MYOB (Mind Your Own Business Guide) Guide

MYOB (Mind Your Own Business Guide) Guide

MYOB is a short form of Mind Your Own Business. So who is MYOB for? Well MYOB is for the business or person who is ready to step up and do there own accounting work with the ease of MYOB. By Following the Guidlines below you will learn how to use MYOb the Easiest and Most efficient way possible.

Setting up an Account

Locate the Accounts tab. Choose your preferred account from the accounts list. Next you should already know which of the follow you will need to pick weather your account is an assest, expanse of liability. Set a number for the new account to place it in the correct position. Enter a short description of the account. When your finished and you think everything is ok, go ahead and click the OKAY button.

Setting up Customers and Suppliers Cards

In the cards file section, locate the cards list. Next you will need to decied weather you will be making a customer card or supplier card and then select new and choose one of the following. For a customer, type the name and other details necessary for sending invoices. Always make sure that you include the customers terms in the card. When doing it with a supplier then you will need to link it with the expense account and then to the customer.

How to Set Up Items

Now say if you needed to set up a list of items, you will need to select the list menu and click new. Name the item and give it a number one after the other. For tracking of inventory, put the option on. Decide the best income and expense codes for the items. Enter the buying and selling prices of the items. For prices inclusive of tax un-tick this option.

Entering a Service Invoice

Once your under the Sales Tab, Go to Sales. Place the Customers name in the box. It's important to make sure that the customer terms are ok, then go ahead and enter the other information like date purchase etc. Select and describe the item and enter the income account. Enter the Right Amount I have seen allot of people stuff this area up and it's a pain to fix, so make sure this simple task is done correctly. For tax exempted customers enter their prices exclusive of tax. Email or print the invoice after confirming that everything is okay.

Performing an Item Invoice

On the sales tab go to enter sales. Check that the terms and name of the customer are okay. Make sure that you place the right date in. Also include the customer's purchase order number. make sure that you enter the item number, name and quantity of the item. After confirming that all is okay print or email the invoice.

Receiving Payments

Receiveing payments is just like all the other functions we have been looking at, it's under the sales tab and then receive payments. Choose the account to put the money into, either your bank account, un-deposited funds in terms of cash or check. Type the customer name, the amount, method of payment and the date of payment.

Entering Bills in MYOB

In the purchases tab choose enter purchases, enter the date, amount and the supplier's name. For items bought and to be paid for later enter their correct description, amount and the net price. If you need to make a payment asap then you need to select the bank tab and go and register a bank account. Choose between one of the modes of payment whether business check, credit card or personal check. For Checks make sure that you enter the right number and date. Choose the correct expense account.

Paying Bills

Need to go the pay bills and enter the suppliers details and enter the correct date for the payment. Make sure your payment corresponds with the supplier's actual bill.