Copyright Notice: Publishers: ISBN: Printed: 30 December BSBFIA304A: Maintain a general ledger

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1 A Step by Step Approach to Maintaining a General Ledger 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 BSBFIA304A: Maintain a general ledger I would like to thank Jennifer Fielding for the support and time spent proofreading this publication. Copyright 2008 Marian Brown i

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 2008 Marian Brown ii

3 Unit 5 Entering Cash Receipts and Payments Learning Outcome On completion of this unit you will be able to: enter Payments made by cheque; enter Payments made with Petty Cash; enter Payments by Credit Card; enter Drawings; enter Purchase of an asset; enter Daily Takings and banking; print Journals; display the General Ledger; display a Trial ; display a Profit and Loss; and display a Sheet.. This unit covers the following performance criteria: BSBFIA304A Element 1.2 Post Journal entries [automatically in MYOB] into ledger system in accordance with organisational policy and procedures and accounting standards Element 1.4 Ensure processing maintains the accounting equation and is completed within designated timelines Element 2.1 Prepare trial balance of general ledger system in accordance with organisational requirements and accounting standards and ensure it is checked for accuracy. Element 2.2 Identify and rectify irregularities or refer them for resolutions when trial balance does not balance [always balances in MYOB] in accordance with organisational policy and procedures. and Implementation of double-entry principles knowledge Systematic trading of errors Accurately entering data Copyright Marian Brown 2008 Maintaining a General Ledger using MYOB v18 - Unit 5: Entering Cash Receipts and Payments 59

4 Checking Preferences before entering Payments (i) (ii) (iii) (iv) Open the data file used in the previous unit. Select Setup in the MENU BAR. Select Preferences. Select Banking TAB. Your business requires the following options to be selected. (v) Select Security TAB and select the following options also. Return to the Command Centre. Entering Payments by cheque Chq 1 A/c The following cheque was written out to pay for uniforms picked up from Direct Clothing. Date 5/current month. Pay Direct Clothing Details Uniforms NAB Your Town Date: 5/current month.. Pay Direct Clothing.. OR BEARER The sum of Five hundred and fifty dollars $ This DRAWER Cheque Your Fitness Centre " "034"'562: " Signature PAID Cheque /month This cheque has been handed to Direct Clothing. Your Fitness Centre received a Tax Invoice [paid]. When paid, the cheque number and date of payment should be recorded on the Tax Invoice. 60 Unit 5: Entering Cash Receipts and Payments Maintaining a General Ledger using MYOB v18 Copyright Marian Brown 2008

5 To enter the payment on the previous page: [In this unit, a purchase is not being used account paid on the spot.] (i) (ii) (iii) Select the Banking Command Centre. Select Spend Money. In the date field, press the Space Bar to display the calendar. select 5/month you are using. If your date is in the mm/dd/yy format, EXIT MYOB. Go to the Control Panel and select Regional Settings. Change to English [Australian]. (iv) Select the Cheque No field and key in (v) (vi) Press TAB twice to move to the Amount field [or point to the field and select] and key in the amount 550. Press TAB or ENTER to move to the Card File field. Click on the Search icon to the right of the Card File field. Card File field Search Icon The Search Icon allows you to open Select from List. (vii) (viii) (ix) (x) Select New. Create a new Supplier card for Direct Clothing by keying in the business name and selecting OK. Select Direct Clothing. Click in the Memo data field or press TAB 3 times to move to the Memo field. To add the reason to Direct Clothing in the memo: (a) Press the End key or Right Cursor key on your keypad. (b) Type Uniforms. (c) Press TAB or ENTER. (xi) (xii) The account allocation for this payment is Uniforms. Press TAB or Enter again to display the List of Accounts. Point to Uniforms in the Accounts List and double-click to select. Your window is displayed on the following page. Copyright Marian Brown 2008 Maintaining a General Ledger using MYOB v18 - Unit 5: Entering Cash Receipts and Payments 61

6 (xiii) To check the debits and credits : (a) Select Edit in the Menu Bar. (b) Select Recap Transaction. The following window will be displayed. (xiv) With reference to the above transaction, complete the table below, revising your double-entry bookkeeping principles. Recap Transaction entry Nature of Increase or Decrease Debit or Credit Chq 1 NAB Asset Uniforms GST Paid [to be refunded by ATO] Actually an Asset [however this account is usually shown as a negative liability] Debit Increase amount of GST to be claimed Debit [Answer can be found in the Appendix.] (xv) (xvi) Click on OK. Click on Record to record this payment. 62 Unit 5: Entering Cash Receipts and Payments Maintaining a General Ledger using MYOB v18 Copyright Marian Brown 2008

7 Entering more Payments by cheque Chq 1 A/c Enter the following payments in the same manner. Date 5/current month Pay Able Office Equipment Details New printer for the office Recap Transaction entry This Cheque $ Chq 1 NAB Asset Nature of Increase or Decrease The CAP code will be used an asset ie capital acquisition under $100 ex GST can be regarded as an expense. Debit or Credit Office Equip at Cost GST Paid [Answer can be found in the Appendix.] Date 5/current month Pay Medibank Private Details Private Health Insurance [drawings] This Cheque $ Recap Transaction entry Nature of Increase or Decrease Debit or Credit Chq 1 NAB Drawings [Answer can be found in the Appendix.] Copyright Marian Brown 2008 Maintaining a General Ledger using MYOB v18 - Unit 5: Entering Cash Receipts and Payments 63

8 Date 5/current month Pay Telstra Details Telephone Accounts Mobile: [business] $95.00 Office: % private use $ This Cheque $ Your Account Allocation will look like this. Use this column to add details. Date 5/current month Pay Cash Details Petty Cash Advance This Cheque $ Display your Bank Register Chq 1 Select the Register button in your Spend Money window to display your Bank Register for the 5/current month. Your Bank Register should look like this [using your current month]. Call up any incorrect entries [ie click on the ] and correct. Return to the Command Centre. 64 Unit 5: Entering Cash Receipts and Payments Maintaining a General Ledger using MYOB v18 Copyright Marian Brown 2008