Computerised Accounting

Transcription

1 Preface Computerised Accounting using MYOB Accounting v18 This workbook has been written to cover Cash Book, General Ledger, Accounts Receivable and Accounts Payable information on how to use MYOB Accounting, [Plus, Premier and Enterprise] using version 18. The workbook is divided into four main sections. Section 1 covers Cash Book. You start with a file and learn to enter cash receipts and cash payments in the data file and prepare a Bank Reconciliation. Section 2 covers General Ledger. You learn to set up a data file and enter transactions including journal entries and prepare reports. Section 3 covers Accounts Receivable. You create a data file with Accounts Receivable opening balances and enter a variety of sales and other receivable entries. Inventory is not included in this workbook. Customisation of invoices and the preparation of various Accounts Receivable reports is covered. Section 4 covers Accounts Payable. You start with a file and import cards from the file used in Section 3. A variety of transactions are entered and various reports are printed. Inventory is not included in this workbook. There are optional units double-entry bookkeeping rules and preparing the Business Activity Statement. Consolidation exercises and an integrated exercise are given to consolidate data entry skills. Solutions are given to all exercises. This workbook contains detailed step by step instructions with the aid of screen dumps to assist the user to learn MYOB Accounting 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 Accounting works and consolidation exercises to revise the new features introduced. Anticipated time taken by the average user to complete this workbook is 65 hours. This workbook is used as follows: Registered Training Organisations use this book to meet Certificate III competencies mapping provided BSBFIA301A/BSBFIA303A/BSBFIA304A A Teachers Resource CD is available containing assessments and solutions. Copyright 2010 Software Publications Pty Ltd This document may not be copied without permission from the publisher.

2 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 Pty Ltd. Written by: Marian Brown Dip T [Commerce], MICB BAS Agent Cert IV Workplace Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 15 years MYOB Accredited Author, MYOB Accredited Trainer Practicing Member of the Institute of Certified Bookkeepers Member of the Australian Bookkeepers Network Publisher: Software Publications Pty Ltd [ABN ] Head Office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN: Revision: 1 August 2010 BSBFIA301A BSBFIA303A BSBFIA304A Maintain financial records Process accounts payable and receivable Maintain a general ledger Copyright 2010 Software Publications Pty Ltd This document may not be copied without permission from the publisher.

3 Copyright/Trademark Information: MYOB, MYOB AccountEdge, MYOB Accounting, MYOB Accounting Plus, MYOB BusinessBasics, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M-Powered Bank Statements, MYOB M-Powered Invoices, MYOB M-Powered MoneyController, MYOB M-Powered Payments, MYOB ODBC Direct, MYOB PowerPay, MYOB Premier and MYOB Premier 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 Accounting Plus v18 reproduced with permission. Limitations of Liability: This material is designed to provide basic information on how to use MYOB Accounting/Accounting Plus v18. 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 Marian Brown will accept no responsibility to any person who acts on information herein without consultation with Marian Brown. The information in this book is relevant to MYOB Accounting Plus v18. Earlier or later versions of MYOB software could change the instructions in this workbook. Copyright 2010 Software Publications Pty Ltd 1 August 2010

4 Unit 8 Accounts Payable Computerised Learning Outcomes On completion of this unit you will be able to: Set up preferences for accounts payable Set up linked accounts for accounts payable Set up trading terms for suppliers Enter supplier opening balances Enter credit purchases data and check for errors Enter supplier payments by cheque and electronic Maintain supplier information, change of address, add new suppliers, delete suppliers and answer general enquiries and print reports if and when required Print the following payable reports: - purchases analysis - trial balance - aged creditor listing - transaction journals - supplier details - supplier labels Reconcile data with creditor statements Enter the following transactions: - over and under charges - returns Identify discrepancies and rectify or refer to designated person Carry out end of year processing Software Publications Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v18 - Page 307

5 Simulation Exercise To learn how to perform the skills set out on page307, you will set up the LANDSCAPING business used in Unit 7 and maintain the Accounts Payable transactions for this business. The LANDSCAPING business is owned by a Sole Trader. This business purchases a variety of landscaping supplies and irrigation equipment on credit. This business has stock on hand of landscaping supplies and irrigation equipment, however quantities are small. Consequently, the business does not wish to inventory stock items. The business will use the Periodic Stock system, and take a stocktake at the end of the financial year to estimate the value of stock on hand. This business has an ABN and in this Unit, the business is reporting GST on an ACCRUAL [Non- Cash] BASIS. PURCHASES: BANK ACCOUNTS: Purchases Landscaping supplies Purchases Irrigation systems Contract Labour The business has the following accounts: Cheque A/c main business account. Undeposited Funds all money received is paid into this account, then banked. Opening your MYOB data file (i) Open the student edition of MYOB Accounting Plus v18. (ii) Locate Landscape18.myo downloaded in Unit 2. (iii) Sign-on as Administrator with no password. MAXIMIZE YOUR WINDOW. Enter your business details and check your data file is in the correct financial year see page 40. [Setup, Company Information] You will now make changes to the data file in Unit 7 so that the Accounts Payable module can be used. Page 308 Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v Software Publications

6 [Your Name] Landscaping POLICIES AND PROCEDURES ACCOUNTS PAYABLE 1 Accounting System The business keeps an Accrual set of books, accounting for debtors and creditors. 2 Accounts Payable A card for each supplier must be established. This card must contain postal and street address, phone numbers and contacts and the credit terms of the supplier. All purchase orders must be authorised by the owner before being ed or faxed to the supplier. A Goods Returned requisition is completed when items are returned. This form is matched with the Adjustment Note received. Upon receipt of the goods, the goods and Tax Invoice must be checked against the original purchase order to check that the correct goods have been received and the correct amount charged. The owner authorises the validity of the invoice received. Any discrepancies are followed up immediately. This Tax Invoice is recorded in the MYOB data file immediately so that items can be sold and account paid within the credit terms. Accounts are paid by cheque or Electronic Funds Transfer. When the account is paid by cheque, a notation is made on the Tax Invoice that the account has been paid, the cheque number and date paid. All cheques are signed by the owner. When accounts are paid by EFT, a printout of the Electronic Payments Register must be authorised by the owner before the file is downloaded to the bank. A Tax Invoice must be obtained for every cash or credit card purchase and recorded in MYOB using Spend Money for one-off purchases. The owner is the only person who is authorised to use the business credit card. 3 Errors and Discrepancies It is essential that the books of the business are accurate and correct. Any discrepancies should be reviewed by the owner. A file should be kept to document all changes in the MYOB data file. A screen dump of the error correction and any supporting documentation or notes should be stored in this file to be made available to the accountant if required. Where necessary, entries should not be deleted eg dishonoured cheque. The entry in MYOB should be reversed and re-entered if necessary. 4 Accounts Payable Reconciliation At the end of the month, a Payables Reconciliation report is printed and checked for accuracy. Review all unpaid accounts, checking that the payment has not been entered in Spend Money. The amount owing to suppliers should equal the Trade Creditors account in the Balance Sheet at the end of the month. Out of balance amounts must be reviewed. Run the Company Data Auditor to assist in finding the cause of the out of balance. Check all statements received from suppliers against the Supplier s Ledger in MYOB. The bookkeeper should report any discrepancies to the owner and the supplier Software Publications Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v18 - Page 309

7 Adjusting Preferences Adjust the following preferences in Purchases Preferences : [Setup, Preferences, Purchases] (i) (ii) (iii) (iv) Select Show Supplier Invoice Number in Supplier Payments. Make a Contact Log Entry for every Purchase. Check Retain Original PO Number on Backorders is selected. Deselect the following warning. [In your business, you may wish to have this warning selected.] (v) (vi) Adjust the following preferences in Banking Preferences : - Make a Contact Log Entry for every Cheque. Adjust the following preferences in Reports and Forms Preferences : - Use Monthly Ageing. Adjusting your Purchases Linked Accounts (i) (ii) (iii) Select Setup in the Menu Bar. Select Linked Accounts. Select Purchases Accounts. Adjust your Purchases Linked Accounts like this: The business does not track deposits, take discounts or pay late fees. Remain in Linked Accounts window. Page 310 Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v Software Publications

8 Setting Default Supplier Terms for Credit Purchases Trading Terms from most suppliers: Payment for most credit purchases is required by the end of the month following the end of the invoiced month. (i) In the Terms window, enter the above terms like this: (ii) (iii) Click on OK to return to the Linked Accounts window. Click on OK to return to the Command Centre. Modifying the Accounts List and add Tax Codes In your Accounts List, modify your Cost Of Sales Accounts to look like this: Add the following Tax Codes to your Cost of Sales: N-T GST Opening Stock, less Closing Stock Landscaping Supplies Purchased, Freight, Contract Labour Change the following account name in your LIABILITIES Trade Creditors Accounts Payable Control 2010 Software Publications Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v18 - Page 311

9 Adding new Tax Codes The following Tax Codes are required: ANR To pay Suppliers who have an ABN but not registered for GST. ABN To pay Suppliers who do not have an ABN. I have used the Tax Code ABN here. Earlier in this workbook [see page 25] you used the Tax Code NOA, however both codes can be used for No ABN. I have deliberately used different codes for the same Tax Type because in business you will find a variety of codes being used for the same Tax Type. You will not be using this posting. Some MYOB users prefer to create a Misallocation A/c. Note: If the business purchases materials or services from a person who does not regard his activity as a businesss [eg hobby] the supplier should complete a Statement by Supplier which can be downloaded from the ATO website stating the reason for not supplying an ABN. Adjusting General Ledger Opening Balances for Payables Select Setup, Balances in the Menu Bar. Adjust your Account Opening Balances as follows: [Changes in BOLD.] Trial Balance Account Debit Credit Cheque A/c 8, Accounts Receivable Control 5, Inventory 3, Buildings Equipment at Cost 170, Buildings Equipment Accum Dep 35, Vehicles at Cost 32, Vehicles Accum Dep 12, Furniture & Fittings at Cost 3, Land 55, Accounts Payable Control 2, GST Collected on Sales Bank Loans 98, Owner s Capital 129, $277, $277, Page 312 Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v Software Publications

10 Creating Cards for Suppliers Your next task is to create cards for Suppliers to whom the business owes money on the conversion date. (i) (ii) (iii) (iv) (v) Select the Card File Command Centre button. Select Cards List. Click on the Supplier TAB. Click on New. Create Supplier Cards for the following: Able Quarries Address of your choice Telephone Number of your choice Buying Details: ABN: Usually uses an Item Purchase Order printed on Tax Inclusive Plain Paper PO Default Terms [terms set up on page 311] Landscaping Supplies Address of your choice Telephone Number of your choice Buying Details: ABN: Default Terms, no Purchase Layout selected Return to the Command Centre Software Publications Unit 8: Accounts Payable - Computerised Accounting using MYOB Accounting Plus v18 - Page 313