Computer Accounting Using MYOB Business Software v19.6

Contents
Acknowledgments. x
Preface. xi
How to . index (by chapter). xii
How to . index (by function). xv
Installation of files from the DVD. xx
Note for users of MYOB Premier and Enterprise. xxiii
Note for users of Apple MacIntosh and MYOB AccountEdge Pro v13 xxiv
Chapter 1 Introduction to MYOB AccountRight Plus. 1-1
Introduction. 1-2
Conventions used in this book. 1-2
Using the "How to ." lists. 1-3
MYOB AccountRight Plus and the GST. 1-4
Opening an existing file. 1-4
MYOB AccountRight Plus essentials. 1-6
Command centres. 1-6
Menu system. 1-8
Dialogue boxes and selections. 1-10
Preferences and security. 1-10
Reports and Forms. 1-14
Printing (in general). 1-16
"Zoom" and "Detail" arrows. 1-17
Registers. 1-18
Backing up a file............... 1-20
Sample operations. 1-22
General journal entry. 1-24
Purchase of an inventory item on credit. 1-26
Sale of inventory items on credit. 1-29
Receipt of money from a customer (Accounts receivable) 1-31
Make a deposit. 1-33
Payment of money to an account payable. 1-34
Payment of money for a service. 1-35
Print financial statements. 1-38
Competency checklist. 1-42
Assessment exercises. 1-43
Answers to self-test exercises (where applicable). 1-46
Chapter 2 GST basics. 2-1
Introduction. 2-2
Basic GST concepts. 2-2
Value-added tax in the supply chain. 2-2
Taxable supply. 2-3
GST free supply. 2-4
Input taxed supply. 2-5
Contents
iv
Simplified GST accounting methods. 2-6
GST general ledger accounts. 2-6
MYOB AccountRight Plus tax codes. 2-6
Deleting tax codes. 2-9
GST codes for items. 2-10
GST codes for customers. 2-11
Tax-inclusive and tax-exclusive transactions. 2-11
Printing GST reports. 2-12
The Business Activity Statement. 2-17
Useful sources of information on BAS and the GST. 2-21
Competency checklist. 2-21
Assessment exercises. 2-22
Answers to self-test exercises. 2-24
Chapter 3 General ledger. 3-1
Introduction. 3-2
Creating a new file. 3-2
Accounts list maintenance. 3-6
Default GST codes for accounts. 3-16
Using account names. 3-20
Editing linked accounts. 3-20
Printing financial reports to check design. 3-22
Entering existing balances. 3-23
Merging (combining) detail accounts. 3-26
Adding budget data to accounts. 3-27
Recording general journal entries. 3-29
Balance day adjustments. 3-32
Providing for doubtful debts. 3-33
Depreciation. 3-33
Periodic inventory entries. 3-35
Writing off an asset. 3-38
Making an account inquiry. 3-40
End of financial year. 3-41
Starting a new financial year. 3-45
The reversals. 3-47
Competency checklist. 3-48
Assessment exercises. 3-49
Answers to self-test exercises. 3-63
Chapter 4 Cash transactions. 4-1
Introduction. 4-2
The Goods and Services Tax (GST). 4-2
The Banking command centre. 4-3
Account name or account number?. 4-3
Recording money received. 4-5
Using an Undeposited Funds account. 4-9
Printing reports from the banking command centre. 4-16
Cash payments. 4-19
Contents
v
Using MYOB AccountRight Plus cards. 4-22
Using a petty cash "bank" account. 4-23
Petty cash re-imbursement. 4-25
Recurring cheques. 4-26
Bank reconciliation. 4-33
Reverse (undo) a previous bank reconciliation 4-39
Electronic transactions and reconciliation. 4-40
Recording payments received by credit card. 4-40
Depositing credit card payments received. 4-43
Using a credit card for payments. 4-45
Reconciling the Visa card statement. 4-47
Recording payments from the credit card statement. 4-48
Bank reconciliation using downloaded statement file. 4-48
Business Activity Statement (BAS) and GST report. 4-53
Competency checklist. 4-56
Assessment exercises. 4-57
Answers to self-test exercises. 4-72
Chapter 5 Accounts receivable. 5-1
Introduction. 5-2
An open item system. 5-2
Recording a sale on credit. 5-3
Account name or account number?. 5-3
Check spelling before recording transactions. 5-4
MYOB AccountRight Plus tax codes. 5-4
Adding or editing a tax code. 5-4
Creating customer records (card file). 5-6
Trading Terms. 5-7
Maintaining a customer card. 5-14
Setting up Sales linked accounts to the general ledger. 5-15
Opening customer balances (Accounts receivable). 5-16
Credit sales invoices. 5-18
Using Quotes, Orders, Invoices and the Sales Register 5-27
Quotes and Orders preferences. 5-30
Changing a quote to an order. 5-31
Changing an order to an invoice. 5-33
Cash received from customers (Accounts receivable). 5-35
Using the Undeposited Funds facility. 5-37
Preparing a bank deposit. 5-39
Credits to customer accounts. 5-42
Printing or emailing invoices. 5-47
Printing accounts receivable ageing report.
. 5-50
Printing accounts receivable statements. 5-52
Customer transaction detail. 5-55
Printing GST reports. 5-56
Back up before combining customer cards. 5-59
Combining customer cards. 5-59
Contents
vi
Dishonoured and re-presented cheques. 5-61
Default setup for Sales (Easy Setup Assistant). 5-65
Competency checklist. 5-68
Assessment exercises. 5-69
Answers to self-test exercises. 5-87
Chapter 6 Accounts payable. 6-1
Introduction. 6-2
An open item system. 6-2
Check spelling before recording transactions. 6-3
MYOB AccountRight Plus Tax Codes. 6-3
Adding or editing a tax code. 6-3
Recording a purchase on credit. 6-5
Setting up custom lists and field names for suppliers' cards 6-5
Setting up Custom Fields. 6-5
Setting up Custom Lists. 6-5
Creating supplier records in a card file. 6-7
Supplier trading terms. 6-9
Setting up Purchases linked accounts to the general ledger 6-14
Opening supplier balances (Accounts payable). 6-15
Credit purchases. 6-18
Using Quotes, Orders, Bills and the Purchases Register 6-22
Quotes and Orders preferences. 6-26
Changing a quote to an order. 6-26
Changing an order to a bill. 6-28
Payments to suppliers (Accounts payable). 6-30
Debits to suppliers' accounts. 6-32
Entering a deposit for credit refund received. 6-37
Printing or emailing a purchase order. 6-40
Printing accounts payable ageing analysis. 6-42
Supplier transaction detail. 6-44
Back up before combining supplier cards. 6-45
Combining supplier cards. 6-46
Printing GST reports. 6-48
Default setup for purchases (Easy Setup Assistant). 6-50
Recording contra receipts and payments. 6-53
Competency checklist. 6-57
Assessment exercises. 6-58
Answers to self-test exercises. 6-75
Chapter 7 Inventory and integration. 7-1
Introduction. 7-2
Item list. 7-2
Setting up items. 7-3
Maintaining the item list. 7-16
Entering an initial inventory count (opening inventory) 7-18
Perpetual inventory system. 7-21
Using inventory items in a perpetual inventory system 7-24
Contents
vii
Items purchased on credit. 7-24
Return of items purchased on credit (credit notes rec'd) 7-28
Using Quotes, Orders, Bills and the Purchases Register 7-28
Changing a quote to an order. 7-32
Recording receipt of items before supplier's bill arrives 7-34
Changing an order to a bill. 7-36
Items sold on credit. 7-38
Return of items sold on credit (cr notes issued to customers) 7-41
Using Quotes, Orders, Invoices and the Sales Register 7-42
Changing a quote to an order. 7-45
Changing an order (or a quote) to an invoice. 7-47
Stocktaking. 7-50
Inventory reports. 7-52
Competency checklist. 7-55
Assessment exercises. 7-56
Answers to self-test exercises. 7-77
Chapter 8 Payroll. 8-1
Introduction. 8-2
Tax Table. 8-2
Gross pay, deductions and net pay. 8-3
PAYG and the 'Activity Statement'. 8-4
The payroll system for MYOB AccountRight Plus. 8-5
Setting up the payroll system and payroll categories. 8-5
General payroll information. 8-8
Setting up employee records (cards) and standard pays 8-9
Setting up payroll categories. 8-19
Using the Easy Setup Assistant. 8-36
Paying employees each pay period. 8-37
Paying the Net Pay amounts to employees on payday 8-38
Automatically adjust base pay amounts for days off 8-43
Adjustments to the standard pay. 8-44
Using timesheets for recording hours worked. 8-47
Payroll category inquiry. 8-50
Payments of amounts withheld. 8-51
Carrying out payroll end-of-year functions. 8-53
Starting a new payroll year. 8-58
Starting a payroll during a payroll year. 8-59
Competency checklist. 8-63
Assessment exercises. 8-64
Answers to self-test exercises. 8-76
Chapter 9 Categories and jobs. 9-1
Introduction. 9-2
Information design. 9-2
Account levels. 9-3
Contents
viii
Adding categories. 9-3
Setting up categories. 9-4
Creating categories. 9-5
Adding jobs. 9-7
Creating jobs. 9-7
Job budgets. 9-12
Transactions using categories and jobs. 9-14
Purchase of trade goods on credit. 9-14
Sales invoices. 9-18
Cash sales received. 9-20
Recording cheques paid. 9-22
Recording general journal entries with jobs and categories 9-25
Changing completion percentage. 9-27
Printing reports. 9-28
Competency checklist. 9-30
Assessment exercises. 9-31
Answers to self-test exercises. 9-36
Chapter 10 Ergonomics (chapter on accompanying DVD). 10-1
Definitions
What is ergonomics?. 10-2
What are OOS, MSD and RSI?. 10-3
Parts of the body that can be affected. 10-3
Symptoms to watch for. 10-3
Unsafe situations in the office. 10-4
Unsafe or undesirable working habits. 10-4
What can we do?. 10-5
Good posture. 10-6
Exercises. 10-7
A special section on the eyes. 10-8
Good procedures to follow and practice. 10-8
Chapter 11 Help (chapter on accompanying DVD). 11-1
Introduction. 11-2
Available sources of help. 11-2
The manual. 11-2
After sales phone service. 11-2
Installing the program and Help on a CD. 11-2
He
lp on the Internet. 11-3
MYOB Help. 11-3
How to use the MYOB Help. 11-5
Search help option. 11-5
Printing help topics. 11-6
Additional help features offered. 11-7
The Assistant. 11-7
MYOB Australian website. 11-7
Contents
ix
Competency checklist. 11-7
Icons and symbols. 11-8
Abbreviations and field names. 11-11
Using the keyboard with MYOB AccountRight Plus. 11-12
Making a selection using the keyboard. 11-12
Tab, enter, return and the space bar. 11-12
Keyboard shortcuts used in MYOB AccountRight Plus 11-14
Appendices Appendix A: Help. A-1
Appendix B: Ergonomics and OH&S. A-3
Glossary (on the accompanying DVD). G-1
GST Glossary (on the accompanying DVD). G-27
Index. Index-1