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A Step by Step Approach to MYOB Basics using MYOB Accounting Plus v18
Copyright Notice: Copyright ©2008 Marian Brown. 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 Marian Brown.
Written by: Marian Brown Dip T [Commerce], MICB Cert IV Workplace Training and Assessment, Cert IV in Financial Services [Bookkeeping] MYOB Certified Consultant for 13 years MYOB Accredited Author, MYOB Publisher, MYOB Accredited Trainer MBS Training Services Pty Ltd
[email protected] www.mbsts.com.au
Publishers: Software Publications Pty Ltd [ABN 75078026150] Head Office – Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: Web address: ISBN
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Printed September 2008
This workbook is dedicated to my two children, Lindy and Tony who spent hours collating and binding my first MYOB book years ago.
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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 Marian Brown 2008
Table of Contents – A Step by Step Approach to MYOB Basics v18
⌦ Unit 5: Reconciling your Cheque Account Learning Outcome Extract and record information from a bank statement and produce a Bank Reconciliation Statement.
Reconciling your Cheque A/c with your Bank Statement You should have your “BASICS18” MYOB data file OPEN. Each month [or even week], it is usual for the business to receive a Bank Statement from the Bank or download their Bank Statement using On-line, Internet banking or MYOB MPowered Bank Statements. Printed BELOW is the Bank Statement received showing transactions up to 18/month.
[Your Name] Copy Centre Bank Statement Issued: 18/month Date Transaction 1/ Balance
Withdrawal
Bank Statement 1 Page 1 Deposit Balance 8 500.00 CR
3/
1001
320.00
8 180.00 CR
4/
1004
275.00
7 905.00 CR
5/
1003
89.00
7 816.00 CR
8/
Deposit
9/
1002
10/
Deposit
15/
1007
18/
A/c Keeping Fee
615.00 220.00
8 211.00 CR 1,684.50
470.00
9 895.50 CR 9 425.50 CR 9 416.50 CR
9.00 Cheques presented to the Bank, periodical payments and bank fees.
8 431.00 CR
Deposits
Bank Statement Balance - 18/month
A STEP BY STEP APPROACH TO MYOB BASICS using MYOB Accounting Plus v18 © Copyright Marian Brown 2008 Unit 5: Reconciling your Cheque A/c - Page
71
METHOD 1: To reconcile your Cheque Account with the Bank Statement: (i)
Select the “Banking” Command Centre.
(ii)
Select “Reconcile Accounts”.
(iii)
In the “Account” field, select “Cheque A/c”.
(iv)
In the “Bank Statement Date” field, use the “Space Bar” to select “18/month you are using” and press “ENTER”. [You may receive a warning that this date is after the system date on your computer. In this exercise, select “OK”.]
(v)
In the top right-hand corner, key in the “New Statement Balance” of “9416.50” and press “ENTER”. Your Reconcile Accounts window will look like this.
(vi)
Look at the first entry on your screen.
Look at your Bank Statement. Has this cheque been presented? Date
YES
1/
Transaction Balance
3/
1001
Withdrawal 320.00
Deposit
Balance 8 500.00 CR 8 180.00 CR
(vii) Then click in the column to the left of “Cheque 1001” like this.
On your Bank Statement, indicate that cheque “1001” reconciles with your records [usually tick]. A STEP BY STEP APPROACH TO MYOB BASICS using MYOB Accounting Plus v18 © Copyright Marian Brown 2008
Page 72 - Unit 5: Reconciling your Cheque Account
(viii) Continue in this manner, checking entries on your screen with entries in the Bank Statement on Page 71. Only Cheques numbered 1005 and 1006 are unpresented. Your “Out of Balance” is $9.00. This represents Bank Fees.
Entering Account Keeping Fees [Bank Charges] To enter Account Keeping Fees: (i)
Select the “Bank Entry” button at the bottom of your Reconcile Accounts window.
(ii)
Key in your Account Keeping Fees like this.
Note:
(iii)
Account Keeping Fees are GST-free.
Click on “Record” or press “ENTER”. Note that the Account Keeping Fees entry is now listed and reconciled on your Reconcile Accounts window.
A STEP BY STEP APPROACH TO MYOB BASICS using MYOB Accounting Plus v18 © Copyright Marian Brown 2008 Unit 5: Reconciling your Cheque A/c - Page
73
Your Reconcile Accounts window should now look like this. [The month you have been using will be displayed.] Your “Out of Balance” is “0”.
Unpresented cheques [not highlighted]
Note: If your “Out of Balance” is NOT “0”: (a) (b)
(iv)
Check the accuracy of your figures. If an entry is incorrect, CLICK on the ZOOM ARROW to the left of the entry and correct. If an entry is missing, it could be dated AFTER 18/month in error. Check your Transaction Journal – enter a “To” date some time in the future.
Select “Reconcile”.
PRINTOUT 4 – Bank Reconciliation Statement (i)
Click on the “Print Report” button to print a report showing “Cleared” and “Outstanding” entries.
(ii)
To reconcile, click on “Reconcile”.
(iii)
In the next window, select “Reconcile”. Your window should look like this [using your current month].
A STEP BY STEP APPROACH TO MYOB BASICS using MYOB Accounting Plus v18 © Copyright Marian Brown 2008
Page 74 - Unit 5: Reconciling your Cheque Account
Undo the Bank Reconciliation You will now “Undo Reconciliation” so that you can practise reconciling a second time.
[In business, you would undo the reconciliation if you have made an error or entered the incorrect reconciliation date. You can only undo the last reconciliation, then the one before etc.] (i)
Select “Bank Reconciliation” and re-enter the reconciliation date and statement balance.
(ii)
Select the “Undo Reconciliation” button.
(iii)
Read the warning. In this workbook, you will learn how to make a back up in Unit 6. Select “Undo Reconciliation” and “OK”.
(iv)
Reconcile the Cheque A/c with the Bank Statement on Page 71 again.
Return to the Command Centre.
A STEP BY STEP APPROACH TO MYOB BASICS using MYOB Accounting Plus v18 © Copyright Marian Brown 2008 Unit 5: Reconciling your Cheque A/c - Page
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