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Now we're going to look at the Inventory and Security MYOB Preferences. Inventory only has one single option: Use Standard Cost as the Default Price on Purchase Orders and Bills. When we set up our Items or the things that we're going to sell, we assign a Standard Cost to each Item in the Buying Details. This is the standard amount that we have to pay to obtain these items. When we make an Order, if we have this option selected that value is automatically inserted as the Cost. We can change it in the Order, though, it just makes things a little bit easier if the price is always going to be the same. If we leave this deselected then MYOB will just use the last Purchase Price of the Item. So, let's move on to Security. And the first option here is: Transactions Can't Be Changed, They Must Be Reversed. If you want to be able to edit or delete existing transactions leave this deselected, but if you want to be a bit stricter of keeping track of what goes on in your accounting you can turn this on. When this is selected to change a transaction you will first have to reverse it and then reenter it. This way, the Original transaction, the Reversal, and the New transaction will all be in your Transaction Journal and you can see exactly what has been done. Next up is Lock Period. With this you can prevent any changes from being made to anything prior to the date you set here. If, say for example, your accountant is reviewing a particular period in your accounts this can ensure that your data remains exactly the same as the data your accountant has. Next is Prompt For Data Backup When Closing and this will just prompt you for backup every time you close your Company File. Moving on, Prompt For Session Report will allow you to keep or view a copy of everything that has been done during each session. And next is Warn Before Recording Postdated Transactions, this simply makes sure that you are aware if you have a future date set in any transaction you make. Next up is Check Company File For Errors Before the Backup Process, and this is just a good idea to make sure that you don't go archiving any damaged Company Files. Prompt For Data Verification When Opening is quite similar, to make sure that the file you're opening is free of errors. The next setting: I Prefer To Use Automated Online Company File Confirmation, will make MYOB go ahead and verify your Company File whenever it's required as long as you're connected to the Internet at the time. Audit Trail Tracking keeps a record of the changes made to your Company File over time, things like changed Accounts or Preferences, et cetera. You can then generate an Audit Trail Report to list all the changes that have been recorded, who made the changes, and when. And finally, we have the User ID's button at the bottom. This is where we set up the list of people who are authorized to access our Company File, and we covered this in another lesson titled Users. So, we've reached the end of this Chapter on MYOB Preferences.