MYOB Lab Tutorial

1)Createnew company file (Opening Menu)

a)New Company File Assistant

i)Fill in your company information and set the accounting year from April this year to March next year with twelve months accounting period.

ii)In build Accounts List dialog box, choose “I would like to start with one of the lists provided by MYOB Premier”.

iii)Choose an industrial classification (e.g. Retail) and a business type (e.g. Bookshop).

iv)Click “Next” to finish the creation process.

2)Setup Assistant

i)Open “Setup Assistant” and choose “Accounts”.

ii)In “Accounts List”, add/delete accounts if necessary.

iii)In “Opening Balances”, enter the amount of capital in one of the Equity accounts (e.g. Owner/Sharehldr Captial) and balance it with one of the Asset accounts (e.g. Cheque Account).

iv)Close “Accounts” setup.

v)Open “Sales” setup. In “Layout”, choose “Item” and then close.

vi)Open “Purchases” setup. In “Layout” choose “Item” and then close.

vii)Close “Setup Assistant” and enter “Command Centre”.

3)Inventory

a)Item List

i)In item list dialog box, click “New” button to add new stock

ii)Enter item number, item name and check “I buy”, “I sell”, and “I inventory” this item.

iii)Select appropriate Cost of Sales, Income, and Asset accounts for the stock.

iv)Repeat a, b, & c for other items.

b)Set Item Prices

i)Under the InventoryCommandCenter, click “Set Item Prices”

ii)Select each items and set the price

4)Purchases

a)Enter Purchases (Bill)

i)Select vendor (create new vendors if necessary)

ii)Enter purchase details: Received (number of items purchased), Item Number, Price, etc.

iii)Enter “Paid Today” amount if appropriate.

5)Sales

a)Enter Sales (Invoice)

i)Select customer (create new customers if necessary)

ii)Enter sales details: Deliver (number of items sold), Item Number, Price, etc.

iii)Enter Paid Today amount for Cash transactions. (Note: Cash receipts are debited to the “Undeposited Funds” account).

6)Banking

a)Prepare Bank Deposit

i)Simply click to transfer the amounts in the Undeposited Funds account to the Cheque account.

b)Spend Money

i)Enter money to spend and choose an Expense account.

7)Printouts

a)Transaction Journal

i)Under any major functions (except Card File), select “Transaction Journal” to review recorded transactions.

ii)Hints:Use “Date From… To… ” to filter transactions; the “All” tab reveals transactions of all types.

b)Balance Sheet

i)Choose “Balance Sheet” under “Analysis”.

c)Profit & Loss

i)Choose “Profit and Loss” under “Analysis”.

ii)Use “Filters” to specify the monthly period.

d)Sales Reports

i)Choose “Item Sales Summary” under “Reports -> Sales”

ii)Choose “Customer Sales Summary” under “Reports -> Sales”