Day 2: Banking Command Centre
Key terms and concepts
• Cash accounting: an accounting system where income and expenditure are recognised when the cash is received or paid.
• Accrual accounting: an accounting system where transactions and other events are recognised when they occur, not as cash is gained or paid.
• Reconciliation: the process of comparing financial statements such as bank accounts with the relevant ledger to ensure that they are in agreement.
Introduction and overview
Welcome to day 2. Today we are going to look at the Banking Command Centre, building on what you learned on day 1. As the first step, you need to open up the data file. Double-click the MYOB AccountRight icon on your desktop, and the MYOB welcome screen should ...
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