MYOB (Beginner & Advanced)

Course Description

The most popular accounting software course - MYOB training

Course Objective

By the end of this workshop, participants will be able to:

Use MYOB computerised accounting software to perform day-to-day accounts
Understand the basics and need for Accounting
Understand the glossary of accounting terms
Explain and understand the concept of double-entry (debits and credits) and what is meant by ‘books must be balanced’
Understand what are financial statements
Relationship between all accounts and the financial statements (how and which category do they fall into)
Understand AR and AP
Use MYOB computerised accounting software to:-
- Use the multi-currency function to keep accounts
- Prepare budgets
- Set up jobs to track projects P&L
- When and how to record general journals
Understand accruals, prudence and matching concepts, as well as other accounting principles
Understand interaction between Inventories and related accounts
Provide for depreciation, bad debts and other entries
Understand and interpret financial statements
Submit GST returns to IRAS and the relevant accounting entries

Target Audience

Non-Accounting graduates who would like to be able to keep and manage a full set of accounts.

Accounts and Admin Assistants/Executives, Bookkeepers, Accountancy students and anyone who has an interest in Accounts.

Methodologies

Hands on and real life scenarios and documents

Course Content

Topic 1: Computerised/Automated Accounting

Difference between manual and computerised accounting
Working in a computerised accounting environment
Filing and proper record keeping

Topic 2: History and the necessity of bookkeeping

Origin and brief background of bookkeeping
Difference between financial accounting and management accounting
Why and necessity of bookkeeping

Topic 3: Getting Started With MYOB

How to start up MYOB and set up a new data file
Overview of the modules in MYOB

Topic 4: Setting Up Chart of Accounts

Management of Accounts List, Accounts classification & types
How the accounts are arranged, prefix and classification
Delete, create and edit an account
What is linked account

Topic 5: Setting Up Card File

Cards List
Create a New Card and explain all the 7 tabs in the Card Information
Custom Lists and Field Names
View Contact Log in To Do List
Print Mailing Labels
Create Personalised Letters

Topic 6: Opening Balances

Enter Account Opening Balances
Enter Supplier & Customer Balances
Initial Bank Reconciliation

Topic 7: Managing Sales (service layout)

Introduction to the Sales Register
Record Quote
Convert Quote to Sales Invoice
Customer Payments
Recording and Settling Credit Notes
Print Or Email Sales Invoices and Print Receipts
Print Or Email Statements

Topic 8: Managing Purchases (service layout)

Introduction to the Purchases Register
Record Purchase Order
Convert Purchase Order to Bill
Creating a Backorder
Pay Bills
Recording and Settling Credit Note from supplier
Print Purchase Order

Topic 9: Accounts Receivables & Accounts Payable

Understanding how Accounts Receivables work and relates to General Ledger
Understanding how Accounts Payables work and relates to General Ledger
Understanding the importance of bank reconciliation
Performing AR and AP reconciliations

Topic 10: Banking

Introduction to the Bank Register
How to Record Income or Expenses not related to Sales or Purchases
Monthly Bank Reconciliation

Topic 11: Reports

Generate GST Reports
Accounting Reports
Sales & Purchases Reports

Topic 12: Customizing forms

Customise sales invoices, PO, etc.

Topic 13: User ID setup & Access Rights

Topic 14: Activate Multiple Currencies Feature

Change currency of an account
Setup linked account in foreign currency
How to set up Trade Debtors/Creditors in other currencies
Explain Realised/ Unrealised Gain/ loss

Topic 15: Jobs, Category Tracking & Budgeting

Budget the P&L and Balance Sheet
Creating Jobs and budget for them
Creating Categories and how to track them

Topic 16: Inventory accounting and methods of valuation

Different valuation methods of inventory - FIFO, LIFO and Weighted Average
How inventory works and interaction with GL
Treatment of raw materials, WIP and Finished Goods
Difference between perpetual and periodic inventory
Advantages and disadvantages of each method of valuation

Topic 17: Setting Up Inventory List

Create Inventory Items
Customise Price Levels, List and Field Names
Inventory Opening Balance

Topic 18: Managing Inventory

Multiple Warehouses
Allocate inventory to multiple warehouses
Completing a Stock Take
Inventory Adjustment
Build Items Function
Auto-Build Items function

Topic 19: Managing Purchases (item layout)

Record Item Purchase Order
Record Receive Item (without supplier bill)
Convert Purchase Order to Bill
Creating a Backorder
Pay Bills
Recording and Settling Credit Note from supplier
Record Bills from foreign currency supplier and Pay bills

Topic 20: Managing Sales (item layout)

Record Item Quote
Convert Sales Quote to Sales Order
Convert Sales Order to Sales Invoice
Recording and Settling Credit Note to Customers
Customer Payments
Record Invoices to foreign currency customer and Receive Payments

Topic 21: Journal entries and posting into accounts

Concept of ‘double-entry’ and journal postings
Accounting for fixed assets
Making entries for depreciation, amortizations, bank charges and interests
GST reporting to IRAS and posting into accounts

Topic 22: Reports

Inventory Reports
Jobs Reports
Category Reports
Exceptions Reports
Audit Trail Reports
Realised/ Unrealised Currency Gain/ Loss

Topic 23: Preference Settings

System & Windows Setting
Security Settings
Inventory, Sales & Purchases Settings

MYOB (Beginner & Advanced)

Course Description

Course Objective

Target Audience

Methodologies

Duration

Time

Course Dates

Course Fee

Training Venue

Available Funding

VTeach Pte. Ltd.

Course Content