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MYOB Accounting Plus 18 Tutorials
Creating Your Company File / Accounts Overview pt. 1
Subtitles of the Movie (MYOB Accounting Plus 18 / Creating Your Company File / Accounts Overview pt. 1)
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.
Tutorial Information
| Course: | MYOB Accounting Plus 18 |
| Author: | Rick Martin |
| SKU: | 34040 |
| ISBN: | 1-935320-75-0 |
| Release Date: | 2009-09-25 |
| Duration: | 9 hrs / 130 lessons |
| Work Files: |
Yes |
| Captions: | No |
| Compatibility: |
Vista/XP/2000, OS X, Linux QuickTime 7, Flash 8 |
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