MYOB stands for Mind Your Own Business. So who is MYOB for? Well MYOB is for the business or person who is ready to step up and do there own accounting work with the ease of MYOB. With the easy guidelines outlined below, accounting therefore becomes very easy while using the software.
Setting up an Account
The first step is to locate the tab called accounts. Next you will need to choose which of the follow accounts from the account tabs best suits your situation. Next you should already know which of the follow you will need to pick weather your account is an asset, expanse of liability. Next you will have to set the account a number this will help you know what order or value level your accounts are in. Make sure that you enter a short description of the account, this will help you when you come back and need to know where to place different items. Once okay, press the okay button.
How to Set Up Customers and Supplier Cards.
In the cards file section, locate the cards list. Next you will need to decide weather you will be making a customer card or supplier card and then select new and choose one of the following. For a customer, type the name and other details necessary for sending invoices. Always make sure that you include the customers terms in the card. For a supplier, set the expense account you would like to link the customer with.
Setting up items
If you need to set up a list of items, go to the lists menu and select new. Give the Item a name and make sure you give it a number so you can reference it. For tracking of inventory, put the option on. Make sure that when you list an item that you also give them the best possible expanse and income codes. Enter the buying and selling prices of the items. Make sure if your selling or buying items without tax make sure you untick this option.
How to Enter a Service Invoice
Once your under the Sales Tab, Go to Sales. Place the Customers name in the box. Check whether the customer terms are okay, enter the date, purchase order number and so on. Select and describe the item and enter the income account. Enter the Right Amount I have seen allot of people stuff this area up and it’s a pain to fix, so make sure this simple task is done correctly. For customers that are exempted of tax, make sure you exclude this on their prices. Next you really want to print and email the invoice to the customer making sure they have a rock hard copy of it.
Entering an Item Invoice
On the sales tab go to enter sales. Check that the terms and name of the customer are okay. Make sure that you place the right date in. Make sure when your filling out the form that you include the purchase order number. make sure that you enter the item number, name and quantity of the item. For tax exempted customers do not include the tax in the invoice. After confirming that all is okay print or email the invoice.
How to receive payment with MYOB
Receiving payments is just like all the other functions we have been looking at, it’s under the sales tab and then receive payments. Choose the account to put the money into, either your bank account, un-deposited funds in terms of cash or check. Type the customer name, the amount, method of payment and the date of payment.
Once your in the purchase tab enter all of the details in all the boxes and make sure that the details are correct suppliers name etc. For items bought and to be paid for later enter their correct description, amount and the net price. For items bought and payments done instantly locate the banking tab, go to banking register and choose the correct bank account to make the payment. Choose a payment method, business check, credit card etc etc. For Checks make sure that you enter the right number and date. Choose the correct expense account.
Need to go the pay bills and enter the suppliers details and enter the correct date for the payment. Make sure your payment corresponds with the supplier’s actual bill.