In this part of the Course we're going to cover MYOB Accounts, and the most important thing to note here is that we're not talking about bank accounts like checking and savings accounts. We're talking about the internal accounts that MYOB uses to categorise your business's transactions and money. When you make a transaction such as a Sale, you apply it to a particular Account. The Account then keeps track of all your business's transactions of that type. To view the Accounts select the Accounts Command Centre and then Accounts List. To start with the Accounts are divided up and grouped into things that the people at MYOB call Classifications. These include: Assets, Liabilities, Equity, Income, and so on. You can view each Classification on its own or all on the same page. Now let's have a look at a couple of these accounts, starting with Petty Cash. This is cash that is yours, so it's an Asset. Next, Inventory. Most inventory items are worth money, so the total value of your current inventory is reflected here. Moving on to Liabilities we have things like your Current Credit Card balances. This is money that you owe so of course it's grouped with all the other money that will eventually need to be paid out. Now you're not restricted to the default accounts that come with MYOB. You can add your own using the New button at the bottom. You can also edit an existing account by double-clicking its entry in the List or clicking the little arrow next to it. You can also select it in the List and use the Edit button down here, but just before we edit one of these accounts notice that some of them in the List are bold and the accounts directly below them are indented. This is yet another way to group related accounts together. For example, all of the Credit Card Balances are grouped together under the bold Credit Cards Entry. This Credit Cards Entry is called a Header Account, and the accounts grouped within it and, in fact, all of the other MYOB accounts that aren't displayed in bold are called Detail Accounts. When you create a new account or edit an existing account you specify the type of account with these radio buttons here. Notice that you can have also multiple levels using this Header and Detail Account structure. Notice that the American Express Credit Card Detail Account is grouped under the Credit Cards Header Account, which in turn is held under the Current Liabilities Header Account and so on. There's a limit, however, of a total of three Header Account Levels. The American Express Detail Account is currently sitting at Level 4, so if I try to change it into a Header Account MYOB won't let me do that. Now, Header Accounts differ from Detail Accounts in that you cannot apply transactions to them directly. You have to apply transactions to the Detail Accounts contained inside the Header Account. This is because Header Accounts are just a sort of container which holds one or more Detail Accounts. And this now leads us to one of the most important features of Header Accounts, a Header Account will display a balance of all the accounts held inside of it. Have a look at the Payroll Liabilities Header Account. The sum total of all of the Detail Accounts within it should be the same as the amount shown in the Header Account Balance. And the same thing applies across the board. Every Header Account will display a balance which is a total of all the balances inside of it. So how do you control which accounts are grouped under which Header Accounts? Well, you do this using the Up and Down buttons here. If I select a Mastercard Detail Account and then hit the Up button notice that it moves to the left and now it's parent Header Account, or the Header Account that is currently holding it has changed. It's now the Current Liabilities Header Account instead of the Credit Cards Header Account. Notice, though, that this has also affected the other Detail Accounts just below it. If we want these to remain part of the Credit Cards Header Account we'll have to select each one and move them down. Now, to finish up this lesson have a look at the left side of this Accounts List and you'll see some numbers. Every account in MYOB is assigned one of these numbers and these numbers are made up of two parts separated by a dash. The number on the left side of the dash signifies the Classification. Assets are all 1, Liabilities are 2, and so on. The number on the right side of the -is that specific account's number within that classification. Furthermore, most of the time Detail Accounts that are nested inside Header Accounts will have a number that reflects that. For example, the Current Liabilities Header Account has the number 2-1000 assigned to it. Under that, the Credit Cards Header Account has the number 2-1100, then the Credit Card Detail Accounts under that have numbers ending in 1110, 1120, and so on. This way you can usually tell just by the number what kind of account it is. And you'll be seeing these account numbers quite regularly so you might even end up being able to recall them from memory. If you ever create new accounts in MYOB, just keep this in mind and try to assign them account numbers accordingly. You can see that MYOB uses a collection of internal accounts to help you keep track of your money. They're grouped into logical classifications to help you manage them all, and they're assigned account numbers to make them easy to reference. And that's it for this lesson. Let's mov on.
TERMS & CONDITIONS OF USE
BY SUBSCRIBING TO THIS SERVICE, YOU ARE CONSENTING TO BE BOUND BY AND ARE BECOMING A PARTY TO THIS AGREEMENT, THE TERMS AND CONDITIONS OF WHICH SHALL PREVAIL IN GOVERNING YOUR RIGHTS OF USE. BY CLICKING THE "BECOME A MEMBER" BUTTON, THE INDIVIDUAL OR ENTITY LICENSING THE PRODUCT ("YOU") IS CONSENTING TO BE BOUND BY AND IS BECOMING A PARTY TO THIS AGREEMENT. IF LICENSEE DOES NOT AGREE TO ALL OF THE TERMS OF THIS AGREEMENT, THE BUTTON INDICATING "BECOME A MEMBER" MUST NOT BE SELECTED, AND LICENSEE MUST NOT INSTALL OR USE THE SOFTWARE.
"VTC" refers to Virtual Training Company,
"You" refers to the user or subscriber.
"Software" refers to the VTC training content and software.
2. LICENSE: VTC hereby grants to You a worldwide, non-royalty bearing, non-exclusive license to use the Software according to the provisions contained herein and subject to payment of the applicable subscription fees.
3. RESTRICTIONS: You may not do any of the following:
Save the Software to Your hard disk or other storage
medium; permit others to use the Software except as specified by addendum;
modify, reverse engineer, decompile, or disassemble the Software; make
derivative works based on the Software; publish or otherwise disseminate
the Software. VTC, Inc., VTC Online University, and the Virtual Training
Company site is owned and operated by VTC, Inc. as a corporation of
All materials on this site are the property of VTC unless otherwise specified. No material from these pages may be copied, reproduced, republished, downloaded, uploaded, posted, transmitted, or distributed in any way. Modification of the materials or use of the materials for any other purpose is a violation of U.S. copyright law and other proprietary rights. For purposes of this Agreement, the use of any such material on any other web site or networked computer environment is prohibited.
4. FEES: The rights granted under this Agreement
are effective only upon payment of the subscription fees, which are
strictly non-refundable other than as expressly provided herein. The
term "monthly subscription" is defined as any 30 day period.
The term "yearly subscription" is defined as one 365 day
period. A yearly subscription ends on the same numerical date as it
began (example July 28, 2004 to July 28, 2005).
The VTC Online University is access to every VTC training tutorial in our library. You pay a flat fee for access to these titles. You are billed according to your renewal selection below, and can renew monthly, yearly, or in any other increment offered. If you choose to be billed monthly, you will be billed every 30 days for the subscription until you request the subscription be cancelled. Our terms of service state that you must cancel a monthly subscription at least two business days before your renewal date. These two days give us enough time to ensure that you will not be charged again.
5. LIMITED WARRANTY: VTC warrants that the Software, if operated as directed, will substantially achieve the functionality described. VTC does not warrant, however, that Your use of the Software will be uninterrupted or that the operation of the Software will be error-free or secure. In addition, the security mechanisms implemented by the Software have inherent limitations, and You must determine that the Software sufficiently meets Your requirements. VTC also warrants that the media containing the Software, if provided by VTC, is free from defects in material from the date You acquired the Software. VTC's sole liability for any breach of this warranty shall be, in VTC's sole discretion: (i) to replace Your defective media or Software; or (ii) to advise You how to achieve substantially the same functionality with the Software as described; or (iii) if the above remedies are impracticable, to refund the subscription fee You paid for the Software. Only if You inform VTC of Your problem with the Software during the applicable subscription period will VTC be obligated to honor this warranty. VTC will use reasonable commercial efforts to repair, replace, advise, or refund pursuant to the foregoing warranty within thirty (30) days of being so notified. If any modifications are made to the Software by You during the warranty period; if the medium is subjected to accident, abuse, or improper use; or if You violate the terms of this Agreement, then this warranty shall immediately terminate. This warranty shall not apply if the Software is used on or in conjunction with hardware or software other than the unmodified version of hardware and software with which the Software was designed to be used as described.
THIS IS A LIMITED WARRANTY, AND IT IS THE ONLY WARRANTY MADE BY VTC OR ITS SUPPLIERS. VTC MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT OF THIRD PARTIES' RIGHTS. YOU MAY HAVE OTHER STATUTORY RIGHTS. HOWEVER, TO THE FULL EXTENT PERMITTED BY LAW, THE DURATION OF STATUTORILY REQUIRED WARRANTIES, IF ANY, SHALL BE LIMITED TO THE ABOVE LIMITED WARRANTY PERIOD. MOREOVER, IN NO EVENT WILL WARRANTIES PROVIDED BY LAW, IF ANY, APPLY UNLESS THEY ARE REQUIRED TO APPLY BY STATUTE NOTWITHSTANDING THEIR EXCLUSION BY CONTRACT. NO DEALER, AGENT, OR EMPLOYEE OF VTC IS AUTHORIZED TO MAKE ANY MODIFICATIONS, EXTENSIONS, OR ADDITIONS TO THIS LIMITED WARRANTY.
6. PROPRIETARY RIGHTS: VTC reserves all proprietary rights in and to the Software, is protected by copyright and other intellectual property laws and by international treaties. VTC, Inc.
Trademark Notice: VTC, Virtual Training Company,
Inc., The VTC Logo, and VTC Online University, are trademarks of VTC,
Inc. All other company and product names may be trademarks of their
The information contained herein is subject to change without notice. Copyright © 1995 - 2005 VTC, Inc. All rights reserved.
7. TERMINATION: This Agreement shall automatically terminate if You fail to comply with the restrictions described herein. Your obligations to pay outstanding subscription fees shall survive any termination of this Agreement.
8. LIMITATION OF LIABILITY: UNDER NO CIRCUMSTANCES
AND UNDER NO LEGAL THEORY, TORT, CONTRACT, OR OTHERWISE, SHALL VTC
OR ITS SUPPLIERS OR RESELLERS BE LIABLE TO YOU OR ANY OTHER PERSON
FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF
ANY CHARACTER, INCLUDING WITHOUT LIMITATION, DAMAGES FOR LOSS OF GOODWILL,
WORK STOPPAGE, COMPUTER FAILURE OR MALFUNCTION, OR ANY AND ALL OTHER
COMMERCIAL DAMAGES OR LOSSES. IN NO EVENT WILL VTC BE LIABLE FOR ANY
DAMAGES IN EXCESS OF THE AMOUNT VTC RECEIVED FROM YOU FOR A LICENSE
TO THE SOFTWARE, EVEN IF VTC SHALL HAVE BEEN INFORMED OF THE POSSIBILITY
DAMAGES, OR FOR ANY CLAIM BY ANY OTHER PARTY. THIS LIMITATION OF LIABILITY SHALL NOT APPLY TO LIABILITY FOR DEATH OR PERSONAL INJURY RESULTING FROM VTC'S NEGLIGENCE TO THE EXTENT APPLICABLE LAW PROHIBITS SUCH LIMITATION. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THIS EXCLUSION AND LIMITATION MAY NOT APPLY TO YOU.
9. Links To Other Materials: Linked sites found at the VTC site are not under the control of VTC, and we are not responsible for the content of any linked site or any link contained in a linked site. VTC may change links based solely on our discretion, and we reserve the right to terminate any link or linking program at any time. VTC does not, by linking to sites, endorse companies or products to which it links and reserves the right to note as such on its web pages. If you decide to access any of the third party sites linked to this site, you do this entirely at your own risk.
Forums, and Chat are not always screened by VTC, and we are not responsible for the content of any public or open forum content at the site. VTC may change these public forums based solely on our discretion, and we reserve the right to terminate any forum at any time. VTC does not, by allowing these forums, endorse companies or products which may be mentioned in these forums, and reserves the right to note as such on its web pages. If you decide to access any of the public forums in this site, or linked to this site, you do this entirely at your own risk.
9. GOVERNING LAW & DISPUTE RESOLUTION: This Agreement is governed by Virginia law. All disputes between You and VTC shall be finally resolved through arbitration in Winchester, Virginia. This site is controlled by VTC from its offices within the United States of America. VTC makes no representation that materials in the site are appropriate or available for use in other locations, and access to them from territories where their content is illegal is prohibited. Those who choose to access this site from other locations do so on their own initiative and are responsible for compliance with applicable local laws. You may not use or export the Materials in violation of U.S. export laws and regulations. Any claim relating to the Materials shall be governed by the internal substantive laws of the Commonwealth of Virginia, USA.
VTC may revise these Terms at any time by updating this posting. You should visit this page from time to time to review the then-current Terms because they are binding on you. Certain provisions of these Terms may be superseded by expressly designated legal notices or terms located on particular pages at this Site.
If you have any questions regarding this policy,
or your information specifically,
you may email us at:firstname.lastname@example.org.