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... 14-16 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... 22-29 Setting up Auto-Build... 30-32 Entering Stocktake Figures... 35-37 Entering General Ledger opening balances...38 Customising Item Purchase Orders... 39 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... 52-53 Sample Forms Inventory...54 Unit 4: Stock Cards for Accounts NOW...55 Stock Cards Exercise... 56-57 Key Terms and Concepts Inventory...58 Unit 5: Recording Inventory Transactions in MYOB...59 Creating Purchase Orders using Perpetual Inventory... 62-66 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
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...100 Adjusting Item Values...101 Using Standard Cost option...102 Using Receive Items option...104 Stock Reports... 109-113 Notes on Inventory Location MYOB Premier Enterprise v4...114 Unit 6: Using Periodic [Physical] Inventory...115 Setting up Chart of Accounts...116 Entering Transactions...117 Printing reports...119 Unit 7: Inventory Exercise... 121-134 Unit 8: Integrated Exercise including Job Management...135 Unit 9: Calculating Depreciation on Assets...147 Gathering Essential Information...148 Definition of Small and Large Business Taxpayer...149 Depreciation for Small Business...149 Depreciation for Large Business...151 Effective Life...153 Depreciation Methods AASB116...154 Units of Production method... 154-155 Straight-line method...156 Diminishing Balance method...157 Depreciation Journal...158 General Ledger Accounts and Balance Sheet...158 Unit 10: Using AssetManager Pro v3.5...159 Simulation Exercise details Rosedale Properties...160 Rosedale Policies and Procedures...161 Creating your AssetManager Pro data file... 163-167 Creating Asset Groups...168 Setting up Account Numbers...170 Exploring AssetManager Pro... 171-172 Setting up your AssetManager Pro data file...173 Information on Effective Life Ruling TR 2007/3...175 Setting up Asset Groups...176 Adding New Asset Groups...177 Creating Cards to be used in AssetManager Pro...179 Entering Asset Details as at your Conversion Date.... 180-186 Printing Asset List...187 Printing Asset Detailed List... 188-190 Adding Assets Purchased...191 Printing Asset List by Asset Group...193 Printing Asset Depreciation report by Asset Group [Book Values]...194 Printing Asset Depreciation report by Asset Group [Tax Values]...195 Printing List of Assets in Low Value Pool...195 ii Table of Contents - Computerised Inventory, Fixed Assets & Integrated Exercises v18 Copyright Marian Brown 2008
Table of Contents [continued] Unit 10: Using AssetManager Pro v3.5 [continued] Printing Depreciation Journals...196 Printing Asset Depreciation by Cost Centres...197 Depreciation Entry in MYOB [using Cost Centres]...198 Backing up your Data File...199 Entering Disposal of Assets...200 Printing Disposal Transaction Listing...201 Printing Disposal of Asset Journal Entry...202 Entering Disposal of Asset in Low Value Pool...203 Printing Asset History Reports...204 AssetManager Consolidation Exercise 1...205 AssetManager Consolidation Exercise 2...206 Barcode Labels...207 Reconciling Assets...208 Entering Service Details and Printing Reports...209 Entering Service Details...210 Viewing Graphs... 210-211 Viewing Transactions entered this Financial Year...212 End of Financial Year Procedure...212 Printing Depreciation Schedule Worksheet 2...214 Printing Depreciation Schedule Worksheet 1...215 Printing Capital Allowance Schedule...216 Starting a New Year...217 Unit 11: MYOB and AssetManager Integrated Exercise Integrated MYOB Accounting and MYOB AssetManager Pro v3.5 exercise... 221-229 Appendix: Solutions... 231 Copyright Marian Brown 2008 Computerised Inventory, Fixed Assets & Integrated Exercises v18 Table of Contents iii
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 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 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
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 www.mbsts.com.au Publisher: MBS Training Services Pty Ltd ABN 70 108 995 311 PO Box 7372 TOOWOOMBA MC QLD 4352 Phone/Fax: 07 4635 5027 Web address: www.mbsts.com.au ISBN 978-1-921275-18-0 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
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