Also included in this workbook is a unit on basic bookkeeping principles and rules for double-entry bookkeeping and the accounting equation.

Transcription

1 Preface Computerised Accounting using MYOB AccountRight Plus v19 This workbook has been written to cover all the basic information on how to use MYOB AccountRight [Standard, Plus, Premier and Enterprise] using v19 and v19.5 [and MYOB AccountEdge v9]. You start the workbook by exploring a data file already set up to become familiar with the various Command Centres. You then learn how to enter data including cash receipts and payments, sales invoices, customer payments, purchase invoices and supplier payments. Reconciliation of bank accounts, debtors and creditors is carried out. The customising of invoices is also covered. End of financial year transactions including journal entries are also entered. A variety of reports are printed to expose the user to a number of basic reports which can be used to analyse the business. This workbook does not include inventory. You also learn how to set up a data file from scratch, customising the accounts list and enter opening balances. The Business Activity Statement is also prepared using the data entered. Also included in this workbook is a unit on basic bookkeeping principles and rules for double-entry bookkeeping and the accounting equation. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB AccountRight and assure the user that the data is being entered accurately. The outstanding feature of this book is the drilling down of transactions to explain what is happening in the data file to assist in the understanding of how MYOB AccountRight works. Solutions to all tasks are also given in the workbook. Anticipated time taken by the average user to complete this workbook is 65 hours. This workbook is used by training organisations in the following manner. This workbook can cover all the competencies in the following units: BSBFIA301A - Maintain financial records BSBFIA303A - Process accounts payable and receivable BSBFIA304A - Maintain a general ledger An assessment on the Teachers Resource CD is available to assess all 3 units. This workbook can be used to cover just the BSBFIA303A and BSBFIA304A units, to allow the teacher to cover BSBFIA301A using manual bookkeeping methods. There are assessments on the Teachers Resource CD to cover 303A and 304A. A Teachers Resource CD is available containing assessments, additional exercises and solutions. ISBN Copyright 2010 Software Publications Pty Ltd

2 Computerised Accounting using MYOB AccountRight Plus v19 Copyright Notice: Copyright 2010 Software Publications Pty Ltd. All rights reserved. No part of this material may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying or by information retrieval systems) without permission in writing from Software Publications Written by: Marian Brown Dip T [Commerce], MICB BAS Agent Cert IV Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 16 years MYOB Accredited Author, MYOB Publisher, MYOB Accredited Trainer Publishers: Software Publications Pty Ltd [ABN ] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN Revised 12 December 2010 BSBFIA301A - Maintain financial records BSBFIA303A - Process accounts payable and receivable BSBFIA304A - Maintain a general ledger Copyright 2010 Software Publications Pty Ltd

3 Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB AccountRight, MYOB AccountRight Plus, MYOB BusinessBasics, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M-Powered Bank Statements, MYOB M-Powered Invoices, MYOB M-Powered Payments, MYOB ODBC Direct, MYOB PowerPay, MYOB AccountRight Premier and MYOB AccountRight Enterprise are registered trademarks or trademarks of MYOB Technology Pty Ltd and their use is prohibited without prior consent. Ceedata, Solution 6 MAS and Xlon are registered trademarks or trademarks of Solution 6 Holdings Limited, a member of the MYOB group. Bpay is a registered trademark of Bpay Pty Ltd, ABN MasterCard is a registered trademark of MasterCard International Inc. Microsoft, Access, Excel, Internet Explorer, Office, Outlook, Smart Tags, Windows and Word are registered trademarks or trademarks of Microsoft Corporation in the United States or other countries. VISA is a registered trademark of Visa International Service Association. Other products mentioned may be service marks, trademarks or registered trademarks of their respective owners. Screen captures from MYOB AccountRight Plus v19 reproduced with permission. Limitations of Liability: This material is designed to provide basic information on how to use MYOB AccountRight/AccountRight Plus v19. Because business circumstances can vary greatly, the material is not designed to provide specific GST or business advice for particular circumstances. Also, because aspects of the GST are complex and detailed, the material is not designed to comprehensively cover all aspects of the GST. Further, the laws implementing GST and rulings and decisions under those laws may change. Before you rely on this material for any important matter for your business, you should make your own enquiries about whether the material is relevant and still current, and whether it deals accurately and completely with that particular matter; and as appropriate, seek your own professional advice relevant to that particular matter. This information is for the general information of MYOB clients and is not to be taken as a substitute for specific advice. Consequently Software Publications Pty Ltd and Marian Brown will accept no responsibility to any person who acts on information herein without consultation with Software Publications Pty Ltd. The information in this book is relevant to MYOB AccountRight Plus v19. Earlier or later versions of MYOB AccountRight software could change the instructions in this workbook. References to websites may also change owing to the changing nature of this type of information. Copyright 2010 Software Publications Pty Ltd

4 Unit 5 Data File Management and Error Correction Learning Outcomes On completion of this unit you will be able to: Correct errors in MYOB - using Changeable Options - using Unchangeable Options Use the Audit Trail Manage cards and accounts Verify your data file Back up your data Restore a data file Copyright 2010 Software Publications Pty Ltd Computerised Accounting v19 - Unit 5: Data File Management 87

5 (i) Open MYOB AccountRight v19. (ii) Select the data file used in Unit 4: COPY19.MYO Error Correction Methods The method used to correct errors, depends on whether the MYOB data file is Changeable or Unchangeable. This preference is selected in the Security Preferences. In this workbook, your data file has been CHANGEABLE, so that you have been able to call up a document and make your correction. To view the Security Preferences : (i) (ii) Click on Setup in the Menu Bar and select Preferences. Select the Security TAB. The window looks like this: Information on this option will be given on Page 92. The option Transactions CAN T be Changed; They Must be Reversed, determines whether your data file is: CHANGEABLE or UNCHANGEABLE. 88 Unit 5: Data File Management Computerised Accounting v19 Copyright 2010 Software Publications Pty Ltd

6 Notes on Changeable/Unchangeable At present the data file option is NOT TICKED ie data is CHANGEABLE. This option seems to be the option favoured by most businesses, however data is usually PASSWORD PROTECTED [covered later in this workbook]. Changeable: Unchangeable: This option allows data to be edited or deleted. This option DOES NOT allow changes to data. Reversing entries are required. Changing the Data File Option to Unchangeable (i) Click in the box in front of this option so that your data file is UNCHANGEABLE. Your window will look like this: (ii) Click on OK to return to the Command Centre. Exercise using the Unchangeable Data Option Key in the following cheque in the usual manner and record. [Cheque not yet posted.] No: /month To: Local Garage For: Car Repairs This cheque $ [inc GST] After recording this cheque, you realise you have made an error. The amount should be $ Copyright 2010 Software Publications Pty Ltd Computerised Accounting v19 - Unit 5: Data File Management 89

7 This cheque $ [inc GST] Amount should be $ To correct this error you must call up the incorrect entry: (i) (ii) Select the Register button at the bottom of your window. Check your Batch Dates to 29/month. Note: The ZOOM ARROWS are shaded. This indicates you are working in an UNCHANGEABLE file. (iii) (iv) (v) Call up Cheque Number 1019 by clicking on the ZOOM ARROW to the left of the transaction. Try to change the amount 385 to 485. MYOB will not allow this change because the Data File is Unchangeable. To change, this entry must be reversed, when the data file is unchangeable. (a) Click on Edit in the Menu Bar. (b) Choose Reverse Cheque Transaction. Your reversed cheque will look like this: [note negative amount] (vi) (vii) Record the reversed entry. Click on Cancel to return to the Bank Register. Note the reversal entry. 90 Unit 5: Data File Management Computerised Accounting v19 Copyright 2010 Software Publications Pty Ltd

8 (viii) Return to the Banking Command Centre. (ix) Now key in the cheque again using the correct amount of 485 and cheque number No: /month To: Local Garage For: Car Repairs This cheque $ [inc GST] Note: When you record this cheque, you are warned that you are using a duplicate cheque number. Click on OK. (x) In your Bank Register window, check the reverse entry and re-entry of correct data. The following window is displayed. Return to the Command Centre. Changing the Data Option back to Changeable Change the Security Preferences in Setup back to CHANGEABLE so that your Preference looks like this. Return to the Command Centre. Copyright 2010 Software Publications Pty Ltd Computerised Accounting v19 - Unit 5: Data File Management 91

9 Notes on Audit Trail Report On Page 88, you viewed the Audit Trail option. This Audit Trail option tracks the following in your data file: Transactions: deletion of a transaction change of card selection change of ID# change of date change of amount on any line change of account on any line change of item selection change of job selection change of payroll details Tax: deselection of tax on any line of a sales or purchase transaction change of tax code for a sales or purchase transaction change of tax amount for a sales or purchase transaction adding transactions with a tax code other than the default code for the selected card or account [invoices only, not orders or quotes] adding transactions with a changed taxable amount change of the linked account selection in any of the Tax Code information windows. Account: change of the current account number change of the account s opening balance addition of a new account deletion of an account. System: change of the linked account selection in any of the Linked Accounts windows change to the lock periods security preference. {A change of the lock period date, as well as selection/deselection of the preference, are tracked.} change to the Transactions Can t be Changed: They must be Reversed preference change to the Use Audit Trail Tracking preference undo Reconciliation. 92 Unit 5: Data File Management Computerised Accounting v19 Copyright 2010 Software Publications Pty Ltd

10 Displaying your Audit Trail Report To display your Audit Trail report: (i) (ii) (iii) Select Reports in the Command Panel. Select Accounts. Scroll down the list and select [double-click] Audit Trail Report. (iv) (v) In Report Customisation select the actual dates on which you have been working in the data file. Display your report. This report should display all changes you have made in your data file. In my data file, this report looked like this. Of course, your report could be very different using your current date. To include this column: (i) With report displayed, select Customise button. (ii) Select Report Fields TAB. (iii) Select Original Date. (iv) Select Display. This report could assist in the correction of errors process. Return to the Command Centre. Copyright 2010 Software Publications Pty Ltd Computerised Accounting v19 - Unit 5: Data File Management 93

11 Combining CARDS (i) (ii) In the Card File Command Centre, select Cards List. Add a new supplier card for Apple Wholesalers. Your list should look like this. If a card has been used in the last 2 years or linked to a job, this card CANNOT be deleted. Therefore it is common for a business to have many duplicate cards [created in error] or cards no longer needed that cannot be deleted. (iii) Apple Wholesalers is the same business as Able Wholesalers someone made a typo. To combine the 2 cards: (a) (b) (c) Point to Able Wholesalers and single click. Select Combine Cards at the bottom of your window. Complete the following information: (d) Select Combine Cards, read warning and OK. All the transactions on the Apple Wholesalers card will be combined with the transactions on the Able Wholesalers card. [Of course, in this data file, there were actually no transactions in Apple Wholesalers. Example given to use the Combine Cards feature.] Return to the Command Centre. 94 Unit 5: Data File Management Computerised Accounting v19 Copyright 2010 Software Publications Pty Ltd