MYOB Basics plus BAS and Payroll

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MYOB Basics plus BAS and

Payroll

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] and an introduction to processing payroll.

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. 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 prepare the Business Activity Statement using the data entered. In the last unit you look at a payroll data file and learn how to process straight-forward pays and print reports.

This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB AccountRight Plus 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 Plus works.

Anticipated time taken by the average user to complete this workbook is 9 hours.

This workbook is used in the following training situations as an introduction to basic data entry and payroll using MYOB AccountRight Plus:

 9-hour course

 or 3 sessions of 3 hours

ISBN: 978-1-921780-25-7

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Copyright Notice:

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 16 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: 1 800 146 542

Web address: www.softwarepublications.com.au

ISBN: 978-1-921780-25-7 Revision: 2 September 2010

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vi © Software Publications Pty Ltd 2010

Copyright/Trademark Information:

MYOB®, MYOB AccountEdge®, MYOB Accounting™, MYOB AccountRight™, MYOB

BusinessBasics™, MYOB FirstEdge®, MYOB Powered®, MYOB Powered Services™, MYOB M-Powered Bank Statements™, MYOB M-M-Powered Invoices™, MYOB M-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 Plus v19/19.5. Earlier or later versions of MYOB AccountRight Plus 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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 Learning Outcome

 Extract and record information from a bank statement and produce a Bank Reconciliation Statement.

 Reconciling your Cheque A/c with your Bank Statement

You should have your “BASICS19” MYOB data file open.

Each month [or even week], it is usual for the business to receive a Bank Statement from the Bank or download their Bank Statement using On-line, Internet banking or MYOB M-Powered Bank Statements. Printed below is the Bank Statement received showing transactions up to 18/month.

[Your Name] Copy Centre Bank Statement

Issued: 18/month Bank Statement 1 Page 1

Date Transaction Withdrawal Deposit Balance

1/ Balance 8 500.00 CR 3/ 1001 320.00 8 180.00 CR 4/ 1004 275.00 7 905.00 CR 5/ 1003 89.00 7 816.00 CR 8/ Deposit 615.00 8 431.00 CR 9/ 1002 220.00 8 211.00 CR 10/ Deposit 1,684.50 9 895.50 CR 15/ 1007 470.00 9 425.50 CR

18/ A/c Keeping Fee 9.00 9 416.50 CR

Cheques presented to the Bank, periodical payments and bank fees.

Bank Statement Balance - 18/month Deposits

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Page 72 Unit 5: Reconciling your Cheque Account © Software Publications Pty Ltd 2010

METHOD 1:

To reconcile your Cheque Account with the Bank Statement: (i) Select the “Banking” Command Centre.

(ii) Select “Reconcile Accounts”.

(iii) In the “Account” field, select “Cheque A/c”.

(iv) In the “Bank Statement Date” field, use the “Space Bar” to select “18/month you are using” and press “ENTER”.

[You may receive a warning that this date is after the system date on your computer. In this exercise, select “OK”.]

(v) In the top right-hand corner, key in the “New Statement Balance” of “9416.50” and press “ENTER”.

Your “Reconcile Accounts” window will look like this.

(vi) Look at the first entry on your screen.

Look at your Bank Statement. Has this cheque been presented?

1/ Balance 8 500.00 CR

3/ 1001 320.00 8 180.00 CR

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(vii) Then click in the column to the left of “Cheque 1001” like this:

On your Bank Statement, indicate that cheque “1001” reconciles with your records [usually tick].

1/ Balance 8 500.00 CR

3/ 1001  320.00 8 180.00 CR

(viii) Continue in this manner, checking entries on your screen with entries in the Bank Statement on Page 71.

Your window will now look like this.

Only Cheques numbered 1005 and 1006 are unpresented. Your “Out of Balance” is $9.00. This represents Bank Fees.

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 Entering Account Keeping Fees [Bank Charges]

To enter Account Keeping Fees:

(i) Select the “Actions” button at the bottom of your window. (ii) Select “Bank Entry” option.

(iii) Key in your Account Keeping Fees like this:

Note: Account Keeping Fees are GST-free.

(iv) Click on “Record” or press “ENTER”.

Note that the Account Keeping Fees entry is now listed and reconciled on your Reconcile Accounts window.

Your Reconcile Accounts window should now look like this. [The month you have been using will be displayed.]

Your “Out of Balance” is “0”.

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NOTE: If your “Out of Balance” is NOT “0”:

(a) Check the accuracy of your figures. If an entry is incorrect, CLICK

on the ZOOM ARROW to the left of the entry and correct.

(b) If an entry is missing, it could be dated AFTER 18/month in error.

Check your Transaction Journal – enter a “To” date some time in the future.

(v) Select “Reconcile”.

 PRINTOUT 4 – Bank Reconciliation Statement

(i) Click on the “Print Report” button to print a report showing “Cleared” and “Outstanding” entries.

(ii) To reconcile, click on “Reconcile”. (iii) In the next window, select “Reconcile”.

Your window should look like this [using your current month].

 Undo the Bank Reconciliation

You will now “Undo Reconciliation” so that you can practise reconciling a second time.

[In business, you would undo the reconciliation if you have made an error or entered the

incorrect reconciliation date. You can only undo the last reconciliation, then the one before etc.]

(i) In “Actions”, select “Undo Reconciliation”.

(ii) Read the warning. In this workbook, you will learn how to make a back up in Unit 6.

Select “Undo Reconciliation” and “OK”.

(iii) Reconcile the Cheque A/c with the Bank Statement on Page 71 again. Return to the Command Centre.

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 PRINTOUT 5 – Balance Sheet as at 18/month

This report lists all the ASSETS and LIABILITIES of the business and the OWNER’S EQUITY [investment] in the business.

This report is also known as a Statement of Financial Position.

You can print this report from “Reports” in the Command Panel, or use “Analysis” in the Command Panel.

To print your Balance Sheet using “Analysis” in the Command Panel: (i) Click on the “Analysis” Search Icon in the Command Panel.

(ii) Select “Balance Sheet”. The Balance Sheet for the current month should be displayed. If not, click on “Filters” and select the month you have been using.

(iii) To print a copy, click on the “Print” button, and “Print” in the Print Dialog box.

Your Balance Sheet report will contain “0’s”. To print a report without “0’s” you have to use “Reports”, covered later in this workbook.

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Note: Your report will have amounts with “0’s”.

I have deleted these so that this report is easier to read. I have also displayed the Balance Sheet using Microsoft Word.

Check your figures with the Balance Sheet below.

Balance Sheet

Month

Assets Current Assets Cheque A/c $8,941.50 Petty Cash $16.40 Inventory $359.00

Stock on Hand - Snack Bar $200.00

Stock on Hand - Pens $80.00

Total Current Assets $9,596.90

Non-Current Assets Furniture & Equipment

Furniture & Equipment at Cost $25,000.00 less Furn/Equipment Accum Dep -$10,000.00

Total Furniture & Equipment $15,000.00 Motor Vehicle

Motor Vehicle at cost $32,000.00 less Motor Vehicle Accum Dep -$10,000.00

Total Motor Vehicle $22,000.00

Total Non-Current Assets $37,000.00

Total Assets $46,596.90

Liabilities

Current Liabilities

Visa Credit Card $33.00

GST Liabilities

GST Collected on Sales $194.05 GST Paid on Purchases -$148.69

Total GST Liabilities $45.36

Total Current Liabilities $78.36

Non-Current Liabilities

Bank Loan $10,000.00

Total Non-Current Liabilities $10,000.00

Total Liabilities $10,078.36

Net Assets $36,518.54

Equity

Owner's Equity

Capital $36,159.00

Total Owner's Equity $36,159.00

Current Earnings $359.54

Total Equity $36,518.54

Check this balance with your

Reconciliation Report’s MYOB Balance on 18/month.

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 Method 2 – Reconciling your Cheque A/c

For your information only. [READ ONLY]:

If you have online or internet banking, you can download your Bank Statement and import into MYOB simply by selecting the “Get Statement” button in the Reconcile Accounts window.

To download the statement from the banking internet site, save the bank file in one of the following

formats: OFX, QFX, QIF and OFC. [dd/mm/yy format] Your Internet Banking could look something like this.

Then download the file to the location of your choice.

To import the above file, select “Get Statement” in the Bank Reconciliation window and select the

above file.

The following message could be displayed:

Click on “OK”. MYOB will automatically match transactions on your statement with the transactions you entered in your company file.

Matched transactions will be marked as cleared for reconciliation, making it really easy to reconcile your account. If MYOB cannot find a match, you have the option of matching the transactions manually with uncleared transactions, adding them in or skipping them altogether.

(i) Continue matching until all entries in the “Unmatched Transactions” have been matched. If

an entry is in the “Unmatched Transactions” but not in your Reconcile Accounts window, Select “Add Transaction” and complete the transaction as required.

(ii) Select “Done”.

(iii) Your Cheque A/c should now reconcile.

 Method 3 – Reconciling your Cheque A/c

If your business has registered for M-Powered bank statements, simply select the “Get Statement” button. You can download your statement in this window.