Myob the Guide

MYOB Guide

MYOB is a short form of Mind Your Own Business. So who is MYOB for? Well MYOB is for the business or person who is ready to step up and do there own accounting work with the ease of MYOB. With the easy guidelines outlined below, accounting therefore becomes very easy while using the software.

Setting up an Account

Locate the Accounts tab. Choose your preferred account from the accounts list. Decide whether the account is an expense, asset or a liability. Next you will have to set the account a number this will help you know what order or value level your accounts are in. Enter a short description of the account. When your finished and you think everything is ok, go ahead and click the OKAY button.

Setting up Customers and Suppliers Cards

In the cards file section, locate the cards list. Select new and choose the type of card, whether a customer or a supplier card. For a customer, type the name and other details necessary for sending invoices. Always make sure that you include the customers terms in the card. When doing it with a supplier then you will need to link it with the expense account and then to the customer.

How to Set Up Items

Now say if you needed to set up a list of items, you will need to select the list menu and click new. Give the Item a name and make sure you give it a number so you can reference it. If you would like to track inventory then you will need to select it in the options menu. Make sure that when you list an item that you also give them the best possible expanse and income codes. Next you will need to list the buying and selling prices of the item. For prices inclusive of tax un-tick this option.

Entering a Service Invoice

In the sales tab go to enter sales. Place the Customers name in the box. It's important to make sure that the customer terms are ok, then go ahead and enter the other information like date purchase etc. Select and describe the item and enter the income account. Enter the Right Amount I have seen allot of people stuff this area up and it's a pain to fix, so make sure this simple task is done correctly. For tax exempted customers enter their prices exclusive of tax. Next you really want to print and email the invoice to the customer making sure they have a rock hard copy of it.

Entering an Item Invoice

On the sales tab go to enter sales. Check that the terms and name of the customer are okay. Make sure that you place the right date in. Also include the customer's purchase order number. make sure that you enter the item number, name and quantity of the item. After confirming that all is okay print or email the invoice.

Receiving Payments

Receiveing payments is just like all the other functions we have been looking at, it's under the sales tab and then receive payments. Next you will need to choose a bank account to place the money into. Place all the details of the payment in the according fields and then add the date of playment.



Entering Bills

Once your in the purchase tab enter all of the details in all the boxs and make sure that the details are correct suppliers name etc. For items bought and to be paid for later enter their correct description, amount and the net price. For items bought and payments done instantly locate the banking tab, go to banking register and choose the correct bank account to make the payment. Choose a payment method, business check, credit card etc etc. For Checks make sure that you enter the right number and date. Make sure that the correct expense account has been choosen.

Paying your bills with MYOB

Need to go the pay bills and enter the suppliers details and enter the correct date for the payment. Make sure your payment corresponds with the supplier's actual bill.