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1 MYOB Extension Workbook using MYOB AccountRight v19 Copyright Notice: Copyright 2011 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 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 16 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 March 2011 edition This workbook is intended to extend the basic knowledge of participants. It is not aligned to any particular competencies. Copyright 2011 Software Publications Pty Ltd i

2 Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB AccountRight, MYOB AccountRight Plus, 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/AccountRight Plus v19. 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 Software Publications and Marian Brown. The information in this book is relevant to MYOB AccountRight Plus v19. Earlier or later versions of MYOB software could change the instructions in this workbook. All names are fictitious. Website references were accurate at the time of printing, however these references could change. ii Copyright 2011 Software Publications Pty Ltd

3 Entering the Payment by W & E Williams In your Accounts List, create the following Asset account. In Receive Payments, record the payment by W & E Williams of $3, for GST reporting reasons, although he only paid $2, like this. (iv) Now record the actual cheque for $2, from W & E Williams in Receive Money in the Banking Command Centre [ignore warnings] like this. (v) Copyright 2011 Software Publications Pty Ltd Unit 6: Advanced Sales & Purchases Features 183

4 Entering the Payment to W & E Williams - $500 Situation: W & E Williams owes the business $0.00 The business still owes W & E Williams $ Balance of Clearing A/c $ In Pay Bills, key in the following payment: Record payment. Situation: The business owes W & E Williams $0.00 W & E Williams owes the business $0.00 Balance of Clearing A/c $0.00 Check the above figures in Analysis : Receivables Payables Balance Sheet GST Reporting: When reporting your GST on a Non-Cash Basis, the Sale for $3,000 and Purchase for $500 is reported correctly. When reporting your GST on a Cash Basis, the sale of $3,000 and Purchase for $500 is reported correctly. 184 Unit 6: Advanced Sales & Purchases Features Copyright 2011 Software Publications Pty Ltd

5 Recording Deposits from Customers Key in the following a cheque for $1,000 has been paid to cover site inspections etc, however this job [estimated to be $10,000] may not go ahead in other words, this is not a SALE: Deposit Paid. Click on the Record button to track this sale that has not been finalised. View the journal entry [in Receipts] for this transaction: (iv) To view the reason for this entry: (a) (b) (c) Click on Setup in the Menu Bar. Select Linked Accounts. Select Sales Accounts. MYOB will only record a deposit on an Order if this Linked Account is set up. Copyright 2011 Software Publications Pty Ltd Unit 6: Advanced Sales & Purchases Features 185

6 Recording an Order with a Deposit as a Sale This sale [Order] has now been approved. To record the invoice as a sale: In the Sales Command Centre, select Sales Register. Click on Orders TAB. [ To date needs to be end/month.] Your window will look like this: Select Change to Invoice. The following window is displayed: (iv) Change the date if necessary and click on Record. 186 Unit 6: Advanced Sales & Purchases Features Copyright 2011 Software Publications Pty Ltd

7 (v) View the transaction journal for this entry: Original deposit on Order. Entry to record the sale. Entry to transfer the deposit to the recorded invoice as part payment. NOTES ON DEPOSITS: (a) (b) (c) (d) (e) If you have made an error, you CANNOT delete the Transfer from Deposits entry. If you have made an error, you CANNOT reverse the Transfer from Deposits entry. If you have made an error, you CANNOT delete the recorded sales invoice. You can however, reverse the recorded sales invoice, leaving a credit of the $1000 deposit paid. The $1000 can then be refunded using Settle Returns & Credits. Copyright 2011 Software Publications Pty Ltd Unit 6: Advanced Sales & Purchases Features 187

8 Notes on Handling Lay-bys Under the new Tax System, the timing of income and collection of the GST will depend on the GST reporting method chosen. Reporting GST on a CASH BASIS: When goods are sold on lay-by, record an ORDER and receive the deposit. GST will be reported on this lay-by payment. When further payments are received, use Receive Payments and record the payment against the ORDER reporting GST on each payment. On the final payment, change the date on the invoice to the date of the last payment and RECORD the invoice. GST will also be reported on the final payment. Note: If the original date of the invoice is in a Locked Period you will have to unlock the data file to record the invoice. [Click on Setup, select Preferences, then Security.] Reporting GST on a NON-CASH BASIS: When goods are sold on lay-by, record an ORDER and receive the deposit. NO GST will be reported on this lay-by payment. When further payments are received, use Receive Payments and record the payment against the ORDER. NO GST will be reported on each payment. On the final payment, change the date on the invoice to the date of the last payment and RECORD the invoice. GST equal to 1/11 th of the invoice amount will be reported on the final payment. Note: If the original date of the invoice is in a Locked Period you will have to unlock the data file to record the invoice. [Click on Setup, select Preferences, then Security.] 188 Unit 6: Advanced Sales & Purchases Features Copyright 2011 Software Publications Pty Ltd

9 Setting up your Data File for Electronic Payments Your business has arranged with the bank to make Supplier payments electronically. Before paying Suppliers electronically, you must enter the following: Banking details for your business. The Supplier banking details. Check the Linked Account for Electronic Payments. To enter Banking Details for your business: Select the Accounts Command Centre, then select Accounts List. Click on the to the left of Cheque Account. Select Banking TAB and key in the banking details of your business like this. Check these details with your Bank. To Enter Banking Details for the Supplier Simons Timbers: (iv) In the Card File Command Centre, select Cards List. Click on the ZOOM ARROW to the left of Simons Timbers. Click on Payment Details TAB. Key in the following details: If your business registers for MYOB M-Powered payments, suppliers and employees can be paid directly from your MYOB Accounting Software without the need to open your Banking Software or use the internet to access your Bank. A Remittance can automatically be faxed or e- mailed to the supplier if requested. Copyright 2011 Software Publications Pty Ltd Unit 6: Advanced Sales & Purchases Features 189

10 Check the Linked Account for Electronic Payments: Select Setup in the Menu Bar. Select Linked Accounts. Select Accounts & Banking Accounts. Check that Electronic Payments is Linked like this: Payment of Supplier Accounts Electronically Key in the following purchase so that you have an account to pay. In Pay Bills enter your part-payment like this: This text will appear on Simons Bank Statement. 190 Unit 6: Advanced Sales & Purchases Features Copyright 2011 Software Publications Pty Ltd

11 Record the payment. Another Payment using Spend Money. Key in the following payment using Spend Money, paid electronically Record the payment. Creating an Electronic Payment Data File To create an electronic payment data file: Select the Purchases or Banking Command Centre. Select Prepare Electronic Payments. Key in end/month in Bank Processing Date : [ignore warning] Your Electronic Payments window should look like this: Copyright 2011 Software Publications Pty Ltd Unit 6: Advanced Sales & Purchases Features 191

12 (iv) Select the payments to be processed. PRINTOUT Unprocessed Electronic Payments report Select Print to print an Unprocessed Electronic Payments report. Creating Bank File To create the Bank File select Bank File button. Select OK. Save your NAB.ABA file to a disk or your myob18ed directory. [Do not change the.aba extension of this file. If you save the current file over the previous file, you can never send the wrong file to the bank.] You can now open your On-Line Banking Program or use the internet to transmit your electronic payment data file NAB.ABA. PRINTOUT Processed Electronic Payments report To print a report, go to Banking Reports and select Electronic Payments Register, selecting the appropriate date range end/month to end/month. Print your report. If registered for MYOB M-Powered payments: To create the file to send to MYOB M-Powered payments, select Record and follow the instructions. 192 Unit 6: Advanced Sales & Purchases Features Copyright 2011 Software Publications Pty Ltd