Unit 1: Introduction...1 List of Competencies...5

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1 Table of Contents Computerised Inventory, Fixed Assets + Integrated Exercises using MYOB Accounting v18 and MYOB AssetManager Pro v3.5 Unit 1: Introduction...1 List of Competencies...5 Unit 2: Setting up Inventory using MYOB Accounting...7 Notes on Inventory Periodic and Perpetual...10 Customising the data file...12 Creating the Accounts List Allocating Tax Codes...17 Linking Freight Accounts...18 Notes on exiting and opening your data file...19 Creating Cards for Suppliers...20 Planning your Item Numbers...21 Creating Item Cards using Perpetual Inventory Setting up Auto-Build Entering Stocktake Figures Entering General Ledger opening balances...38 Customising Item Purchase Orders Unit 3: Stock Cards, Assigning Costs and entering Transactions...43 Notes on Stock Cards...44 Setting up Stock Cards and entering opening balances...45 Entering transactions on stock cards...46 Entering stock transactions in the General Ledger...47 Preparing the Trial Balance, Profit and Loss and Balance Sheet...48 Assigning Cost of Stock methods...49 Using FIFO...50 Using Weighted Average...51 Stock Card Exercises Sample Forms Inventory...54 Unit 4: Stock Cards for Accounts NOW...55 Stock Cards Exercise Key Terms and Concepts Inventory...58 Unit 5: Recording Inventory Transactions in MYOB...59 Creating Purchase Orders using Perpetual Inventory Recording the Delivery of Items...67 Using Auto-Build...73 Purchasing items at a different Purchase Price...75 Viewing Weighted Average and Last Cost...76 Creating Sales Invoices using Perpetual Inventory...77 Viewing Profit and Loss reports...79 Inventory Valuation report...81 Viewing and Printing Inventory reports...82 How to Calculate % Margin Profit...83 Entering Returns...84 Inventory Adjustments...85 Printing Packing Slips...87 Entering End of Month Stocktake Figures...91 Sales Reports using the MYOB Analysis...92 Copyright Marian Brown 2008 Computerised Inventory, Fixed Assets & Integrated Exercises v18 Table of Contents i

2 Table of Contents [continued] Unit 5: Recording Inventory Transactions in MYOB [continued] Using MYOB OfficeLink [Excel]...94 Viewing Selling Prices and % Margins...95 How to Calculate % Markup...97 Changing Selling Prices...98 Viewing Sales History of Items...99 Viewing Stock Movements Adjusting Item Values Using Standard Cost option Using Receive Items option Stock Reports Notes on Inventory Location MYOB Premier Enterprise v Unit 6: Using Periodic [Physical] Inventory Setting up Chart of Accounts Entering Transactions Printing reports Unit 7: Inventory Exercise Unit 8: Integrated Exercise including Job Management Unit 9: Calculating Depreciation on Assets Gathering Essential Information Definition of Small and Large Business Taxpayer Depreciation for Small Business Depreciation for Large Business Effective Life Depreciation Methods AASB Units of Production method Straight-line method Diminishing Balance method Depreciation Journal General Ledger Accounts and Balance Sheet Unit 10: Using AssetManager Pro v Simulation Exercise details Rosedale Properties Rosedale Policies and Procedures Creating your AssetManager Pro data file Creating Asset Groups Setting up Account Numbers Exploring AssetManager Pro Setting up your AssetManager Pro data file Information on Effective Life Ruling TR 2007/ Setting up Asset Groups Adding New Asset Groups Creating Cards to be used in AssetManager Pro Entering Asset Details as at your Conversion Date Printing Asset List Printing Asset Detailed List Adding Assets Purchased Printing Asset List by Asset Group Printing Asset Depreciation report by Asset Group [Book Values] Printing Asset Depreciation report by Asset Group [Tax Values] Printing List of Assets in Low Value Pool ii Table of Contents - Computerised Inventory, Fixed Assets & Integrated Exercises v18 Copyright Marian Brown 2008

3 Table of Contents [continued] Unit 10: Using AssetManager Pro v3.5 [continued] Printing Depreciation Journals Printing Asset Depreciation by Cost Centres Depreciation Entry in MYOB [using Cost Centres] Backing up your Data File Entering Disposal of Assets Printing Disposal Transaction Listing Printing Disposal of Asset Journal Entry Entering Disposal of Asset in Low Value Pool Printing Asset History Reports AssetManager Consolidation Exercise AssetManager Consolidation Exercise Barcode Labels Reconciling Assets Entering Service Details and Printing Reports Entering Service Details Viewing Graphs Viewing Transactions entered this Financial Year End of Financial Year Procedure Printing Depreciation Schedule Worksheet Printing Depreciation Schedule Worksheet Printing Capital Allowance Schedule Starting a New Year Unit 11: MYOB and AssetManager Integrated Exercise Integrated MYOB Accounting and MYOB AssetManager Pro v3.5 exercise Appendix: Solutions Copyright Marian Brown 2008 Computerised Inventory, Fixed Assets & Integrated Exercises v18 Table of Contents iii

4 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. iv Table of Contents - Computerised Inventory, Fixed Assets & Integrated Exercises v18 Copyright Marian Brown 2008

5 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 Publisher: MBS Training Services Pty Ltd ABN PO Box 7372 TOOWOOMBA MC QLD 4352 Phone/Fax: Web address: ISBN Revised Edition 2 November 2008 Printed by Kwik Kopy Brendale QLD FNSACCT406B Maintain asset and inventory records Copyright Marian Brown 2008 Computerised Inventory, Fixed Assets & Integrated Exercises v18 Table of Contents v

6 This page has been left blank for your notes. vi Table of Contents - Computerised Inventory, Fixed Assets & Integrated Exercises v18 Copyright Marian Brown 2008