PART 3 – HOW TO CREATE ACCOUNTS LIST (CHART OF ACCOUNTS) IN MYOB
Creating Accounts List or Chart of Accounts in MYOB have never been so quick and easy. This part is intended for “New Company File” set up or first set up of company accounts. To start using this, click on Setup, select Easy Setup Assistant as shown below:
There are three ways to set up Accounts List in the Easy Setup Assistant as follows:
1) Start with Accounts List Provided by MYOB Premier; or
2) Import a list of Accounts provided by Accountant after setting up the company file; or
3) Build own Accounts List once company user have started using MYOB Premier
Now, we discuss the first way:
1. START WITH ACCOUNTS LIST PROVIDED BY MYOB PREMIER
One of the best features about MYOB software is its built-in Accounts List with very wide range of industry classification and business type to choose from. So you don’t have to hire a team of consultants to customise the company accounts or Chart of Accounts. Account Codes/Account Names varies in accordance to the business type you choose. So be sure to indicate the most appropriate business type for which MYOB is to be used for the built-in Accounts List. See, setting up Accounts in MYOB is just a click away. If there are a few accounts not included in the MYOB built-in list, all you need to do is add the accounts later after the accounts are set up. Adding, deleting and editing of accounts will be tackled in a separate topic below. All you have to do is to do the set up upon “Creating Company” and click on Start with Accounts List Provided by MYOB Premier. After clicking on the first option per screenshot below:
ACCOUNT CLASSIFICATIONS IN MYOB
Please take note that in MYOB, account classifications are designed to ...
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...of detail account, account code number and account description is indicated.
2. Details Tab - This is where you indicate Tax Code for the account being set up, when applicable. In this screenshot example, Cheque Account don’t require a Tax Code. Its being linked to Customer Receipts is shown in the lower portion. The topic Link of Accounts is discussed in separate training module.
3. Banking Tab – This is the tab to provide detail on a Bank Account Code. Account Number to be entered should be all numeric characters only.
This Tab is not available on accounts that are not bank accounts like expense accounts per screenshot below:
4. History Tab – This tab shows the history of a particular account showing the previous year balance and the current year balance on monthly comparative figure including the 13th month period, if previously set up in the company set up.
Accounts receivable ending balance= Beginning balance +sales on Account - cash receipts -sales returns and allowances- charge of uncollectible account
*Please note: Enter "spaces" between the numbers: CUST: Customer number (almost always "0" unless you have more then one customer set up). Short Cuts For Option 11: When entering the "TN" information you don't have to insert all the 0's. i.e. 09 00 00 02 would only be 9 2. Logging in: Be careful not to log in more than 3 times incorrectly, If you see OVL400 this means you are locked out for up to 45 minutes.
Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant needs. Using the accounting/finance application system, makes it easier to enter and process the data rather than manually enter and process the data.
The mission statement of BBVA Compass Bank is to be, “working for a better future for people ... for all people.” During the website update, we will strive to make the current web design a better future for BBVA Compass Bank and their customers. The update will begin by updating the index page to a sole login and choice of personal, small business, or commercial account type. This will also allow the user to access all the information about that specified account and not bothered with any other account information. However, a link to allow access the other types of accounts will also be implemented in all pages, but this link will not show all sub-account information until it is chosen and linked to that account type page. Following the user’s
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If you want to start a company website with your services, just use this template.
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