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
- 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