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MYOB Software for Dummies - Australia, 8th Edition

Name: MYOB Software for Dummies - Australia, 8th Edition
Author: Veechi Curtis
ISBN: 9780730315377

by Veechi Curtis

May 2016

Beginner to intermediate

464 pages

11h 23m

English

For Dummies

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Introduction
About This BookFoolish AssumptionsIcons Used in This BookBeyond the BookWhere To Go From Here
Part I: The Building Blocks
Chapter 1: Starting from Scratch
Planning for What Lies AheadUnderstanding what’s involvedGathering your wits about youCreating your company fileIntroducing the Easy Setup AssistantGetting MYOB to work the way you doSetting up your accountsPreparing for salesTalking about suppliersBracing for payrollGetting to Know Each OtherDiscovering the lingoUnderstanding what goes whereSetting prioritiesOpening Up, Closing DownGetting back inActivating your filePacking up and going homeSetting Up User RolesCreating an Administrator passwordAdding new users and assigning rolesInviting users to work online
Chapter 2: Accounts, Customers and Suppliers
Designing Your Accounts ListLooking at account classificationsUnderstanding account typesAdding your first new accountThinking about that pot of goldDeleting unwanted accountsKeeping Your Accounts List Looking GoodPutting things in orderGrouping apples with applesSetting Up New CustomersDefining credit termsImporting lists from other softwareEntering contact detailsAdding other kinds of detailsAdding New SuppliersLooking After Your ListsViewing customer and supplier detailsDeleting customers or suppliersMaking accounts, customers or suppliers inactiveMerging two into one (ah, young love)Looking Up Transactions for Accounts, Customers or Suppliers
Chapter 3: Setting Up Opening Balances
Customer Opening BalancesRecording how much customers owe youChecking your totalsSupplier Opening BalancesAccount Opening BalancesEntering a few balances to get startedBalancing the whole dealOpening Inventory BalancesCounting is as easy as 1, 2, 3 …Reviewing inventory totals
Part II: Everyday Activities
Chapter 4: Making Sales
Recording Your First Sale (Yippee!)Setting up services in your Items ListBilling for hours worked or items soldProviding a serviceTaking a professional bentBilling for every split secondGetting invoices how you want ‘emInvoicing on the MoveBilling from your smartphoneLogging into MYOB when out in the fieldMeeting GST RequirementsEnsuring your invoice is up to scratchPicking your poisonToggling how you view pricesDigging Yourself Out of a HoleLooking things upChanging or deleting invoicesReversing invoicesRaising credit notesWorking with Quotes and Sales OrdersSetting up Shortcuts for Repeating SalesSetting up templatesRecording sales automaticallyCopying and changing recurring invoicesSending Customer InvoicesSelecting the right form for each occasionPrinting your first invoiceEmailing invoicesTroubleshooting email problems
Chapter 5: Understanding Bank Feeds and Rules
A Big Picture View of how Feeds and Rules WorkGetting Hooked UpSigning up for a bank feedActivating your bank feedDealing with the dim and distant pastUsing Bank Feeds to Add and Match TransactionsUnderstanding the aim of the gameMatching transactionsAdding new transactionsBalancing your accountDealing with Tricky SituationsTransactions that don’t match when they shouldGetting rid of duplicate transactionsDealing with transactions when you don’t know where they should goLearning the Rules of the GameCreating rules for transactionsLooking at rules for invoices or billsCreating rules that make you look really smartChanging transactions when rules applyKeeping Rules Neat as a PinChoosing between rules and recurring transactionsCreating rules for funds transfersEditing and deleting rulesFixing things when you get a rule wrong
Chapter 6: There Goes Your Cash!
Recording ExpensesSpending money? That’s the fun bitPicking the right expense accountSplitting an expense across more than one accountWorking with credit cardsManaging Your Bank AccountsDealing with multiple bank accountsTransferring money from one account to anotherUnderstanding GST (You’ll Be the Only One)Choosing the right codeGetting tax codes right, automaticallyRecording mixed transactionsLocating and Changing TransactionsBadgering the Bank RegisterFlipping out with Find TransactionsDeleting transactionsChanging transactionsReversing transactionsIt’s a Petty BusinessRobbing Peter to pay PaulLock it up, tie it downGST — when petty cash gets pettierShortcuts for Regular PaymentsSetting up a recurring transactionRecording recurring transactions
Chapter 7: Here Comes the Money
Seeing How Much You’re OwedGenerating a Receivables reportMaking sense of your Receivables reportYippee! A Customer Has Paid UpRecording customer paymentsRecording direct deposits from a bank feedFinding customer paymentsGrouping Customer PaymentsSetting up an account for undeposited fundsDepositing funds into your bank accountDeleting undeposited fund transfersBuilding Your Survival KitChanging customer paymentsDeleting customer paymentsReversing customer paymentsDealing with underpaymentsSorting out overpaymentsMatchmaking credits with their debitsAccepting payments in advanceYee Haa! Someone Else Has Given You MoneyRecording income that’s not from customersFiguring out which account to pickRecording bank interestSending Customer StatementsGetting the ball rollingChoosing your statement typeSmartening up your statementChasing MoneySet credit limitsShow no mercy — cut ’em offKeep notes of every promiseKnow when to cut your losses

Chapter 8: Purchases and Supplier Payments
Deciding Whether You Need This in Your LifeCreating Purchase OrdersOrdering up big timeGiving your purchase order a makeoverSending purchase ordersRecording Supplier BillsReceiving a bill (items only)Recording bills for services, not itemsCalculating GST correctlyChecking supplier ABNsGetting Everything Just RightDeleting purchases — zap, they’re gone!Entering credit notesChanging your mindReversing everythingPaying the PiperFacing the music (How much do you owe?)Tweaking your reportsRecording supplier paymentsLooking up purchases and paymentsTaking the short road homeSending remittance advicesKeeping Things in TuneRecording overpaymentsRecording part-payments or discountsFixing up supplier paymentsZapping bills you know you’ve paidMatching credits with their debitsGetting rid of odd amounts
Chapter 9: Reconcile Yourself
What Reconciling is All AboutGetting Ready to ReconcileListing uncleared transactionsRecording bank opening balancesReconciling Your Bank AccountReconciling if you’re not using bank feedsReconciling if you’re using bank feedsTroubleshooting TricksIdentifying your starting pointLocating transactions that disappearEntering missing transactions on the flyDealing with transactions that can’t be changedDitching transactions that won’t go awayWhen Your Bank Account Just Won’t BalanceTricks to try before you kick the catTricks to try before you kick the computerTricks to try before you kick the bucketUndoing the previous reconciliationKeeping Good Records
Part III: Moving On
Chapter 10: Managing Items
Placing Your Bet on the Right HorseAdding Items to Your Items ListCreating a new itemAdding extra descriptionsSpecifying whether you buy, sell or stock itemsTelling things where to goRecording opening stock countsTaking Things an Extra StepSetting up supplier detailsGetting items organisedCreating new items from other itemsGiving Your Items List the Once-OverFinding item descriptions and detailsViewing item transactionsChanging itemsDeleting itemsManaging InventoryPricing to sellReporting for what’s on handFixing Things Up When Stuff Goes WrongAdjusting the quantity of an itemAdjusting the cost of an itemFinding solutions when MYOB doesn’t let you do an adjustmentStanding Up and Counting DownGetting ready for D-DayDoing the grand reckoningBalancing Your Inventory
Chapter 11: Saving Money on Payday
Getting a Head StartSurviving the easy setup interviewSetting up employee detailsSetting up standard paysSetting Up Wages CategoriesPaying UpDoing your first pay runWorking with timesheetsProducing pay slipsKeeping everything sweetDeleting or adjusting paysTaking a SiestaSetting up annual leavePreparing for the plagueCatching up on what’s already owedPaying annual leave or personal leaveFixing up leave when it’s up the spoutPlanning for SuperSetting up your super categoriesEnsuring you don’t pay too much superDealing with RESCReporting for SuperReporting on how much super you owePaying super using MYOB as your clearing housePaying super using a different clearing house or no clearing house at allGetting super to balanceWithholding PAYG TaxChecking your tax tablesPaying as you goRecording tax paymentsBiting the BulletStarting a New Payroll Year
Chapter 12: Looking Good with Forms
Understanding What Forms are All AboutFiguring out why good-looking forms are smartNow you see it …… and now you don’tMigrating Forms from Old to NewLaying Down the TheoryCustomising a sale, just like thatGetting into the lingoSaving when the day is doneChoosing What Info to DisplayGetting rid of the dead woodAdding new fields and extra columnsInserting text with a personal touchWorking with tables and connecting dataDressing Up for a Night on the TownMaking things bigger or smallerFiddling with fontsAdding colours willy-nillyInserting logos or imagesMoving stuff aroundGoing for that boxed-in lookLining everything upPreviewing Your HandiworkCreating your very own test bunnyIroning out the bugs with emailed forms
Chapter 13: Making Electronic Payments
Paying Electronically in Three Different WaysGetting Ready for Electronic PaymentsSetting up employee and supplier detailsHooking up your bank accountM-Powering yourself — ready or not?Making Your First Electronic PaymentRecording supplier paymentsRecording employee paymentsMarking payments for processingCreating and sending a batch payment fileTransmitting an M-Powered Payments fileLetting Suppliers Know You’ve Paid ThemReversing a Payment When Something Goes Wrong
Part IV: Pulling It All Together
Chapter 14: Reporting for Business
Five Ways to Cook up a StormGenerating ReportsAdding or removing report columnsNarrowing down the dataSorting info in different waysAdding the finishing touchesFormatting ReportsChanging and adding headersDesigning your colosseumBringing out the artist withinAdding logos, shapes and linesPrinting and Saving ReportsGetting stuff to fit on one pageSaving reports for next time aroundCreating Custom Reports When MYOB Doesn’t Fit the BillGetting Excel to fill the gapsPaying for a custom report, just for you
Chapter 15: The Gist of GST
Understanding Where Everything FitsSetting Up Your Tax CodesLooking for speed? Three’s all you needDealing with input-taxed sales or purchasesExporting goods to foreign landsCreating a query code when you don’t have a clueGetting rid of excess fatPicking the Right CodeGuaranteeing perfection, every timeSetting up Tax Codes in your Accounts ListKeeping everything squeaky-cleanKnowing what not to touchDealing with transactions when GST isn’t 10 per centGetting personalDoing the Groundwork for Your Activity StatementAuditing your own accountsChecking your opening balancesReviewing your final reportsSetting Up Your Activity StatementConfiguring your statementMatching codes and accountsSaving your settings (don’t forget)Finalising Your BASPrinting your statementChecking your BAS is correctRecording your payment or refundIncluding PAYG tax on your BAS paymentMaking Up for Your MistakesFixing mistakesSafeguarding against accidents
Chapter 16: Managing Your Company File
Getting In and Getting OutOpening your company fileGetting your head around the different loginsAdding a file from a memory stick or another locationFinding your company fileLogging on, more than one at a timeWorking in more than one company file at a timeMoving to the CloudDeciding whether to shift to the cloudShifting to the cloud, first time roundSyncing your file (and other excellent ideas)Adding an exception to your virus softwareWorking IntheCloud, Day-to-DayChecking out (shifting your file offline)Checking in (shifting your file online)Making a read-only copyAaargh! A tortoise could go fasterOh no! The internet is downBacking Up Is Easy (You Just Have to Do It)Deciding how often to back upDoing the deedBacking up when IntheCloudStoring your backups — no fibs nowResurrecting DataRestoring your company filePanic! The black hole beckons
Chapter 17: Understanding Your Business
Understanding Financial StatementsChecking out your bottom lineGiving your Balance Sheet a health checkSeeing Where the Money’s MadeFinding out how jobs workFiguring out how job reporting can work for youCreating a new jobGetting rid of jobsSetting up job budgetsBudgeting for jobs by the month or by the yearWorking with Budgets and CashflowsDeciding whether it’s gruel for dinner tonightGenerating cashflow reports
Chapter 18: Keeping Your Company File in Top Shape
Lining Up for a Health CheckTaking your Temperature: Account ReconciliationsBalancing the scalesOther accountsGoing in Deep: The Transaction ReviewReconciling invoices and purchasesGiving inventory a clean bill of healthTroubleshooting inventory when it’s sickLooking to the future, burying the pastEmploying a forensic expertKnowing a red herring when you see oneDishing Out Medicine: The Tax ReviewSplitting hairsTaking exceptionReconciling yourselfMaking sure the whole deal is spot onHeading to the Beach
Part V: The Part of Tens
Chapter 19: Ten Tricks to Speed Your Work
Get Bank Feeds Up and RunningTune Up Those Bank RulesIntegrate EverythingUse All Ten FingersPlay Memory GamesHurl Your Mouse Out the WindowCreate Cards Wherever PossibleMove On to Advanced SearchesTell Suppliers Where to GoGet Creative with Lists
Chapter 20: Ten Tricks (Nine, Actually) to Starting a New Year
Give Your Company File the Once-OverBecome an Irritating PedantTell Your Accountant about Your Good WorkJump the GunLock Yourself OutSwitch Off Auto ConfirmationAnticipate the ObviousBeware of Unwanted UpgradesCommunicate More, Communicate Better
Index
About the Author
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Content preview from MYOB Software for Dummies - Australia, 8th Edition

Chapter 5

Understanding Bank Feeds and Rules

In This Chapter

Understanding all the hullabaloo about bank feeds and rules

Tuning up your bank and getting MYOB to sing along

Saving hours, maybe even days, with bank feeds

Conquering difficult situations without batting an eye

Using simple logic to get the job done

Keeping rules under control

Put simply, a bank feed is where your bank obligingly ‘feeds’ your MYOB file with a list of transaction details from your bank account. These transaction details appear in MYOB, complete with the date, the amount and, in most cases, the name of the person you were paying or the name of the person who was paying you.

Allocation rules provide bank feeds with the perfect dancing partner. The idea is that you set up rules so that MYOB automatically codes transactions to the correct accounts. So, for example, you can set up a rule so that any time the ...

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MYOB Software for Dummies - Australia, 8th Edition

by Veechi Curtis

Understanding Bank Feeds and Rules

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.