Top Five Tips For MYOB

Top Five Tips For MYOB

Top Five Tips For MYOB

The MYOB Guide

MYOB stands for Mind Your Own Business. With this in mind, MYOB is accounting software designed to meet the needs of people who are ready to do the accounting work on their own with ease. With the easy guidelines outlined below, accounting therefore becomes very easy while using the software.

Setting up an Account

Locate the Accounts tab. Choose your preferred account from the accounts list. Next you should already know which of the follow you will need to pick weather your account is an assest, expanse of liability. Set a number for the new account to place it in the correct position. Enter a short description of the account. When your finished and you think everything is ok, go ahead and click the OKAY button.

Setting up Customers and Suppliers Cards

In the cards file section, locate the cards list. Select new and choose the type of card, whether a customer or a supplier card. For a customer, type the name and other details necessary for sending invoices. Include the customer's terms in the card. For a supplier, set the expense account you would like to link the customer with.

How to Set 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. If you would like to track inventory then you will need to select it in the options menu. Decide the best income and expense codes for the items. Enter the buying and selling prices of the items. For prices inclusive of tax un-tick this option.

Entering a Service Invoice

In the sales tab go to enter sales. Put in the customer's name. It's important to make sure that the customer terms are ok, then go ahead and enter the other information like date purchase etc. Describe the item and choose the correct income account. Enter the correct amount. For customers that are exempted of tax, make sure you excluse this on there prices. Next you really want to print and email the invoice to the customer making sure they have a rock hard copy of it.

Performing an Item Invoice

Once your in the sales tab go to sales. Check that the terms and name of the customer are okay. Enter the date correctly. Make sure when your filling out the form that you include the purchase order number. Enter the item name, item number and the right quantity of items. After confirming that all is okay print or email the invoice.

Receiving Payments

Upon receiving payments go to sales tab and choose 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.

Entering Bills

In the purchases tab choose enter purchases, enter the date, amount and the supplier's name. Let say you brought a bunch of items but you don't have to pay them until a certain date in the future you can enter all the details and of course including the date and MYOB will remind you. If you need to make a payment asap then you need to select the bank tab and go and register a bank account. Choose a payment method, business check, credit card etc etc. For Checks make sure that you enter the right number and date. Make sure that the correct expense account has been choosen.

Paying your bills with MYOB

Go to pay bills and enter the supplier details and put in the actual payment date. Make sure your payment corresponds with the supplier's actual bill.

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