MYOB Accounting Plus 18 Tutorials
Creating Your Company File / Linked Accounts
Subtitles of the Movie (MYOB Accounting Plus 18 / Creating Your Company File / Linked Accounts)
In the last lesson we covered Accounts in MYOB up to the point of Linked Accounts, and that's what we're going to cover in this lesson. As I mentioned at the very beginning of our discussion on Accounts, each transaction in MYOB has to be applied to an Account. The Account then keeps an up-to-date total of all of those transactions. In day-to-day usage some transactions will repeatedly be applied to the same Account. So MYOB makes things a little bit easy for us by allowing us to set default accounts for certain transactions by linking them. That way we don't have to choose an Account every time we make that transaction. To set up your Linked Accounts, go to the Menu and choose Setup, and Linked Accounts. Account Linking in MYOB is organized into logical groups, and here we have four choices: Accounts and Banking Accounts, Sales Accounts, Purchases Accounts, and Payroll Accounts. Let's go through these now, and we're going to do it fairly quickly because for now we're only looking at the process of linking accounts, not going through the details of what each account actually is. Much of that we're going to cover throughout the rest of this course. To start with we're going to skip the first one and look at the Sales Account Entry. This is simply because it's easier in this entry to explain the way these windows are laid out. All four of these windows are laid out exactly the same with three columns. On the left is the item that needs to be given a setting and on the right is the actual setting. This is the choice you've made. The center column shows the account number, and the right column shows the account name. For example, the first entry here is Asset Account for Tracking Receivables. MYOB wants to know where we want to keep track of Receivables, and we make this setting at the right. By default, with the account options that we chose when we set up our new Company File a few lessons ago, this is set to the Trade Debtor's Account, Account number 1-1200. To change this to a different account, click the button at the right of the Account number box here and we're shown a list of all of our Accounts. To use an Entry, double-click it, or highlight it and hit the Use Account button. Now, just to the left of this box is a Zoom arrow. Clicking this opens up the Edit Account window for that particular account. OK, moving down through this list we have an account for Customer Receipts, Freight, Customer Deposits, Early Payment Discounts, and Late Payment Charges. We also have the option for the last four of these to Disable them completely. You may not charge Freight, or you may not give Discounts for Early Payments. If you don't do any of these just Disable the option. Returning to the Menu Purchases Accounts and Payroll Accounts work exactly the same. On the left we have the item that we have to make a setting for, and on the right we have the actual settings. Payroll Accounts is the same. The Accounts and Banking Accounts Entry is the same with a couple of small differences. The first two entries involve tracking equity for the current year and previous reporting periods. To ensure accurate financial reporting these cannot be changed. And that's it for Linked Accounts. Let's mov on to the next lesson.
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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