In this lesson we're going to create a brand new Company File. We'll start at the MYOB Start Screen where it gives us the option to create a new file here. We're greeted with the New Company File Assistant, which shows us the steps that we're going to go through. I'll click Next and we're asked for some information. The first is the Serial Number. Now this is not required for Trial Versions of MYOB, or Bod versions if you haven't registered the software yet. Next, we have Company Name and this is the only absolutely required field here. You can tell by the asterisk next to it. I'm going to put in simply VTC. Next is ABN, but if you're not in Australia, the ABN field may look a little bit different, it might be a GST number, IRD number, or VAT number, depending on your location. Keep in mind that everything here can be changed later on so if you're not sure of anything you can just skip it and edit your file later. So, let's move on to the next screen. This one deals with the Accounting Year. The Current Financial Year, while I'm making this recording is 2009 so I'll keep this on 2009. Next is the Last Month of your Financial Year, and in Australia the Financial Year runs from July to June, so I'll keep this on June. Next is the Conversion Month. Now this one is really important. This is the month of the earliest transactions that you plan on entering into MYOB. For most people this will be the Current Month. However, if you create your Company File after you start trading and you have previous transactions to enter, you're going to have to set this to cover those. For example, say it's now April and you have a few transactions that you're going to need to input that happened in February. In this case you'll need to set this to February. As I record this tutorial. it's now April so I'll set this to April. Next is Number of Accounting Periods. By default this is 12 because there are 12 months in a year, however, you have an option to set this to 13. Now why would you want to set this to 13 months? Well, some companies use an extra period for recording entries, which they do not want to be included in the figures for any particular month. For example, you can use it to record adjustments at the end of the year that apply to all months. If you have any doubt about which one to choose here, just choose 13. Click Next. You're ask to confirm everything. If anything is wrong you can click Back; if it's all good hit Next, and you're asked about Accounts. Now we're going to cover Accounts a bit later on, so I'm going to start with one of the Lists provided by MYOB. Hit Next and you get a bunch of choices. You can choose an Industry and then within that Industry you're asked about what type of business you run. Now these automatically provided lists are pretty good. I'm going to choose Computer Consultant for now, hit Next, and now we're prompted for a location to save the Company File. I mentioned in another lesson that this may be important for users of Microsoft Windows Vista. If you are using Vista and you have User Account Control enabled and you have multiple users of the computer who will be using your Company File you'll need to make sure that the Company File is not created in the Program Files Folder. I'm using Windows XP so I'm going to use the Default location. Now after your file is created you have the choice of continuing to edit your file or opening the Command Centre. Let's choose to open the Command Centre and here is our brand new Company File. If, at any time in the future, you want to change your Company Details, the ones that I mentioned earlier that you could change, go to the Menu and choose Setup, Company Information. You can change anything here, but be aware that if you change your Company Name the name of your actual Company File will remain as you originally entered it. So if I change the name to Anything, hit OK, and then choose File, and Open, the File Name remains as VTC, which was the original Company Name that I entered. If you really want to, though, you can rename this file in Windows. You'll still be able to open it, and the information it contains will still remain the same. And that's it for this lesson, let's move on to the next one.
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