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The following is a basic description of the most used functions in MYOB. Some
things may not apply to your business, and there is so much more that MYOB can do
that isn’t contained in this list. If you have any questions or queries please let me
know how I can help you.
To Set up Items
• If you use items you will need to set them up by going to lists, items
• Select new
• Number the items based on how you have decided to set up your numbering
system.
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• Enter name of item
• Tick I buy and I sell
• If you track inventory you will need to select that also. If in doubt please
contact me
• Choose appropriate expense and income codes
• If you know the price you buy/sell the item for, enter the details in the
Buying/Selling details tab
• Make sure you untick the Prices are GST Inclusive tab
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• Click on the layout button at the bottom of the screen to choose between
service and item. If you choose to use the item layout, you will need to set
up items in your item list.
• For service layout
o Enter description of goods or services purchased
o Select the correct account, amount and GST code.
o If the GST inclusive at the top of the screen is selected, enter in the
inclusive amount, if not, enter the net amount. You can switch
between the two but check carefully that the total figure at the
bottom of the screen matches the invoice.
o Record
To enter expenses that you pay for at the time of receiving the receipt
• Go to banking tab
• Select Banking Register and select the account the payment was made
from, e.g. business cheque, credit card, personal cheque account
• Go to the bottom of the screen and you can enter your payments directly
into the boxes there.
• In Cheque No. ensure you either enter the correct cheque number if the
payment was actually made by cheque, or if it was an eftpos transaction,
type (eft), direct debits or AP’s, type (dd or AP). The important thing is
that the abbreviations you use make sense to you, and you are not allowing
it to automatically select a cheque number for you
• Make sure you enter the date as the one showing on the receipt – this is
very important!
• Enter the card type and amount
• Enter the account. If you need to split the transaction between two
accounts, e.g. drawings and electricity, click on the split button and you
can then enter as many accounts as you need.
• Ensure you have the correct GST code entered
• Record
• If you accidently enter the receipt into the wrong bank account, you can
simply select the transaction from the register by clicking on the white
arrow beside the transaction and change the bank account at the top of the
screen. You do not need to delete it and start again
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• Enter account balance at the date you chose above to reconcile at
(remember if you are in overdraft you need to add a negative in front of
number)
• Now tick off on the bank statement any transactions that already appear in
MYOB
• Now you need to add in the transactions you are missing:
• Using the window menu at top of screen go to your command centre then:
o Go to banking
o Prepare bank deposits
o Now match any deposits you have there, to the banking deposits you
took to your bank – remember to enter the correct date of deposit
o Now enter any bills you have paid in the purchases/pay bills tab
o Now enter any banking transactions in the banking/bank register –
this is for any day to day spending by eftpos, or direct debits – eg
bank fees
• Now you should have all transactions in MYOB that are on your statement
• Go back to your reconcile accounts window
• Match the transactions in MYOB and the bank statement by ticking both
• At the end you should have a 0.00 balance difference
• Now you can reconcile
• If you are not able to reconcile, recheck that the account balance you typed
in matches the bank statement, double check that all transactions have
been entered, if you are still in trouble, give me a call
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To restore a back up of your file
• You will need to learn how to restore your file if you ever send it to me, or
to another computer. It is so important that this is done correctly or you
will risk losing data!!!
• If you receive an email of your file
o Save the attachment to your desktop
o Go to your MYOB folder in C/:
o Set up a new Folder called “Old MYOB files”
o Move the MYOB file that is there to the “old MYOB files” folder
o Open your MYOB software
o Open your MYOB file as you normally would – Remember you will
need to find it in “old MYOB files”
o Now – go to file, restore
o Select yes and continue when it asks you to back up your file first
o Save it to your normal backups file
o Now your screen should say restore at the top left
o Navigate in that screen to your desktop
o You will see the attachment you had just saved there.
o Select and open it
o Save it to the MYOB accounting folder, it may try and put it in the
“Old MYOB files” folder, or the back-up folder but it needs to be in
the Accounting (17, 18, Premier etc folder) – note where it is putting
the file!
o Enter user and password, and OK
o Now – check that your file is the correct one. You can do this a
number of ways – check the bank register for the date of the last
transaction, check the sales register for the last invoice sent.
Basically you are making sure that the file you are using is the most
up to date one. If you have received the file from me, I will tell you
what to look for, to make sure you are using the correct file
o Finally, after you have finished working on your MYOB file, close it
and then make sure that there are not two versions of your MYOB
file in your MYOB folder. If there is, check both files and move the
file that is not the most up to date one to the “old MYOB files”
folder. When you open your MYOB folder you should only ever see
the current file, if not you will risk entering data into an old file
o Call me if you have any troubles!
Useful Reports
• General Ledger Detail – under accounts tab in the reports screen
o With this report you can search a specific account or several
accounts at once. You can search for all transactions within a
certain date.
• Standard Balance Sheet
o Check this every month to make sure that there is nothing in
Suspense, and that everything looks correct
• Profit and Loss (cash)
o Use this report to show the actual cash profit made in the business
for any given period, also check this regularly for any coding errors.
Play around with the reports and find the ones that are useful to you. The point of
having an accounting system such as this, is so that it can help you see where your
business is at etc
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