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Introduction to
MYOB Accounting Plus
An introduction to the basic operations of a computer-based
accounting system using the MYOB Accounting Plus program.
4. Use the keyboard and mouse for your particular machine and enter
some everyday transactions using MYOB Accounting Plus.
6. Backup a file.
Introduction
The aim of this book is to help people learn the accounting process using a modern
integrated accounting package. People in education and those small businesses
contemplating MYOB Accounting Plus should find it a useful addition to the manual and
tutorial supplied by the distributors of MYOB Accounting Plus. The exercises are designed
to reinforce the MYOB Accounting Plus tutorial as well as helping with –
It is not necessary to go through the chapters in any particular order as each will
commence as a separate module – for example, the chapter on cash book will start by
learning how to process transactions through a cash book where the accounting system is
already set up. A simple set-up of accounts will then be undertaken so that any person may
use the cashbook “stand-alone”. Later chapters will integrate the cashbook with other
modules (called command centres in MYOB Accounting Plus).
Included in this edition is a chapter on MYOB AssetManager Pro v3.5, a stand-
alone package for keeping track of assets.
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Chapter 1: Introduction to MYOB Accounting Plus
Click
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Chapter 1: Introduction to MYOB Accounting Plus
Step Instruction
3 From the list of files on your disk, highlight the file required and click the
OPEN button (or double click on the file name). The following picture shows
the file called dem11.myo in a folder called MYOBDATA on the hard disk
selected:
4 The ‘User ID:’ field will show “Administrator”. You are strongly advised NOT
to use passwords in exercises. Click on the OK button as shown below:
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Computer accounting using MYOB business software
Command centres
A major difference between MYOB Accounting Plus and other accounting packages is its
menu system. Rather than produce a list for selection, it displays icons or names that are
selected by pointing to them with the mouse and clicking. Figure 1.1 shows the selections
available when the Accounts command centre button is selected:
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Chapter 1: Introduction to MYOB Accounting Plus
MYOB Accounting Plus command centres also have an option to use the
M-Powered Services Centre – this enables a business to connect
electronically to banks, suppliers and superannuation funds. A business
needs to subscribe (pay) for this additional service.
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To select a command centre (or an option within a command centre) you use the
mouse to move the on-screen arrow so that the point of the arrow is in the object being
selected. The mouse button is then “clicked” – a quick press of the left-hand button. This
process is called “point and click”. An instruction in these notes to “Select ...” will mean
that you use the mouse to move the on-screen pointer (arrow) so that the point of the arrow
is on the item to be selected and you tap (click) the mouse button – do not hold your finger
down on the button, but give it a quick press.
Menu system
Menus allow you to select from displayed alternatives. You have already been using one
of the MYOB Accounting Plus menus – clicking on a displayed command centre area
selects that command centre. You will have noticed that each command centre has a
different set of options displayed, and these options represent another level of menu –
clicking on an option selects a particular course of action.
Another menu system is displayed at the top of the MYOB Accounting Plus
window. These are the pull-down (or drop-down) menus, which will be familiar to
anyone who has used any Windows based program. In Windows XP, the title bar and
menu bar with the Setup pull-down menu selected will look like Figure 1.4 on the next
page.
A drop-down menu item may have a small arrow at the right-hand side and this
indicates that a sub-menu exists. Click on the small arrow to display a sub-menu: Figure
1.5 on the next page shows a sub-menu for the Payroll Categories item in the Lists menu.
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Chapter 1: Introduction to MYOB Accounting Plus
Click to see a
sub-menu
Figure 1.5: The Lists drop-down menu and Payroll Categories sub-menu
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Any number of
checkboxes may
be selected
Security
The files provided with this book have been set up so that changes can be readily made and
errors corrected easily. This is not necessarily the best internal control procedure and in
practice the first security option should be turned on and password protected. This forces
people to reverse incorrect entries so as to leave a trail. When you create a new file in class
for an exercise however, this facility for easy correction may be barred, and you may need
to re-set the security options.
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How to set the security preferences and add users with passwords
Step Instruction
1 Select the Setup pull-down menu.
2 Select the Preferences item from the menu.
3 Click on the tab for Security.
4 There are several items which can be turned on or off by clicking in the
appropriate selection checkbox. For ease of correcting errors or cancelling a
transaction, the first checkbox should be turned off (no tick in the box). If you
do not want a backup message to appear when you exit MYOB Accounting Plus,
turn the third checkbox off.
5 The second item has a drop down selection list. Tick this preference and point to
the white box and drag down to make your selection.
6 To add users and set passwords, click on the User IDs button at the foot of the
security window.
7 Only the person logged in as the Administrator with the master password can
add or edit users and their passwords. To add a user click on the New button.
8 Enter a ‘User ID:’ and TAB to the ‘Password’ field.
9 Type in a Password and TAB.
10 Type in the password again to confirm.
11 You can copy a set of restrictions from another user by selecting the other user
from the drop down list in the ‘Copy Restrictions’ field.
12 Click on the OK button.
13 To stop a user using a particular function, make sure the user is selected on the
left-hand side of the User Access window and click in the column headed ‘Not
Allowed’ against the function that is barred. (Clicking on a function heading
selects all of the functions under that heading.)
14 Click on the OK button.
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6. Type in “OZZIE” as the ‘User ID’ and use the TAB key.
7. Type in the ‘Password’ as “HATARI” (all in capital letters) and use the TAB key.
8. Repeat the password “HATARI” in the ‘Confirm Password’ field and click on the OK
button if your New User Details window looks like Figure 1.7:
Click in this
column to stop a
user accessing
the function
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Chapter 1: Introduction to MYOB Accounting Plus
System preferences
The preferences are set and removed by clicking in the checkbox next to the preference.
A checkbox with a tick in it means that the preference is “on”. The system preferences
that may be selected are shown in Figure 1.10 on the next page.
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Chapter 1: Introduction to MYOB Accounting Plus
Windows
The Windows preferences determine how the windows will look and act when entering or
selecting fields. Figure 1.12 shows the setup for the file dem11.myo.
A most important Windows preference shown in Figure 1.12 that you may
select is the choice of listing and selecting accounts by either the name of
the account or the account number. A tick in the fourth box from the top as
shown above will mean that accounts will be listed by name. If the tick is
removed, the accounts will be listed by account number. Throughout this
book, you may use whichever option you prefer.
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Options for printing documents are available directly from the command centre menus.
For example, the three options shown above are directly available from the Sales
command centre. Similar options will be found in the other command centres. They are
restricted to printing all or a “run” of documents each with the same attribute.
OR
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Chapter 1: Introduction to MYOB Accounting Plus
The Send To button allows you to export the report instead of printing. The
report can be exported to an Excel spreadsheet, emailed, set as a “PDF” or
an “HTML” file or a simple text file. You must have the requisite
programs installed on your computer for all of these to work.
Detail
arrow
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Registers
The Registers are journal search and edit facilities for banking, purchases, sales and
inventory transactions. For example, in the Purchases command centre there is an option
called Purchases Register. This option is used to search for purchase quotes, orders, open
bills (unpaid supplier invoices), closed bills (paid supplier invoices), debit notes and
recurring purchase templates. Similar registers are found in the Sales, Banking and
Inventory command centres.
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Chapter 1: Introduction to MYOB Accounting Plus
I LIKE registers!
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Computer accounting using MYOB business software
Backing up a file
You will see reminders throughout this book to back up the MYOB data file. You should
put the backup file in a separate location (not on the same disk that contains your original
file). The backup file is a condensed “zip” file that you should rename if necessary to
distinguish it from other backups.
3 Select Backup Company File and M-Powered Services Centre only and
either with or without checking for errors and click on Continue. If you
selected Check Company File for errors a message will report any errors
found. Check it and click the OK button.
4 Type in the file name of the backup file (it usually has a .zip extension).
Note: MYOB Accounting Plus default backup name is MYOBmmdd.zip
The mmdd is the date in the format of month and day. For example, if you are
backing up on 30 June the default name would be MYOB0630.zip. Usually a
business would only have one MYOB Accounting Plus data file but numerous
backup files, each identified by the date in the name. As a student you will be
working with a number of data files and it is necessary to name the backup files
differently (i.e. use the original file name but with the .zip extension)
5 Change Drive and Folder if necessary (the default is a folder called Backup
in the directory containing the main file).
6 Click the OK button.
Sample operations
All of the operations in this part will be covered in detail in later chapters. The purpose
here is to let you see how MYOB Accounting Plus works when it has already been set up.
Later lessons will show you how to set up the business and the command centres so that
everyday transactions are automatically entered correctly in the accounts. Some people will
have to get used to the mouse while others will have to get used to Window operations. The
style of future exercises and notes will also be the same.
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and the purpose here is to become aware of MYOB Accounting Plus procedures and
screens. For these exercises, turn the spell checking off by deselecting this preference as
shown in Figure 1.12 on page 1-15.
1. The exercise month is July 2008. You do not have to change the computer’s system
date.
2. Start MYOB Accounting Plus.
3. Open the file called dem11.myo and you should sign on as the Administrator.
4. If you are doing a formal course your printouts will need to include your name. The
way to do this is to include your name in the company information. The files provided
allow you to enter your name in the Address section. The following ‘How to ...’
instructions are used to change the business address, and other information.
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Chapter 1: Introduction to MYOB Accounting Plus
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on the first line of the journal “voucher” under the column headed “Account”. To
enter an account name you may:
Tap the Enter key and select the account from the resulting list; or
Use the selection list icon at the end of the field and select from the list;
or
Type in the first letter, or some of the first few letters, of the name and ↵; or
Type in the full name and ↵.
If you are using account numbers in a form you may either type it in (including the
mandatory prefix), or tap the enter key for a selection list. You can then select the
correct account from the list.
For this demonstration, type in the first few letters of “Accruals” until the full account
name is shown and then use TAB to go to the Debit column.
6. Enter “2778” in the Debit column and ↵. Unlike many other accounting packages,
MYOB Accounting Plus will not object to the dollar sign or commas in the entry of
dollar amounts, but you need not type them if you set the preferences to include them.
7. You could also allocate the amount to a particular job by entering in a job reference in
the ‘Job’ column. An additional Memo may also be entered for each line of the
journal entry in the ‘Memo’ column. The first line of the journal entry should show a
default tax code of “N-T”. This tax code is used for any entry that has no effect on
GST collected or paid. For tax codes and their meaning look at Chapter 2.
8. Type “Sa” to select the “Salaries and Wages” account or type the account number for
“Salaries & Wages”.
9. TAB to the Credit column and enter “2778” and ↵ (Note: The TAB key is used
extensively in MYOB Accounting Plus whenever a line of a journal or document is
being entered).
10. Make sure that at the bottom of the window the totals of the Debits and Credits agree
and that the ‘Out of Balance’ field is $0.00. Your Record Journal Entry window
should look like Figure 1.17 on the next page.
11. If you have made a mistake, point to the field, click and correct the error. If you want
to cancel the whole entry, use the EDIT pull-down menu and select Erase General
Journal Transaction.
12. Before you record any transaction you can use the EDIT pull-down menu at the top of
the screen and select the Recap Transaction menu item. This will give you a preview
of how the transaction will affect the accounts in the general ledger. Figure 1.18 on
the next page is the Recap Transaction window for the journal entry shown in Figure
1.17.
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Chapter 1: Introduction to MYOB Accounting Plus
Figure 1.17: A general journal entry in the Record Journal Entry window
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Computer accounting using MYOB business software
4. In this example, the window should be headed Purchases – New Item. In other cases,
this can be changed to a services purchase by selecting the Layout button at the foot
of the window. A purchase order may be for an item of inventory or for a service (e.g.
repairs to a fork lift).
5. Make sure that the ‘Tax Inclusive’ box at the top of the Purchases – New Item
window is ticked (that is, the purchase price on this purchase includes GST).
6. With the cursor on the ‘Supplier:’ field, enter the supplier’s name – you may:
Tap the Enter key and select the supplier from the resulting list; or
Use the selection list icon to the right of the field and select from the list; or
Type in the first, or some of the first few letters, of the name and ↵; or
Type in the full name and ↵.
For this exercise, type “D” for the supplier and ↵. The full name “Delefontes Inc”
should appear in the ‘Supplier:’ field. Your business name should appear in the ‘Ship
to:’ field. If you want to leave the field as is, you use the TAB key.
7. TAB through to the Purchase # field and enter “100287” ↵.
8. In the ‘Date’ field, change the date to “28/07/2008” ↵.
9. Enter the ‘Supplier Inv#’ as “4890” ↵.
10. The cursor will now be on the first line item under the column headed “Bill”. Enter
“100” for the quantity on the Bill and press the TAB key. If you press the Enter key
you will jump down to the next line item! If you accidentally do this, use the up-
arrow key – the cursor should move to the previous line. You will find that the TAB
key must be used in any window to enter information across a line.
11. Use TAB to leave the ‘Backorder’ field blank.
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Chapter 1: Introduction to MYOB Accounting Plus
12. Enter the inventory ‘Item #’. Use the same technique as before – i.e. use the Enter key
for a selection list and select the item from this list, click on the Selection List button
or type in the item number and TAB. Select the item number by tapping the Enter
key and select item D-113 from the list as shown in Figure 1.19:
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Computer accounting using MYOB business software
15. The Total column should show the extension of $1,980.00. The code ‘GST’ should
also appear in the Tax column. The summary at the bottom of the invoice should also
show that $1,980.00 is the total amount and the balance on this invoice due
($1,800.00 plus GST of $180.00). You could change the ‘Journal Memo’ and other
fields by pointing to them, clicking and entering in different data. You can also add
comments to the Purchase Order. This will be covered in Chapter 6.
16. If your screen is not as per Figure 1.20 you may point to any incorrect field, click, and
re-enter the correct data. You may also abandon this purchase by selecting Erase
Purchase from the Edit pull-down menu and re-do the entry
17. Use the Edit menu, Recap Transaction menu item and compare the transaction with
Figure 1.21. Click on the OK button to close the Recap Transaction window.
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Chapter 1: Introduction to MYOB Accounting Plus
5. Make sure that the ‘Tax Inclusive’ box at the top of the Sales – New Item window is
ticked (that is, the sales price on this sales invoice includes GST).
6. With the cursor on the ‘Customer:’ field, enter the customer name – you may
Tap the Enter key and select the customer from the resulting list; or
Use the selection list icon to the right of the field and select from the list;
or
Type in the first letter, or some of the first few letters, of the name and ↵; or
Type in the full name and ↵.
For this exercise, type “m” for the customer and ↵. There are two customers with
names beginning with “M”, but ‘Macho Menswear’ is the first name in alphabetical
order and is displayed in the field. The full delivery address for Macho Menswear
should appear in the ‘Ship to:’ field.
7. TAB through to the ‘Date’ field and enter the date “29/07/2008” and ↵.
8. Enter “3686” as the ‘Customer PO #:’ (purchase order number) and ↵.
9. Enter “60” for the quantity under the ‘Ship’ field and use the TAB key.
10. TAB to leave the ‘Backorder’ field blank.
11. Enter the ‘Item Number’. Use the same technique as before – i.e. tap the Enter key for
a selection list and select the item from this list, or type in the item number and ↵, or
use the Selection List button . Select the item number “D-113”. Tap the Enter key
to go to the next line of the invoice.
12. Enter “100” for the quantity to ship and TAB to the ‘Item Number’ field.
13. Select “I827” as the ‘Item #’ and ↵. The sales invoice should appear as in Figure 1.22
on the next page.
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Computer accounting using MYOB business software
18. Click on the Transaction Journal option. Set the dates at the top of the window from
1/7/2008 to 31/7/2008.
19. Use the scroll bar to go to the end of the journal display and you should see your entry
for the sale to Macho Menswear on the 29 July 2008.
20. Close the Transaction Journal window.
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Chapter 1: Introduction to MYOB Accounting Plus
Make a deposit
The previous section showed the receipt of a cheque from an account receivable. There
could be several cheques received in any one day in addition to other methods of
payment. You will see in Figure 1.24 that the money received has been debited to an
account called “Undeposited Funds”, and this must now be deposited at the bank. The
Prepare Bank Deposit option is used to bank these payments in a single deposit to the
bank.
1. Select the Banking command centre.
2. Click on the Prepare Bank Deposit option.
3. Enter the date as “30/07/2008” ↵.
4. Leave the ‘Select Receipts by:’ field as “All Methods” and the ‘Memo:’ as “Bank
Deposit”.
5. In the Deposit column, click against the cheque that is going to be deposited and a
“¥” should show. The total deposit should show $5,280.00 as in Figure 1.25:
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Computer accounting using MYOB business software
If you only have a single receipt in a day you can over-ride the default set
up in this file and record the receipt direct to the bank account. At the top
of the Receive Payments window in Figure 1.24 you will see that the
receipt from Jag Gear was debited to “Undeposited Funds”. If you select
the option button for ‘Deposit to Account’ the receipt is debited to the
account for “Corporate State Bank” and you would not use Prepare Bank
Deposit.
4. Use the TAB key to leave the ‘Payee:’, ‘Memo:’ and ‘Cheque No.:’ fields as they are
and enter the date as “31/07/2008” ↵.
5. Enter “3850” as the amount ↵.
6. TAB to the “Amount Applied” column and apply the $3,850 to Purchase # 100275
and ↵. The Pay Bills window should look like Figure 1.26 on the next page.
7. If your Pay Bills window is not as per Figure 1.26 you may point to any incorrect
field, click, and re-enter the correct data. You may also abandon this receipt by
selecting Erase Payment from the Edit pull-down menu and re-do the entry.
8. Use the Edit menu, Recap Transaction menu item and you should see that “Accounts
Payable” account has been debited, with a credit to the bank account “Corporate State
Bank”. Click on the OK button to close the Recap Transaction window.
9. Click on the Record button.
10. Click on the Cancel button to close the Pay Bills window.
11. Click on the Transaction Journal option and the Disbursements tab. Set the dates
from 1/7/2008 to 31/7/2008.
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Chapter 1: Introduction to MYOB Accounting Plus
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Computer accounting using MYOB business software
6. At the ‘Card:’ field use the TAB key to move through to the ‘Payee’ field (the use of
Cards will be explained in detail later).
7. In the ‘Payee:’ field type in “Prospero County Council” and use the TAB key to move
to the ‘Memo:’ field. (If you use the Enter key in the ‘Payee:’ field it will only move
down one line in that field because you can enter a multi-line address).
8. Enter a ‘Memo’ – for example, “Electricity account paid” ↵.
9. If you have not changed the Windows preference from that shown in Figure 1.12 (see
page 1-15 where the preference is set to list accounts by name), the cursor should be
on the first line of the journal “voucher” under the column headed “Account Name”.
To enter an account name you may:
Tap the Enter key and select the account from the resulting list; or
Use the selection list icon at the end of the field and select from the list;
or
Type in the first letter, or some of the first few letters, of the name and ↵; or
Type in the full name and ↵.
If you are using account numbers in a form you may either type it in (including the
mandatory prefix), or tap the enter key for a selection list. You can then select the
correct account from the list.
For this demonstration, type in the first few letters of “Electricity” and TAB across to
the Amount column.
10. $462.00 should appear in the “Amount” column, as this is the tax-inclusive amount.
The Tax column should have “GST” as the tax code ↵. Your Spend Money window
should appear as in Figure 1.27 on the next page. (Notice at the foot of the window an
amount of $42 for the GST.)
11. If your Spend Money window is not as per Figure 1.27 you may point to any incorrect
field, click, and re-enter the correct data. You may also abandon this receipt by
selecting Erase Cheque Transaction from the Edit pull-down menu.
12. Use the Edit menu, Recap Transaction menu item and you should see that account
number 6-1050 “Electricity” has been debited with $420 (the expense excluding the
GST), account number 2-1430 “GST Paid” has been debited with $42, and the bank
account number 1-1120 “Corporate State Bank” has been credited with $462. Click
on the OK button to close the Recap Transaction window.
13. Click on the Record button.
14. Click on the Cancel button to close the Spend Money window.
15. Click on the Transaction Journal option. If your system date has been set correctly
you will see the journal entries for all the payments in July 2008 (if not, set the
beginning and ending dates at the top of the window).
16. You should see your entry for the payment of $462.00 to Prospero County Council on
31 July 2008 ($420.00 for electricity and $42.00 for the GST paid).
17. Close the Transaction Journal window.
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Computer accounting using MYOB business software
2 To select a report, click on its name. Select Standard Balance Sheet in the
Index to Reports window. Your screen should be similar to Figure 1.28 on the
next page, which shows the Standard Balance Sheet report selected.
(continued on the next page)
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Chapter 1: Introduction to MYOB Accounting Plus
Step Instruction
3 Click on the Display button to review the report on screen.
If you set up preferences to always show Customise options (as per Figure 1.11
on page 1-14 earlier), the Report Customisation window will be displayed.
4 To change print options before displaying the report you can click on the
Customise button.
5 Make selections from the resulting Report Customisation window under the
Advanced Filters tab – report level, selected period, date, and financial year
etc. This is shown in Figure 1.29 on the next page.
6 Click on the Finishing tab in the Report Customisation window and click on
the checkboxes for report preferences. Figure 1.30 on the next page shows
selections for a balance sheet with zero balances included.
Note: If you want to save the particular customisation set up for the report,
click on the last checkbox for ‘Add Reports to Menu’.
7 Select the Display button to review the report on screen. Check for all possible
errors of fact or formatting (this is important to avoid unnecessary printing of
incorrect reports).
8 Click on the Print icon at the bottom left of the screen to obtain a printout.
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Chapter 1: Introduction to MYOB Accounting Plus
Try self-test exercise 1.13 on the next page. Remember that the purpose in this introduction
is to become familiar with MYOB Accounting Plus, the mouse and Windows. If you look
back at pages 1-23 to 1-36 for examples, the following transactions will follow the order
given on those pages.
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Computer accounting using MYOB business software
End of Chapter 1 –
PARTY TIME!
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Chapter 1: Introduction to MYOB Accounting Plus
Competency checklist
End
You should now have a general idea of how MYOB Accounting Plus works. Do not worry
if you are not fully conversant with how to enter some of the transactions. You are not yet
expected to be able to repeat the entries shown in this chapter as an assessment exercise. In
later chapters you will learn to set up MYOB Accounting Plus correctly and learn in greater
detail the various options available. You will also get plenty of practice in transaction entry!
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Chapter 1: Introduction to MYOB Accounting Plus
1.3 Using the abbreviations given, indicate the classification of the accounts listed:
CA – Current Assets
NCA – Non-Current Assets
CL – Current Liabilities
NCL – Non-Current Liabilities
P – Equity (Proprietorship)
I – Income
E – Expense
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Computer accounting using MYOB business software
1.4 Using the information in Question 1.3 (and your answer), prepare a draft balance sheet. Use
group headings, indent account names for items that will be totalled, and indicate where
totals will appear. Here is a start –
Assets
Current Assets
Cash
Commonwealth Bank
Westpac
Petty Cash
Total Cash
Accounts Receivable
Accounts Receivable
Provision For Doubtful Debts
Net Accounts Receivable
Bills Receivable
Inventory
Prepayments
Total Current Assets
Non-Current Assets
etc.
Note: In the example above, there are four indents (or margins). From left to right they go
from the most general heading to the most specific posting account. This four-level layout,
and the difference between headings and posting accounts is most important in designing
a Chart of Accounts in MYOB Accounting Plus.
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Chapter 1: Introduction to MYOB Accounting Plus
1.1 The business name for the dem11.myo file is “Possum Hats Company”.
1.2
(a) There are 8 Command Centres. The Banking Command Centre contains options for
receiving and paying money. This includes electronic payments and bank deposits. The
other principal option in this Command Centre is “Reconcile Accounts” and this is used
mainly for bank reconciliations.
The Sales Command Centre is used to record invoices for goods and services sold to
customers on credit and to record payments received from them. There are also options
for printing or emailing documents.
The Card File Command Centre is used to maintain (add/edit/delete) information about
customers, suppliers, employees and personal contacts. Options are also available to use
the card information for labels and form letters.
(b)
Enter sales – Sales Command Centre
Pay bills from suppliers – Purchases Command Centre
Spend money – Banking Command Centre
Set item prices – Inventory Command Centre
Print Payment Summaries – Payroll Command Centre
Prepare time billing invoice – Time Billing Command Centre
Reconcile accounts – Banking Command Centre
1.3 The preferences are shown in Figures 1.9 and 1.10. Part of the User Access window for
the user called “MKUBWA” is:
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1.7 No answer – you should be able to exit and to make a backup of your file.
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Chapter 1: Introduction to MYOB Accounting Plus
1.8
1.9 The details on Invoice #8301 made out to Jag Gear on 3 July are:
(e) The carrier as per the ‘Ship To:’ field was Hills Transport
(f ) The full comment is “Call Steven on 0457 893 456 for next month’s specials”
(h) The delivery address for Jag Gear is 44A Silvertail Drive, Manly, NSW 2095
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1.10
Possum Hats Company
Answer to self-test exercise 1.10
Balance Sheet
As of July 2008
Assets
Current Assets
Cash and Bank
Corporate State Bank $26,322.00
Petty Cash $500.00
Undeposited Funds $0.00
Electronic Clearing $0.00
Payroll Cheque Account $0.00
Total Cash and Bank $26,822.00
Accounts Receivable
Accounts Receivable $43,296.00
Provision for Doubtful Debts ($500.00)
Total Accounts Receivable $42,796.00
Inventory $14,440.00
Deposits $0.00
Prepayments $2,100.00
Total Current Assets $86,158.00
Non-Current Assets
Furniture & Fixtures
Furn. & Fittings – at cost $11,800.00
Acc. Depreciation – F&F ($2,360.00)
Total Furniture & Fixtures $9,440.00
Office Equipment
Office Equipment – at cost $26,000.00
Acc. Depreciation – Off.Equip. ($8,400.00)
Total Office Equipment $17,600.00
Motor Vehicles
Motor Vehicles – at cost $88,000.00
Acc. Depreciation – Motor Veh. ($18,200.00)
Total Motor Vehicles $69,800.00
Deposits Paid $0.00
Total Non-Current Assets $96,840.00
Total Assets $182,998.00
Liabilities
Current Liabilities
Accounts Payable $29,975.00
Sundry Creditors $0.00
Accruals $0.00
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Chapter 1: Introduction to MYOB Accounting Plus
1.10 (continued)
PAYG Withholding Payable $1,664.00
Payroll Liabilities $0.00
GST Control
GST Collected $15,596.00
GST Paid ($16,629.80)
Total GST Control ($1,033.80)
Customer Deposits $0.00
Unearned Service Contracts $0.00
Total Current Liabilities $30,605.20
Non-Current Liabilities
Loan – D. Doubleday & Crap $5,000.00
Loan – A.G.C. Finance $15,000.00
Total Non-Current Liabilities $20,000.00
Total Liabilities $50,605.20
Equity
Capital – P. Doubleday $92,931.15
Drawings $0.00
Retained Earnings $0.00
Current Year Earnings $3,004.91
Reserves $36,456.74
Historical Balancing $0.00
Total Proprietorship $132,392.80
1.11
Possum Hats Company
Answer to self-test exercise 1.11
Profit & Loss Statement
July 2008
Income
Sales – Akubras $19,600.00
Sales – Delfontes $6,960.00
Sales – Imports $5,900.00
Total Income $32,460.00
Cost of Sales
Cost of Goods Sold – Akubras $12,440.00
Cost of Goods Sold – Delfontes $3,480.00
Cost of Goods Sold – Imports $4,500.00
Total Cost of Sales $20,420.00
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Computer accounting using MYOB business software
1.11 (continued)
Expenses
Advertising $413.23
Bank Charges $56.00
Depreciation $0.00
Discount Allowed $0.00
Electricity $420.00
Employer Expenses $0.00
Insurance $661.15
Interest $28.00
Motor Vehicle $401.66
Office Expenses $206.61
Postage $71.07
Professional Fees $0.00
Rent $1,652.89
Repairs & Maintenance $56.20
Salaries & Wages $4,222.00
Telephone $347.11
Travel $499.17
Payroll Tax $0.00
Workers Compensation $0.00
Penalties (non-deductible) $0.00
Entertainment (non-deductible) $0.00
Total Expenses $9,035.09
Other Income
Interest received $0.00
Commission received $0.00
Total Other Income $0.00
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Chapter 1: Introduction to MYOB Accounting Plus
Liabilities
Current Liabilities
Accounts Payable $24,695.00
Accruals $2,438.00
PAYG Withholding Payable $1,664.00
GST Control
GST Collected $15,676.00
GST Paid ($16,904.40)
Total GST Control ($1,228.40)
Total Current Liabilities $27,568.60
Non-Current Liabilities
Loan – D. Doubleday & Crap $5,000.00
Loan – A.G.C. Finance $15,000.00
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Computer accounting using MYOB business software
Proprietorship
Capital – P. Doubleday $92,931.15
Current Year Earnings $720.91
Reserves $36,456.74
Total Proprietorship $130,108.80
Cost of Sales
Cost of Goods Sold – Akubras $12,440.00
Cost of Goods Sold – Delfontes $3,480.00
Cost of Goods Sold – Imports $5,100.00
Total Cost of Sales $21,020.00
Expenses
Advertising $413.23
Bank Charges $56.00
Electricity $420.00
Insurance $661.15
Interest $28.00
Motor Vehicle $401.66
Office Expenses $252.61
Postage $71.07
Rent $1,652.89
Repairs & Maintenance $56.20
Salaries & Wages $6,660.00
Telephone $347.11
Travel $499.17
Total Expenses $11,519.09
Operating Profit $720.91
Other Income
Net Profit/(Loss) $720.91
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