If your system hangs in the midst of starting a new year in MYOB, it is probably due to the screen saver. Disable the screen saver and you will be able to complete the start a new year process with no hiccups.
To know more about screensavers and its harm to your computers,
blog managed by MYOB Malaysia Professional Partner
Showing posts with label MYOB Tips and Tricks. Show all posts
Showing posts with label MYOB Tips and Tricks. Show all posts
Sep 5, 2009
Jun 12, 2009
Bank reconciliation in MYOB : Step by step procedures
Here's a video tutorial on reconciling your bank account in MYOB. Enjoy
Read also Why it is important to reconcile your bank accounts
Read also Why it is important to reconcile your bank accounts
Feb 15, 2008
Bank reconciliation
Why is it important to reconcile your bank balance in accounting terms?
For a video tutorial of how to perform a bank reconciliation in MYOB Accounting, click Step-by-step tutorial for bank reconcilaition
First of all, we need to define Bank reconciliation.... It is the process of matching and comparing figures from accounting records against those presented on a bank statement.
Bank reconciliation allows companies or individuals to compare their account records to the bank's records in order to uncover any possible discrepancies.
The bank statement sent by the bank is a third party record of the payments and receipts made from the company's account.
The bank statement can flush out payments (or bank credits) which we would otherwise not known, for example, bank charges for outport cheques, stamp duty for issuance of chequebook, and interest for bank overdraft etc.
A bank reconciliation report will show:
1. Cleared Cheques
2. Cleared Deposits
3. Outstanding cheques
4. Uncleared deposits
All uncleared and outstanding entries in the bank reconciliation should be investigated for its authenticity, more so if it dates back more than 2 months.
If cheques remained uncleared for a long length of time, it may be because the cheque never reached the supplier, in which case, you may need to cancel and re-issue a new cheque. More importantly, it also sends out warning bells as to whether the services (expenses) was genuinely incurred or not in the first place.
Uncleared deposits, on the other hand, may mean that the collections were recorded but not banked in on time. If the period between recording and actual bank-in is too long (say, more than 3 days, for local cheques) you need to review your banking process to ensure that receipts are banked on timely manner. You may also want to investigate whether the moneys were received in the first place, because the recording in the books could be a mistake, or a fraudulent entry. And you need to take steps to ensure that the mistake / discrepancy is not repeated.
Another thing to note, the reconciliation procedure should NOT be done by
- the person who has access to the cheque book, or
- the person who signs the cheques,
- or the person who is responsible to deposit the moneys received
Preferably, bank reconciliations should be done by someone who doesnt't have any direct access to the Company's bank accounts.
In one case, the financial controller only found out about a cheque that was issued and cleared without his knowledge, when he was going through the bank statement. This resulted in an investigation and was traced to the work of the owner's son.
In smaller companies, it is not possible to segregate the functions, so it is very important for the business owner to review the reconcilation (bank balance, customer balances, supplier balances) to flush out any discrepancy, between the inter-related amounts.
For a video tutorial of how to perform a bank reconciliation in MYOB Accounting, click Step-by-step tutorial for bank reconcilaition
First of all, we need to define Bank reconciliation.... It is the process of matching and comparing figures from accounting records against those presented on a bank statement.
Bank reconciliation allows companies or individuals to compare their account records to the bank's records in order to uncover any possible discrepancies.
The bank statement sent by the bank is a third party record of the payments and receipts made from the company's account.
The bank statement can flush out payments (or bank credits) which we would otherwise not known, for example, bank charges for outport cheques, stamp duty for issuance of chequebook, and interest for bank overdraft etc.
A bank reconciliation report will show:
1. Cleared Cheques
2. Cleared Deposits
3. Outstanding cheques
4. Uncleared deposits
All uncleared and outstanding entries in the bank reconciliation should be investigated for its authenticity, more so if it dates back more than 2 months.
If cheques remained uncleared for a long length of time, it may be because the cheque never reached the supplier, in which case, you may need to cancel and re-issue a new cheque. More importantly, it also sends out warning bells as to whether the services (expenses) was genuinely incurred or not in the first place.
Uncleared deposits, on the other hand, may mean that the collections were recorded but not banked in on time. If the period between recording and actual bank-in is too long (say, more than 3 days, for local cheques) you need to review your banking process to ensure that receipts are banked on timely manner. You may also want to investigate whether the moneys were received in the first place, because the recording in the books could be a mistake, or a fraudulent entry. And you need to take steps to ensure that the mistake / discrepancy is not repeated.
Another thing to note, the reconciliation procedure should NOT be done by
- the person who has access to the cheque book, or
- the person who signs the cheques,
- or the person who is responsible to deposit the moneys received
Preferably, bank reconciliations should be done by someone who doesnt't have any direct access to the Company's bank accounts.
In one case, the financial controller only found out about a cheque that was issued and cleared without his knowledge, when he was going through the bank statement. This resulted in an investigation and was traced to the work of the owner's son.
In smaller companies, it is not possible to segregate the functions, so it is very important for the business owner to review the reconcilation (bank balance, customer balances, supplier balances) to flush out any discrepancy, between the inter-related amounts.
Jan 11, 2008
Tracking profit centres in MYOB
How to track the performance of each of your profit centres in MYOB.
MYOB uses the terminology 'Jobs' to help you group transactions belonging to various profit centres. You need to setup a 'Job Code' to represent a profit centre. Once you've created the Job Number, you can then allocate the transaction to each Job Number. Subsequently, you can use Job Reports to preview/print a report of the activities of each profit centre.
And in case you suffer from memory lapses once in a while, you can get MYOB software to remind you to allocate the Job Number to a transaction. You can also run an exception report designed to readily identify transactions that have not been allocated a job.
Cool?
Strong proponent of Doing Things Once Only
MYOB uses the terminology 'Jobs' to help you group transactions belonging to various profit centres. You need to setup a 'Job Code' to represent a profit centre. Once you've created the Job Number, you can then allocate the transaction to each Job Number. Subsequently, you can use Job Reports to preview/print a report of the activities of each profit centre.
And in case you suffer from memory lapses once in a while, you can get MYOB software to remind you to allocate the Job Number to a transaction. You can also run an exception report designed to readily identify transactions that have not been allocated a job.
Cool?
Strong proponent of Doing Things Once Only
Nov 29, 2007
backup, backup, backup
MYOB TIPS and TRICKS
Compiled for our esteemed customers
BACKUP, BACKUP AND BACKUP
This month’s tips comes about because one of our customers had a power surge at their office and nearly lost all data stored on their PC
Why backing up is important for your MYOB data
Backing up your crucial file is the SINGLE most important thing you will do in MYOB.
PC’s get stolen/missing; PC’s get damaged in a fire; PC’s get damaged if there is a sudden power surge in your area. Nowadays, it is also common to re-format the PC because your PC has been hit by computer viruses. Even new PC’s are known to break down because of hardware failure.
What happens to the data that is stored on that PC? They are lost and are not recoverable. Whatever backups in that PC are gone as well !
How should you backup – frequency and strategy
Set a habit of making regular backups – every day, or once a week.
The interval of backup depends on the volume of data that goes into the file, and how much you are prepared to re-enter / reconstruct your data in case your original data is lost.
You must have a contingency plan to backup your data and store it at a DIFFERENT location away from the computer. Store the backup well away from the office. Or e-mail a copy of the backup to yourself - it’s a good idea to have a password for the file in case your email goes astray.
You should back up on to some sort of removable media -- floppy disks used to be popular, but CD burners are fast becoming the preferred option. You can also backup
to a pen drive or to an external hard-disk. You might also consider archiving your data, once a year, onto a writeable CD-ROM to ensure you don’t lose all your data.
Have a separate disk for each day of the week, replacing the previous week's file with the current backup. Rotate the disk so that the most recent back up always overwrites the oldest.
How to backup (MYOB Accounting/ MYOB Premier)
To backup, select File, Backup from the menu bar. Then accept or rename the file that is displayed, and let MYOB create a zip file, saving it, by default, in the same folder as the MYOB program folder.
(Note : If you are saving your backup on a removable media (which you should), you need to change the location to save the backup to).
Other data maintenance
As well as backing up, we suggest that you Verify your file weekly and Optimise your file monthly. Both of these may take some time if your file is large, so set these going before making your morning coffee!
To verify your datafile, Select File, Verify Company File from the menu bar.
To optimize the file, select File, Optimise Company File from the menu bar.
Peace of Mind
By following these rules, you will protect your file as much as you can against the things that threaten it: fire, flood, theft, computer problems, viruses, power surges, data corruptions, etc.
P/S : If you are not sure how to perform a backup, data verification or data optimization, please call the Support helpdesk.
Compiled for our esteemed customers
BACKUP, BACKUP AND BACKUP
This month’s tips comes about because one of our customers had a power surge at their office and nearly lost all data stored on their PC
Why backing up is important for your MYOB data
Backing up your crucial file is the SINGLE most important thing you will do in MYOB.
PC’s get stolen/missing; PC’s get damaged in a fire; PC’s get damaged if there is a sudden power surge in your area. Nowadays, it is also common to re-format the PC because your PC has been hit by computer viruses. Even new PC’s are known to break down because of hardware failure.
What happens to the data that is stored on that PC? They are lost and are not recoverable. Whatever backups in that PC are gone as well !
How should you backup – frequency and strategy
Set a habit of making regular backups – every day, or once a week.
The interval of backup depends on the volume of data that goes into the file, and how much you are prepared to re-enter / reconstruct your data in case your original data is lost.
You must have a contingency plan to backup your data and store it at a DIFFERENT location away from the computer. Store the backup well away from the office. Or e-mail a copy of the backup to yourself - it’s a good idea to have a password for the file in case your email goes astray.
You should back up on to some sort of removable media -- floppy disks used to be popular, but CD burners are fast becoming the preferred option. You can also backup
to a pen drive or to an external hard-disk. You might also consider archiving your data, once a year, onto a writeable CD-ROM to ensure you don’t lose all your data.
Have a separate disk for each day of the week, replacing the previous week's file with the current backup. Rotate the disk so that the most recent back up always overwrites the oldest.
How to backup (MYOB Accounting/ MYOB Premier)
To backup, select File, Backup from the menu bar. Then accept or rename the file that is displayed, and let MYOB create a zip file, saving it, by default, in the same folder as the MYOB program folder.
(Note : If you are saving your backup on a removable media (which you should), you need to change the location to save the backup to).
Other data maintenance
As well as backing up, we suggest that you Verify your file weekly and Optimise your file monthly. Both of these may take some time if your file is large, so set these going before making your morning coffee!
To verify your datafile, Select File, Verify Company File from the menu bar.
To optimize the file, select File, Optimise Company File from the menu bar.
Peace of Mind
By following these rules, you will protect your file as much as you can against the things that threaten it: fire, flood, theft, computer problems, viruses, power surges, data corruptions, etc.
P/S : If you are not sure how to perform a backup, data verification or data optimization, please call the Support helpdesk.
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