Introduction to MYOB AccountRight v19

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This workbook contains detailed step by step instructions with the aid of ... assist the user to learn MYOB AccountRight and assure the user that the data is being.
Introduction to MYOB AccountRight v19 Preface This workbook has been written to cover all the basic information on how to use MYOB AccountRight [Standard, Plus, Premier and Enterprise] using v19 and v19.5 [and MYOB AccountEdge v9]. You start the workbook by exploring a data file already set up to become familiar with the various Command Centres. You then learn how to enter data including cash receipts and payments, sales invoices, customer payments, purchase invoices and supplier payments. Some inventory is included. Reconciliation of bank accounts, debtors and creditors is carried out. The customising of invoices is also covered. End of financial year transactions including journal entries are also entered. A variety of reports are printed to expose the user to a number of basic reports which can be used to analyse the business. You then learn how to set up a data file from scratch, enter opening balances and revise the entering of transactions and carry out reconciliations. The Business Activity Statement is then prepared using the data entered. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB AccountRight and assure the user that the data is being entered accurately. The outstanding feature of this book is the drilling down of transactions to explain what is happening in the data file to assist in the understanding of how MYOB AccountRight works. Anticipated time taken by the average user to complete this workbook is 18 hours. This workbook is used in the following organisations: ! ! ! ! ! ISBN:

Community Courses – 6 lessons of 3 hours High Schools – meets the Year 12 syllabus in Queensland Registered Training Organisations use this book to meet Certificate III competencies – no mapping has been provided TAFE Open Learning for distance learning Universities – used as an overview of the basics of MYOB AccountRight. 978-1-921780-09-7

A Teachers Resource CD is available containing additional exercises and solutions. © Software Publications Pty Ltd 2010

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Copyright Notice: Copyright ©2010 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 Software Publications Pty Ltd.

Written by: Marian Brown Dip T [Commerce], MICB BAS Agent Cert IV in Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 15 years MYOB Accredited Author, MYOB Accredited Trainer Practicing Member of the Institute of Certified Bookkeepers Member of the Australian Bookkeepers Network

Publisher: Software Publications Pty Ltd [ABN 75078026150] Head Office – Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address:

1 800 146 542 www.softwarepublications.com.au

ISBN:

978-1-921780-09-7

Revision:

25 August 2010

© Software Publications Pty Ltd 2010

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Copyright/Trademark Information: MYOB®, MYOB AccountEdge®, MYOB Accounting™, MYOB AccountRight™, MYOB BusinessBasics™, MYOB FirstEdge®, MYOB M-Powered®, MYOB M-Powered Services™, MYOB MPowered 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 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 AccountRight Plus v19 reproduced with permission.

Limitations of Liability: This material is designed to provide basic information on how to use MYOB AccountRight v19/19.5. Earlier or later versions of MYOB AccountRight software could change the instructions in this workbook. 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 the publisher.

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© Software Publications Pty Ltd 2010

Unit 9 End of Year Procedures and Adjustments Learning Outcomes ! ! ! ! ! ! !

Enter stocktake figures – periodic and perpetual inventory Enter purchase of an asset Run the “Company Data Auditor” Record depreciation Record end of year adjustments Carry out end of year processing Print end of year reports

What to do at the End of the Financial Year On 30 June, you can just keep entering data. Anything dated 1 July will be stored in the “next financial year”. You only “Start a New Year” when all the transactions for the old year have been entered – this could be October of the current year or even January next year.

" Opening your Data File Open “INTRO19” the data file used in Unit 8.

" Stocktaking On 30 June of the financial year you are using, a physical stocktake will be taken of inventoried and non-inventoried items on hand. To assist with stocktaking, a “Count Inventory” report can be printed.

© Software Publications Pty Ltd 2010

Unit 9: End of Year Procedures and Adjustments

Page 169

# PRINTOUT 18 - Count Inventory Report (i)

In “Reports”, select “Inventory” TAB.

(ii)

Select “Inventory Count Sheet”.

(iii)

In “Report Customisation”, select “Report Fields”. Deselect Items “On Hand” on this report so that staff doing the stocktake are not guided as to the number which should be on hand.

(iv)

Print a copy of this report.

Your stocktake figures can now be written on this report. Return to the Command Centre.

" Recording Stocktake figures – inventoried items [stationery] Stock on Hand – 30 June/financial year you are working in: Item Inventoried Items

Number Counted

D100 – 700MB CDR 10 PKT

4 spindles

D200 – 700MB CDR 100 PKT

3 spindles

P100 – Paper Bond 85 gsm

14 reams

P200 – Paper – Copy Pastel Blue

3 reams

Non-Inventoried Items

Estimated Value

Stock of Pens

$0.00

Stock in the Snack Bar

$180.00

To record the stocktake of inventoried items: (i)

Select the “Inventory” Command Centre.

(ii)

Select “Count Inventory”.

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(iii)

Key in the number of items on hand in this column:

(iv)

Click on “Adjust Inventory”.

(v)

Read the next screen. You are asked for a Default Adjustment Account, ie an account [reason] to allocate the missing stock to. Select account number “6-5000 [Office Supplies]”. [The CDs and paper were taken for office use.] [This entry will use the P13 Adjustment Period. The * before the date enters this entry in Period 13 so that this figure does not distort the trading figures for June. Reports before adjustments and after adjustments can be printed.]

(vi)

Click on “Continue”.

(vii)

Key in the appropriate date 30/6/financial year you are using”. Your inventory adjustment should look like this:

The weighted average is automatically used.

(viii) Click on “Record”.

" Viewing your Items List View your Items List to check that MYOB has recorded the new stock levels on Page 170. Return to the Command Centre. © Software Publications Pty Ltd 2010

Unit 9: End of Year Procedures and Adjustments

Page 171

" Recording Stock Figure on Hand – Snack Bar [not inventoried] The stock of food in the Snack Bar on 30/6/financial year was valued at $180.00. To enter the Snack Bar Stock on Hand figure: (i)

Select the “Accounts” Command Centre.

(ii)

Select “Record Journal Entry”.

(iii)

To record the transfer of opening stock, “Stock on Hand” 1/7/financial year [$200], to “Cost of Sales” key in the following transaction:

Select the account number for “Opening Stock”, then key in “200” in the Debit column. Press “ENTER”. Now key in the second line in a similar way, amount to be keyed in the credit column.

(iv)

Click on “Record” to record this entry.

(v)

To record the closing “Stock on Hand” valued at “$180.00” on *30/6/financial year, key in the following transaction:

(vi)

Click on “Record” to record this entry.

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" Recording Stock Figure on Hand – Pens [not inventoried] The closing value of pens on 30/6/financial year was valued at $0.00. The opening value of pens on 1/7/financial year was $80.00. In this exercise, pens to the value of $60 have been sold. Pens to the value of $20 have been taken for office use. To transfer the opening stock of pens to Cost of Sales and account for the pens taken for office use, key in the following Journal entry in “Record Journal Entry”:

An Opening Stock A/c could have been used, however because there was no Closing Stock, the Purchases – Pens A/c has been used as a Cost of Sales A/c.

(ii)

Record the transaction. [GST was accounted for when goods were purchased - change Tax Code to “N-T”.]

Return to the Command Centre.

" Viewing your Balance Sheet – end of financial year View your Balance Sheet using “Analysis” in the Command Panel. [Remember to use the Search Icon.] In “Filters”, select “P13”. [*30/6/yy is P13 adjustments].

Your stock figures should now look like this.

Return to the Command Centre.

© Software Publications Pty Ltd 2010

Unit 9: End of Year Procedures and Adjustments

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" Recording the Purchase of an Asset – Bank Loan A new computer valued at $3,300 including GST was purchased on 30/6/financial year. An extension to the Bank Loan was received to pay for the computer In Unit 8, you recorded the purchase of Office Furniture on credit using “Purchases” so that GST was accounted for accurately when reporting GST on a Cash or Accrual Basis. When reporting GST on a Cash Basis, you must never record a purchase on credit using a General Journal entry because MYOB reports journal entries in GST Cash reports. This of course would be incorrect. General Journal entries can be used when reporting GST on an Accrual Basis or when the purchase has been paid for.

Capital Acquisitions [eg computer] need to be accounted for on the Business Activity Statement in a separate field [at “G10”]. The Tax Code “CAP” [or GCA] is used to distinguish this purchase from “GST” Tax Codes. Enter the purchase of the computer using an extension to the Bank Loan using a General Journal entry like this [if reporting GST on an Accrual Basis].

Note the following: Amount entered was $3,300, therefore “Tax Inclusive” must be selected. The $300 represents “GST Paid”, therefore the “Purchase [Acquisition]” button must be selected. [“Sales” button would result in GST Collected.] The “Spend Money” window could have also been used. Record the transaction. [You will view this figure when you print the GST Report.]

Return to the Command Centre.

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Accounting for Prepaid Expenses To account for Prepaid Expenses ie expenses paid in advance, create a new ASSET Account for “Prepaid Expenses” – account number “1-4600” like this:

(i)

Select the “Accounts” Command Centre.

(ii)

Select “Accounts List”.

(iii)

Click on the “Asset” TAB.

(iv)

Click on “New” and create a new account like this:

(v)

Click on “OK”.

(vi)

Return to the Command Centre.

(vii)

Key in the following payment in “Spend Money”.

Date

10 June xx

Pay

Ace Advertising

Details

Advertising Contract for 6 months

Create a new Supplier card for “Ace Advertising”.

FWD This Cheque [inc GST]

$330.00

Balance

1011

[Allocate to “1-4600 Prepaid Expenses”.]

Note:

This payment of $330.00 was payment for advertising for June and the next 5 months.

Your “Spend Money” window is printed on the following page. !

© Software Publications Pty Ltd 2010

Unit 9: End of Year Procedures and Adjustments

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Accounting for Prepaid Expenses [cont]

To account for the Advertising for the month of June [ie 1/6th of $300 the GST exclusive amount] = $50 [GST component has already been accounted for {therefore use N-T code}]:

(i)

In the “Accounts” Command Centre, select “Record Journal Entry”.

(ii)

Key in the following entry:

(iii)

Record the Prepaid Expenses entry.

Return to the Command Centre.

Note: A similar entry would be made at the end of July, August, September, October and November to account for the advertising for that month.

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© Software Publications Pty Ltd 2010