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Accounting withMYOB v18
Chapter Three
Cash Accounting
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 44 2
Cash AccountingActivities
1. Receive and pay money using Banking.
2. Create and use Recurring Templates.
3. Combine receipts for banking.
4. Identify and record Bank Entries.
5. Reconcile MYOB’s records with the bank statement.
6. Print a Bank Reconciliation report.
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 45 3
Two Accounting Methods
Accrual
– Buy things on credit.
– Sell things on credit.
– Record transactions when you buy or sell.
– Responsible for GST immediately.
– May have to pay GST collected before its actual receipt.
Cash
– Buy for cash or credit.
– Sell for cash or credit.
– Record transactions when the payment occurs.
– Responsible for GST afterpayment.
– Best for small business.
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 45 4
Cash AccountingImportant points
Receipts.
– Cash sales.
– Received from debtors.
Cash Drawer.
– Used to hold receipts from all sources until banking.
Bank Deposit.
– Only once on any day.
Payments.
– All payments made by cheque.
– A separate cheque for each payment.
– Use the recurring cheques feature for regular payments.
– The ‘To Do List’ helps with regular payments.
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Record a ReceiptProcedure
Click Receive Money in the Banking module.
Insert the details.
Click Save as Recurring.
Create the recurring template.
Record the receipt.
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 48 6
Receive MoneyInsert the details
Insert the given sales information
Then click Save as
RecurringClick
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 48 7
Receive MoneySave the Recurring Template
Set the Frequency at
NeverClick
Then click SaveClick
Then Recordthe current
receipt
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Receiving Money (1)Background
Bank reconciliation relies on MYOB’s record of receipts being the same as those of the bank.
Receipts from different sources must be grouped in a holding account.
Then each time you take money to the bank, you do a Bank Deposit in MYOB.
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Receiving Money (2)Procedure
1. Change the destination account to 1-1160 Undeposited Funds.
2. Put all receipts into this account until you go to the bank.
3. Prepare an MYOB bank deposit that is identical to the deposit slip and cash taken to the bank.
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Grouping ReceiptsThe first receipt
Group with Undeposited
FundsClick
Insert the given sales information
Then click Record
Click
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 51 11
Grouping ReceiptsThe second receipt
Group with Undeposited
FundsClick
Insert the given sales information
Then click Record
Click
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 51 12
Grouping ReceiptsThe bank deposit
Set the Date
ClickClick
Deposit
Click
Then click RecordClick
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Correcting ErrorsUsing the Journal
Click the Journal button.
Select the journal you want:
– e.g. Receipts or Disbursements.
Set a date range that includes the error.
Locate your transaction from the list.
Click the Zoom arrow to display the invoice.
Make your correction. Click OK.
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Correcting ErrorsUsing the Journal
Select the Journal
Set the Dates
Scroll to the
transaction
Click the Zoom Arrow
Click
Dates
ScrollClick
Continues on Slide 15.
Choose Receipts
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 53 15
Correcting ErrorsUsing the Journal
The Zoom Arrow brings
up the transaction
In this view you can make any changes
you want
Then click OK
Click
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Spending MoneyBackground
Use a separate cheque for each payment.
– This provides a clear audit trail for the expenses.
Payments are recorded Tax Inclusiveas this is how you receive the bills.
Insert a clear memo to assist with the audit trail.
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Spending MoneyProcedure
Click Spend Money in the Banking control centre.
Insert the first cheque number.
– Future cheques update automatically.
Insert the details of the cheque.
Insert the allocation account.
Save as Recurring, or Record.
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 55 18
Spending MoneyThe first cheque
Insert the given payment
information
Click Save as Recurring
Click
Then click Record
Click
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Bank ReconciliationImportant Points
Work from your records:– Using printouts or on-screen.
Click items that appear in your records and those of the bank.
Don’t click items not in the bank statement.
Add to your records any Bank Entriesof receipts or payments.
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Bank ReconciliationProcedure
Click Reconcile Accounts.
Select the Cheque account number.
Insert the closing balance from the bank statement and its date.
Click in the ‘’ column items appearing in the bank statement.
Use the Bank Entry button to add new items from the bank statement.
Sutherland - MYOB Accounting Plus v18 - Cash Accounting - Page 59 21
Bank ReconciliationInitial information
Select 1-1110 Cheque Account
Click
Insert the New
Statement Balance
Click
Insert the Bank
Statement Date
Click
Then press Tab and all the transactions will appear.
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Bank ReconciliationInput Bank information (1)
Click against all items that are in the Bank Statement
Click
ClickThen click
Bank Entry
We will now enter the Bank Fee and the account Interest.
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Bank ReconciliationInput Bank information (2)
Insert the given charge and interest information
Then click Record
Click
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Bank ReconciliationThe final act
The Out of Balance figure must be Zero
Zero
Then click ReconcileClick
Items not ticked this month can be expected to appear on next month’s bank statement.
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