Part 2 PROCESSING TRANSACTIONS in MYOB

Transcription

1 April Part 2 PROCESSING TRANSACTIONS in MYOB 2.1 Getting Started In this chapter, we will discuss: how to load MYOB v15+ and the file containing the Chart of Accounts data file onto your computer; how to input your opening account balances into MYOB; and finally how to actually do the bookkeeping for your organisation. If you re also new to bookkeeping in general, most of what you need to know will be covered Loading the software onto Your Computer MYOB v15+ will arrive on a CD-ROM. Before loading it, make sure that all other programs, such as internet connections and sites are closed. Ensure also that your computer has the necessary system requirements. These are as follows: Windows 98, Me, NT 4 (SP 6), 2000 (SP 4) or XP PC with a Pentium processor (or 200MHz or better At least 64MB RAM Hard disk with at least 200MB of free space CD drive 800x600 resolution with at least 16-bit colour Windows-compatible mouse or pointing device Microsoft Internet Explorer v5.5 or higher Although MYOB no longer restarts your computer as part of the software load process, it is smart to keep things simple! Having closed all programs, open the CD- ROM drive on your hard-drive, place the MYOB CD-ROM on the panel face down, and close the drawer. On your screen, after a few seconds, the window below will appear, and installation will begin. April Processing Transactions in MYOB

2 To progress from this screen, click on the Install option on the list on the left-hand side. The next screen you will see will be: April Processing Transactions in MYOB

3 Click on the Install Accounting Plus option at the bottom of the window (assuming you are installing the software for the first time, and not just the Maintenance Update). The MYOB installation sequence will now begin. Next, the InstallShield Wizard will be installed. Once the InstallShield Wizard has been installed, the following screen will appear. Read carefully the instructions and warnings on the screen. Click Next when you have finished. The next screen: April Processing Transactions in MYOB

4 At this screen, after reading the software agreement (if you can stay awake for the whole thing) click Accept. Your next screen will look like this: Choose the Typical Installation button. This should cause you the least problems in the future. Click Next to continue. The next screen: April Processing Transactions in MYOB

5 The next screen will require you to select the features that you want installed. Simply accept what MYOB has chosen, and click Next. The next screen will require you to select the program folder. Simply accept the one MYOB has chosen, and click Next. And the next: April Processing Transactions in MYOB

6 Click Next. Almost there click Next. This screen is finally at the loading stage. Allow it to run its course this will take several minutes. The next screen will look like this: April Processing Transactions in MYOB

7 Click Finish. The main MYOB installation screen will stay up, and will need to be closed by hitting the red X button. MYOB will now show you a Help and introduction screen. Do browse it can be interesting to see what is available. Now that MYOB has finished loading, you can remove the CD, store it carefully, and begin exploring your software. To prevent an error message, make sure that you have closed the MYOB installation window before you remove the CD. At this stage, if the MYOB program has not already done so for you, you should consider setting up a shortcut on your desktop. This makes life much easier in the future To do this, find the MYOB program in your list of available software, and right click on the icon. Choose Send To Desktop (Create Shortcut) and within seconds there on the desktop will be the shortcut. Double clicking on this icon should automatically run the MYOB program. You will also need to register or activate the software. A screen requesting your serial number and details will appear follow the prompts to do this. Loading the Chart of Accounts MYOB datafile The next thing to do is load the QUT developed Standard Chart of Accounts onto your computer. If you choose not to use this pre-prepared data file, there are two other options available to you. You can either set up the Chart of Accounts yourself by manually typing in each account name, number and the relevant tax codes. However, this will be time consuming and ultimately result in the same outcome as loading the data file; or It is also possible to choose the MYOB generated non-profit organisation chart of accounts available within MYOB. However, be aware, that this will need to be April Processing Transactions in MYOB

8 changed the QUT account names and numbers will need to be added, with particular attention given to the tax codes, which are defaulted to N-T, and must be changed in many places. The Standard Chart of Accounts data file as prepared by QUT not only has the account names and numbers already entered, but it also contains the necessary links set up between accounts, and the correct preferences set so as to make the processing of transactions easier and more efficient. The QUT data file also has all of the relevant tax codes pre-set. Using this data file will allow you to produce the necessary reports required by government departments for grant acquittals, and so is highly recommended. (However, please note that further information on GST coding may vary between organisations; refer to Sections and ) This data file is available from the website shown below, and can be copied via download to the appropriate drive on your computer. You can then access this data file via the MYOB program just loaded. Web address: To download the data file prepared for you, type the link provided into your internet search mechanism. Now we can get started April Processing Transactions in MYOB

9 2.1.2 Navigating MYOB MYOB is relatively easy to navigate, using a mouse combined with the keyboard. In many instances, the Tab key and the Enter key will produce the same results, that of moving your cursor from one box to the next. There are, however, instances where hitting Enter will enter the information on the screen, unfinished or otherwise. If the Information is not complete to MYOB s satisfaction, an error message will come up should this happen, simply cancel the message, complete the function, and then click on the OK, Enter or Record button. If the information has been entered to MYOB s satisfaction, but not for yours, simply find the transaction, re-open it, and complete the information before entering and closing the window again. In certain sections, drop down menu arrows appear. The information available at this point can be accessed by both continuing to press the Tab key, and then selecting with a click of the mouse, or by clicking directly on the drop down arrow with the mouse. Both methods will produce the same result, and in the end the method you use will depend on whether you are a mouse person, or a keyboard person. Both are equally acceptable. In most cases, you will end up using a combination of Tab, Enter, and mouse click Opening the Chart of Accounts Double click on the desktop icon. This will bring up the following window: April Processing Transactions in MYOB

10 1. Click once on the orange button entitled Open your company file button. This will allow you to search and find the Model Chart of Accounts wherever you ve saved it. When you ve found the file, double click on the file name or icon. 2. The next screen to appear will ask for a username and password. The file is not password protected, and will automatically pick up a username from the depths of the computer. Accept this, and click OK. 3. The next screen that you see could well be this one: April Processing Transactions in MYOB

11 This is a new feature that has been introduced with MYOB v15, and is required from time to time. Read this window so that you know what is being asked, and then choose the option that you with to proceed with. Follow the prompts. 4. If the above screen does not appear, the next screen to appear will tell you that your data was last verified a number of days ago, that MYOB cannot be held responsible for any data lost, and do you want to verify the data now? Click Yes. If you never want to see this message again, before you click Yes, or the next time you are at this screen, tick the box marked In the future, do not show this message. It is helpful to verify your data from time to time, although be aware that if you have a large file, it may take some time April Processing Transactions in MYOB

12 Click Yes, and follow the prompts. The software will warn you that if you have a large file, verification will take some time. Click Yes. When it has finished, a final message will appear, hopefully to tell you that no errors were found, and that you can now proceed with your daily bookkeeping entries. Click OK. 5. Congratulations! You ve done it! The next screen you see will look something like this. This, for the purpose of this manual, this will be referred to as the Command Centre. Now that you ve arrived at this point, have a good look around. Click on all the icons at the top of the window Accounts, Banking, Sales, Time Billing, etc, and have a April Processing Transactions in MYOB

13 look at what the various options are that are available to you. Check out what is available when you click on Find Transactions and Reports. Above all else, do not worry this really is not as hard as it looks. However, before entering any transactions, there are a few details that will need to be attended to first. These are covered in the next section. April Processing Transactions in MYOB

14 Loading Opening Balances The very first thing that will need to be done is to enter your nonprofit organisation s information. To do this, with MYOB open in front of you, click on Setup, which is listed as one of the options right at the very top of your screen. This will bring up a drop down menu, from which you will choose Company Information. The following screen should look something like this: Enter into this screen all relevant information regarding your organisation s name, address (either postal or street), the telephone and fax number, and any address. The only other thing of importance is the organisation s ABN, or Australian Business Number. Do not worry about the ABN Branch, or other numbers mentioned there. Once finished, click OK. The next step is to begin to enter opening account balances that appear on your most recent set of financial statements as at financial year-end. These may or may not have been audited at the time of inputting. Should these opening balances change once the audit report has been signed, you may need to go back and revise these figures. MYOB will only allow you to enter opening balances with respect to asset, liability and equity accounts. It is not possible to enter opening balances in respect of revenue and expense accounts. Hence, we strongly recommend that the transition to this new chart of accounts occurs on the first day of the new financial year for your organisation. Alternatively, if you choose to convert to the new QUT Chart of Accounts during your current financial year, you will need to re-enter all transactions that have occurred from the beginning of the financial year to this point. April Processing Transactions in MYOB

15 Be aware this will be very costly and time consuming. For more information on converting to the QUT Chart of Accounts during the financial year, refer to Section Conversion at the Beginning of the New Financial Year If you are choosing to convert to this Chart of Accounts at the start of your new financial year, you will first need to make sure that the data file is set up to start and end its reports for your particular financial year. As this will be unique to each organisation, it has not been possible for us to pre-set this for you in the data file that you have downloaded. However, this is an easy process, and is outlined next. With MYOB open in front of you, go to the very top left hand side of the screen. Left click on File, then choose Start a New Year, and from the menu that appears, Start a New Financial Year. For the purpose of this example, we will set our financial year to begin on 1 March 2004, and end on 30 April Having chosen Start a New Financial Year, MYOB will recommend that you do a backup of the file. As virtually no data has been entered into the file, do not worry about it in this instance. However, as a rule ALWAYS do a backup before starting a new financial year, or a new payroll year. April Processing Transactions in MYOB

16 Click Continue. After reading the screen, click Continue. April Processing Transactions in MYOB

17 Enter the current year at New Financial Year, and decide on the LAST month of your financial year. At the space Number of Periods in New Financial Year, make sure that the word Thirteen is shown this allows an accountant to make adjustments to the date file, if necessary, without affecting your monthly profit and loss. Click Continue. This screen will remain unchanged, but for one thing make sure that Purge Audit Trail Entries is unticked. This is most important, as it prevents information being purged that is still of value to you. April Processing Transactions in MYOB

18 Click Continue. Again, click Continue. April Processing Transactions in MYOB

19 Finally! Click Start a New Financial Year. MYOB will briefly show a screen churning its way through a set of internal journal entries, and will then go back to the Command Centre. You will be able to determine whether or not you are now in the correct financial year by going to Reports at the bottom of the Command Centre, and choosing Accounts. Scroll down through the window that appears until you find Profit and Loss [Accrual]. Double click on this option. The following window will open: April Processing Transactions in MYOB

20 The report will initially assume that you wish to see just one month s worth of transactions. By clicking on the drop down menu where Dated From: April is currently showing, you will be able to see the range of months available to you for this report. If the opening month of your financial year is at the top of the list (in this case May), you have set the financial year correctly. If it is not, go back through the above steps, adjusting the closing month of the financial year as necessary. Now you will be able to enter your opening account balances. To enter the opening balances, with MYOB open in front of you, click on Setup at the very top of the screen. From the drop down menu, choose Balances and Account Opening Balances. The following screen will appear: April Processing Transactions in MYOB

21 At the top right hand corner of the window now in front of you, you will see 3 small buttons. The minus sign will reduce the window to closed at the bottom of the screen. The square box will maximise the window so that you can see 90% of the options available, and the x in the red box will close the window altogether. Left click once on the square box. As you proceed, you will be able to use the scroll bar to the right of the window to move up and down the list of accounts. Starting at the top, enter the balances for each account that match what you are currently using. Refer to the Data Dictionary in Part One if you are unsure of any of the account definitions. TIP: Enter the balances only as positive numbers. Do not, for example, enter liability opening balances as negative numbers. Enter negative amounts only if the account truly has a negative balance (for example, Accumulated Depreciation). Once you have entered your opening balances for assets, liabilities and equity, the Amount left to be allocated should be $0.00. Once you have completed entering the opening balances, click OK. You will end up back at the Command Centre. When you have finished putting in your opening balances, and the Amount left to be allocated is showing a healthy $0.00, click OK at the bottom of the window. You will now be able to move on to the next step Conversion during the Financial Year April Processing Transactions in MYOB

22 Alternatively, if you wish to convert to the new Chart of Accounts part way through the current financial year, you will also need to re-enter all previous transactions that have occurred during the course of the year to this point. Be aware that this could be a lengthy and time consuming process be sure to take this into account if you decide to convert to this new Chart of Accounts during your financial year. For example, if you are adopting this Chart of Accounts on 1 November 2005, with a Financial Year that starts in May, you will need to enter the opening balances for assets, liabilities and equity as at 30 April 2005 (or whatever the last date of the previous financial year was for your organisation), as well as all the transactions that have occurred between 1 May 2005 and 1 November This is because MYOB does not allow you to enter opening Revenue and Expense balances. In some instances, if you do not process many transactions per month, this may not create too many difficulties, but obviously the larger the organisation, the more transactions, and for this reason, it is advisable to adopt the Chart of Accounts at the start of your new financial year. To convert during your current financial year, simply follow the steps outlined in the section above, and keep in mind that you will need to re-enter all previous transactions before you can enter your most current Upgrading Data from previous versions of MYOB Upgrading previous data files to a current version of MYOB is relatively simple, and essential if you are going to be able to view your files with ease. To do this, start with the file which you wish to upgrade open on the screen in front of you, at the Command Centre. Our first task is to do a backup of the file you are about to upgrade this is essential, as occasionally things don t always go according to plan A note here at this stage, we are creating a backup file that will be stored on your computer hard drive. It is also a good idea to re-copy this backup file to an external storage source either a floppy disk or CD-Rom, that can then be stored elsewhere just in case the unfortunate happens Along the very top of the window, you will have a selection of commands File, Edit, Lists, Command Centres, etc. Click on the word File. A drop down menu will appear, and half way down the list, you will see Backup Before you select Backup, your screen will look something like this, depending upon what version of MYOB your file is: April Processing Transactions in MYOB

23 Click once on the word Backup The following screen will appear: The window is divided into two sections the top section deals with exactly what data will be backed up generally, choose to backup the company file and, in this case, M- Powered Services Centre only. To select this option, click once on the radio (dot) button at the start of the option. The second half of the window regards the checking of data. You can choose to have MYOB check the data for errors, or not the choice is entirely yours. Again, make your selection by clicking on the relevant radio button. April Processing Transactions in MYOB

24 Click Continue. Assuming you have chosen the check data for errors, your next screen will look like this: Click OK to continue. Your next screen will take you right out of MYOB itself, and will instead show you a Backup Folder stored on your computer, usually with your other MYOB data. It will also give you the option of changing the Backup file name make this something relevant, like the full date or month in which you are making the change. Your screen will probably look like this: Click on Save a brief window will open, telling you that the file is being zipped and saved, and then you will be returned to the Command Centre screen of the file that you are about to upgrade. April Processing Transactions in MYOB

25 To do this, it is probably best to close all MYOB files that are currently open, including the MYOB software. We will not need this open to perform the upgrade. Go to the listing of all programs and software that are loaded onto your computer (if you have Window s XP loaded on your computer, this can be accessed by clicking on Start at the very bottom left corner of your screen, and then All Programs ) and find the folder containing the MYOB Software. The programs or software loaded are normally shown in alphabetical order. We will assume that you are upgrading from a previous version to MYOB version 15 if not, these instructions will still apply overall, but may be slightly different in some cases. Find MYOB version 15 on the list, and hold the mouse arrow over the listing a menu will appear to the side. This will look something like this: Move your mouse so that the arrow hovers over MYOB Tools. Another menu will appear, this time looking like this: From this selection, choose MYOB Accounting Plus v15 Upgrade Assistant. The following screen will appear: April Processing Transactions in MYOB

26 Read the screen, and as the instructions suggest, click the Next button. The following screen will appear. The next step is to find the old MYOB data file that you want to upgrade. To do this, click on Find File. You will be taken into the hard drive of your computer, where all of your files are located, allowing you to search through them until you have found the MYOB file to be upgraded. Double click on it. The path to the file will now show up in the space under the Find File button. Your next step is to decide where you want the upgraded file to be saved this is where your computer will locate the file. Your computer and MYOB will choose what it believes to be the appropriate place if this is not correct, click on the Save As button, April Processing Transactions in MYOB

27 and as before, work through your computer hard disk until you have found a suitable location. Remember, if you don t do this at this stage, you can still rename and move the file later on. Your completed screen will now look something like this: Click Next when you are happy with the options you have chosen. Your next screen will look like this: April Processing Transactions in MYOB

28 This is basically a last chance screen after this, there is no going back, which is why it is important to do a back up of the data file before you upgrade it. Click Next. Your final screen will look like this: As it says, Congratulations! You now have the option of upgrading another file, or simply clicking Finish to exit the upgrade assistant. Click on your preferred option. If you choose to exit the upgrade assistant, it will simply close, allowing you to continue on with whatever other work you have to do. April Processing Transactions in MYOB

29 2.1.6 Opening a Zipped Backup File If you need at a later stage to get back into the zipped data file (perhaps because the upgraded file corrupts, or for some other reason), this is not difficult. You will need to extract the data, and this can be done in the following way. You will not need to have MYOB itself open and running for this task. Go to where you have saved the Backup file on your computer. This may be with the actual software file, or it may not, depending upon how your computer has been set up. Open the file, and decide which backup file you wish to extract. You may have several available, which is why it is important to label them clearly! Right-click with your mouse on the file which you wish to extract. The following options menu will appear: Select Extract All from the menu. The following Extraction Wizard should appear: April Processing Transactions in MYOB

30 Click Next > to continue. The next screen to appear will be this one, which asks where you want the file to be extracted or unzipped to. Take careful note of where the file will be extracted to if you are uncertain of the destination, click on Browse this will allow you to choose specifically the destination of the file. When you are happy with the destination, click Next >. The next screen will look like this: April Processing Transactions in MYOB

31 Click Finish to complete the process. You should now have a screen in front of you that shows either the unzipped file, or the folder which it is stored in. This folder may well be called Documents and Settings, or something similar when the file was initially backed up, MYOB will have stored the complete path that was taken to get to the file. Continue to open folders until you get to the MYOB file. Now that you know where it is, you will be able to open it with your previous version of MYOB. TIP: Unless you want to continue to search through unnecessary folders when getting to the unzipped file, simply cut the MYOB file from its current destination, and Paste it to a more suitable location. When you have moved it, delete the unnecessary folders that were saved along with it. April Processing Transactions in MYOB

32 2.1.7 Setting up GST Tax Codes Before you begin to enter transactions, please be aware that we have coded the relevant tax codes in the QUT Chart of Accounts data file. However, there are some accounts where the tax codes may vary between organisations. For example, most fundraising events are subject to GST. However, there is a special provision contained within the Goods and Services Tax Act (1999) as amended that allows for these events to be regarded as input-taxed (Section ). If an organisation makes this election, the relevant revenue accounts should be coded INP. Hence, it is strongly recommended that bookkeepers carefully review each tax code within the chart of accounts to ensure correctness. If you are uncertain as to the correct GST tax code to use, you should consult your accountant/auditor, or contact the Australian Taxation Office. To check the tax codes allocated to the various accounts, go to the Command Centre. Along of the top of the screen, you will see 8 icon options Accounts, Banking, Sales, Time Billing, Purchases, Payroll, Inventory, Card File. Click on the icon above Accounts. The Command Centre will now look like this: In the top middle of the window, click on the words Accounts List. The following screen will now appear: April Processing Transactions in MYOB

33 You will notice that the accounts have been divided up into their various designations Assets, Liabilities, Income, and so on. The individual designations can be accessed by clicking on the relevant tab at the top of the window alternately, you can view all of them by leaving the All Accounts tab uppermost. Running your eye over the account names, you will see that halfway along the window that each has a column called Tax with a code in it. The ones we can see in the example above all show N-T which means No Tax or that they do not attract GST. Using the scroll bar to the very right of the window, scroll down through the accounts, checking that each one has the correct tax designation. If you find one that is not set correctly, decide what the correct designation should be, and then follow these steps to make the change. For the purpose of this example, we will choose the Expense tab, and make a change to the account called Accounting Fees. To the left of each account name, there is a small white arrow. Left click on it once. Something like the following window will open: April Processing Transactions in MYOB

34 At this initial screen, called Profile, it is possible to change the account number, thus affecting its filing in the account sequence, or the name of the account. However, we are interested in the tax code assigned to this account, so to make the change, click on the tab called Details. The window will now look like this: In the very middle of this window, you will see the words Tax Code. The field beside has GST chosen, this can be changed by clicking on the drop down arrow to the right of the field, and selecting a different code by double clicking on it. April Processing Transactions in MYOB

35 The tax code window will close, and if you are happy with your choice, you can then click on OK at the bottom right hand corner. You will be returned to the window showing all accounts, allowing you to make further changes, or to click Close, and return to the Command Screen Linking Accounts There are two ways in which accounts can be linked in MYOB it is possible to link an account to a function (determining where certain transaction processing will accrue for example, Payroll or GST Liabilities), but also possible to link an account to a card (a card is a mini-data file in MYOB that stores relevant name, address and other details for each customer, supplier, organisation or employee that your organisation has had and will continue to have dealings with). This second linking option will be covered in the next section. For the majority of accounts, we have already taken care of the first option, that of linking an account code to a function, but you may well desire to make changes. To do this, with the Command Centre open in front of you, look to the very top of the screen. You will see the words File, Edit, Lists, Command Centres, Setup, Reports, Window, Help. Left click on Setup, and from the drop down menu that appears, choose Linked Accounts. Another menu will now appear, and from here you can choose the section that applies to the linkage change you want to make. For this example, we will change the bank account that Payroll is linked to. Click once on the option you have chosen. April Processing Transactions in MYOB

36 We are making a change to the Payroll linked accounts, so the following screen has now appeared. As you can see, there are a range of designations that pertain to the function of payroll. To view the details of accounts already listed, click on the white arrow to the left of the field in the centre. To change the account listed in the option field, click on the drop down arrow to the right of the field, and make a new choice from the ones that are then available to you. We will change the Bank Account for Cash Payments from Cash at Bank Unrestricted, to Petty Cash. April Processing Transactions in MYOB

37 By clicking on the drop down menu arrow, the following screen appears: Now, double click on the account you wish to link for future use. The window will close, and you will taken back to the earlier link screen, so that you can make further changes if necessary. As you can see, for our example, we have now chosen to link Petty Cash to Bank Account for Cash Payments. By clicking on OK, this window will close, and you will be returned to the Command Centre. April Processing Transactions in MYOB

38 2.1.9 Setting up Cards (Customer Cards, Suppliers, Employees, Personal etc). The next step is to begin to set up a catalogue of cards, for all of the customers, suppliers, and employees that your organisation may have. A card is like a mini-data file in MYOB that stores relevant name, address and other details for each customer, supplier, organisation or employee that your organisation has had and will continue to have dealings with. It can also have accounts linked to its use, to make the processing of transactions quicker and more efficient for example, a card set up for the electricity department can be linked to the relevant expense account ensuring that all electricity invoices get coded to the correct account each time. Cards can be set up either at the same time as transactions are entered (and often, this is necessary), or before a transaction is entered. To properly set up a card, it is best to have available all the information pertaining to the company or individual at hand, but if you do not, it is possible to go back into any card and edit the information as necessary. This next example will be based on an invoice, provided to you by Bill s Repair Shop. The invoice is shown on the next page. April Processing Transactions in MYOB

39 Bill s Repair Shop Pty Ltd Repair Shop to the Stars!! 27 January 2005 Invoice No: 3672 TAX INVOICE ABN: Sample Nonprofit Organisation Inc. A Small Town in QLD The Main Street Somewhere, QLD, Being my professional fee for services rendered in respect of the following: Repairs to Gas Lift Office Chair AMOUNT OWING: $ TOTAL FEE ABOVE INCLUDES GST OF: $ Nett: Payment within 30 days from the date of this tax invoice. Bill s Repair Shop 33 Ashton Street, Somewhere QLD 4691 Telephone: (07) Facsimile: (07) April Processing Transactions in MYOB

40 To enter Bill s Repair Shop information into your card database, go to your Command Screen, and click on the button at the top to the very right Card File. Your screen will now look like this: Click on Cards List. The following will appear: As you can see, at present no information has yet been entered. You will also notice that you have the option of doing a search in this module, once a number of cards have been entered. To begin with, MYOB will default to the tab which lists all entered cards, in alphabetical order, but you can also choose to view only Suppliers, etc, by clicking on the relevant tab at the top of the window. April Processing Transactions in MYOB

41 For now, however, we are creating a new card. Click on the button at the bottom left of the screen, called New. The following will appear: This new card can be filled out with the relevant information about Bill s Repair Shop, generally all available on the invoice. Press Tab on your keyboard to move from section to section on this first screen, and fill it out as you go. This will include address and telephone numbers. TIP: It is also important to note at this stage that the option of Supplier must be chosen at the section Card Type if you are creating a Supplier Card, at the top left hand corner of the window, if the card is to operate correctly, and for MYOB to accept its use under certain banking circumstances. If a supplier is likely to also become a customer, create two cards, one listing him or her as a Supplier, the other as a Customer. April Processing Transactions in MYOB

42 The card should now look something like this: Before entering the card into the system, the Australian Business Number (ABN) also needs to be entered. The ABN is a unique 11-digit number, which must be displayed by the supplier on all invoices/tax invoices issued. If a supplier has not quoted their ABN on their invoice/tax invoice, you are required by law to withhold 48.5% of the total payment. You should also withhold if you doubt that the ABN quoted to you is correct. If you are unsure, you can check the validity of an ABN by using the Australian Business Register website at: To enter the ABN, click on the tab along the top called Buying Details. The only information necessary on this section is the site over to the right of the card, called ABN: However, here we have an opportunity to link an account code to this card, so we will do this as well. Linking an account to a card used frequently will make entering transactions quicker later on. First, copy the ABN as shown on the tax invoice, and press the Tab key on your keyboard. April Processing Transactions in MYOB

43 Next, go to the left side of this window. At the section marked Expense Account, click on the drop down arrow to the right of the field, and select the account relevant in this case, most likely Repairs and Maintenance. Click Use Account to select, or double click on the account name. Your screen will now look like this: April Processing Transactions in MYOB

44 If you are satisfied that the information is correct, click on OK with your mouse. You will be returned to the original Card File screen, which will now look something like this: If you decide to add or change any of the information now entered, simply click on the white arrow to the left of Bill s Repair Shop this will open up the card so that changes can be made. The same process can be followed for any other cards that you wish to create, although Employee cards are a little more complicated, and will be covered at Section April Processing Transactions in MYOB