For most people, the Accounts that come standard with MYOB will do the job quite nicely, but if you have particular things in your business that need to be covered by a custom account that wasn't in the list it's easy enough to add your own and that's what we're going to do in this lesson. The example I'm going to use for this lesson is extra credit cards. The Credit Cards Accounts are listed under the Liability tab, just here. Let's say that each salesperson in your company has their own company credit card. If there are enough entries in the Credit Cards List here you could just rename them, but let's say there isn't and we have to add another. The first thing to do is to hit the New button. You might notice that the window that opens is actually the Edit Accounts window, but it's also used for adding new accounts. At the top left we're given the choice of a Header or Detail Account and in this case we want Detail. If you're adding a group of accounts and you want them all to have their own group then you would add a Header Account for the group and then add Detail Accounts underneath it. OK. The next thing we need to look at is the Account Classification and Account Type. This is where it's important to have a good grasp of what these two terms mean. If you need to, feel free to go back to the Accounts Overview lessons to refresh. We control what is displayed here with the Account Type drop-down menu. To demonstrate I'll quickly change this to something else, say Expense. As soon as I do the classification as well as the account number prefix change. So what becomes evident here is that this whole process is driven by the Account Type and thankfully this is easy to deal with. Let's have a look back in the Accounts List and the Account Type for what we want to add is Credit Card because we're adding a new credit card. Now back to the List, let's find Credit Card. When I select this the Classification is automatically set to Liability and the Account Number prefix becomes 2. Now just before we go any further this works a little bit differently for Header Accounts. I'll change this to Header Account here and see how these options change. Header Accounts only come in Types that match their classification, and if I drag this down a little bit and you look at the tabs across here, as we mentioned in the last lesson, Header Accounts always have the name of their Classification, and that's reflected here. You can see the eight Classification Names in this list. OK, returning this to a Detail Account and Credit Card again, we now need to give this account a number, and here is where things can get really confusing if you don't get it right. I spoke earlier about Account Numbers and how they're all grouped and arranged in a certain order. Notice that these Credit Card Account numbers all start with 2-11, then the last two digits specify the actual card. If we want our new Account to display in the right spot and be grouped with the others under the Credit Cards Header Account we have to follow this format. If we don't the Account will show up somewhere else in the Accounts List and we may not know where it is. So, I'm going to give this Account a secondary number of 1150, and you can see that fits right in with the numbering order of these. We have 10, 20, 30, 40 and the new one is going to be 50. Now to set up the rest of this Account we need to hit the Tab key on the keyboard. This opens up some more boxes and moves us to the Account Name box, and I'm going to call this John's MasterCard. If this isn't a new company and the card already has a balance on it, among other things you'll need to enter an Opening Balance, but we're going to cover Account Opening Balances later on, so we can leave this one for now. As soon as we gave this Account a number the other three tabs at the top became available to us, so let's check those out now. First up, under the Details tab, is Description, and this is optional. Next is Tax Code. Set this to the Tax Code of the transaction that will most often be posted to this Account. For example, if this was a sales account and you registered for GST and you need to charge GST, you would usually set this to GST. Next up is Classification for Statement of Cash Flows, and this is just a long-winded name for assigning this account to a particular group so that we can run reports later. The three options here are: Operating, Investing, and Financing. If at any stage we want to examine our cash flow in any of these three areas, we would want the relevant accounts to be assigned to the right one. So, credit cards are usually under Operating, so I'll leave that the way it is. Now let's move over to the Banking tab. If this is an account that corresponds to a Bank Account, put in that Bank Account's details here. This tab will not always be available, though. For example, let's go back to the Profile tab and change the Account Type to Other Current Liability. As soon as we do this the Banking tab is grayed out, and this is because we can't use a Bank Account with this Account Type. And finally, let's look at the History tab. You might recognise this from the earlier lesson on Cards. This shows us this Account's activity over a selected period. Of course, this is a brand new account so it's not going to show us very much. And that's it for Creating Accounts. Let's move on.
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