and MYOB AccountRight v19 Intermediate workbooks. In this workbook the participant learns how to