Various MYOB Questions and Answers
Chart of accounts
Q. The chart of accounts differs from our original chart of accounts…
A. As the chart of accounts in MYOB is also used for the presentation of the income statement and the balance sheet, it is important to consider what you want your final reports to look like.
Q. I am having trouble with the payroll liabilities account in the chart of accounts?
A. As we are not using the payroll module we will process the payroll liabilities (creation of) through the general journal (accounts module). Therefore you simply need to create new payroll liability accounts in the chart of accounts and use these for recording payroll liabilities. Note: Paying the payroll should be completed through the banking module.
Use of the general journal
Q. Can I use the general journal in the Accounts module to enter transactions?
A. The general journal must only be used where no other module (e.g. sales, purchases, banking, accounts is appropriate). For example the creation of the payroll liabilities and some balance day adjustments need to be entered through the general journal.
Q. My team is missing some session reports; can we submit the transaction journal instead?
A. No, if you have lost session reports you will need to redo the MYOB part of the assignment. Regular backups and printing session reports to a .pdf file at regular intervals should help avoid this problem.
Q. As we have two items of inventory do we need two inventory accounts in the General Ledger (Account List)?
A. No you must only have one inventory account. Opening balances for inventory items (quantity and dollar value per unit) are entered through the inventory module. Using edit, recap transaction you will see the impact of this transaction is to debit and credit inventory for the same amount. Likewise opening balances for individual accounts receivable (customers) and accounts payable (suppliers) are entered through setup.
• Can I reverse a transaction if I record a transaction incorrectly?
Yes, you can reverse the transaction. Find the relevant module that you recorded the transaction in. Then click on the appropriate journal in the module and locate the transaction you want to reverse. Once you find it, click on the small arrow that appears to the left of the transaction ….this opens up the screen that you used to enter the transaction and shows the transaction details you entered. While you are in this screen, click on the Edit menu at the top of the screen and then click on Reverse Transaction. It will allow you to edit and recap the reversal before you press Record Reversal so please make sure that you do this and that the entire transaction you are reversing is showing on the Edit, Recap screen. Be careful….you may find that a transaction that is recorded in one module might actually have an impact on more than one module. For example, when you record a cash sale in the Sales module, you can also enter the amount paid and effectively show that the balance owing is $0.00…which is exactly what you want to do for a cash sale. When MYOB processes it, it processes the sale through the Sales module and records the receipt in the Banking module. So if you want to reverse a transaction such as this, you have to reverse not only the sale amount but also go into the Banking module, find the relevant receipt and reverse that as well.
How do you know if another Module has been updated when you record the transaction???
Have a look at the session report – continuing with the previous example…. you will see SJ for sales journal and CR for cash receipt (therefore the banking module is affected re: the cash receipt).
Why won’t the sales invoice let me enter the quantity of the units sold?
There are different invoice screens that can be used in MYOB. Click on the “Layout” button towards the bottom of the screen and it will show the various options to you…..the Item Invoice should be more appropriate for the sale of goods.
Why does the Cash Flow Statement look different?
MYOB is using the indirect method for the calculation of cash flows from operating activities where it is starting with the profit figure and then identifying the changes in current assets and current liabilities and eliminating non cash items (when we have been using the direct method). It may pick up the change in accumulated depreciation as the depreciation amount (non cash item) and placing it under operating activities. You can try amending the Acc Depn account (open the account itself and go to the second tab) and change the cash flow statement classification to reflect Operating Activities instead of Investing Activities and see if this works.In any case, the sub-total for operating activities would be the same regardless of whether you used the direct or the indirect method.
Don’t let the strange look worry you too much…just try and reconcile the best you can with the subtotals for operating activities and investing activities and financing activities.
How Can I Get MYOB to Calculate Gross Profit in the Income Statement?
If you are having difficulty showing the correct calculation for Gross Profit, you can try changing the Gross Profit heading to Income and place the COGS, Sales and Sales Returns (where applicable) under the Income Heading in the account list. You can move the other income items in the Other Income category of the account list under the Income category and calculate a separate total for it. Alternatively you can move the other income items to the end of the report which is fine.
Remember that you need to show correct calculation of Gross Profit!
• How do I record an invoice for service revenue?
There are different formats for the invoices. Referf to the Layout Icon at the bottom of the invoice screen and have a look at each layout. You do not need to allocate the service income according to time (time billing) ….you just need to find the correct layout that will allow you to enter your service revenue amount.
Where does the Stock Loss account appear in the Income Statement?
It can appear under Operating Expenses or in the calculation of COGS. For the project, you need to ensure that you replicate the format of your income statement from stage 1 using any feedback from your tutor….so if you had the Stock Loss account under Operating Expenses and your tutor was happy with this, then you need to do the same for stage 2. Stock loss can be part of the calculation of Gross Profit, which is fine…but you can only do this for stage 2 if you did this for stage 1 and your tutor was happy with it.
Why do my inventory and COGS figures differ in stage 2 when compared to stage 1 when they were correct in stage 1?
In stage 1 you were using the FIFO cost flow assumption. However, MYOB uses the weighted average cost flow assumption so there is likely to be differences in these figures because of these. Don’t worry..you will just reconcile them when you do the reconciliations as the last part of the project. You could even try calculating your figures using weighted average to see if you get the same figures as MYOB as a way of double checking that the figures are being calculated correctly..just a thought!
We value our customers, and so ensure that our papers are 100 percent original. Our Team of professionals does not miss the mark; they ensure that step by step each paper is written uniquely. We never duplicate or work as we compare papers rest assured. We deliver our work a day before time to ensure that you don’t miss your deadlines. It is not only doing the work but delivering it at the right time. We capture the consequences of late remittances. .
We value customer satisfaction here at popularessaywriters.com and make sure that you get the best value for your Money. It happens that sometimes you can pay twice for your order or may want to cancel it, or you feel that it doesn’t meet your requirements; our money back guarantee will give you the opportunity to get back your money. We will also refund 100% of money paid double. In case your paper does not satisfy your requirements , we request that you notify us via writing within 2 days otherwise on the third day we will assume that you have been satisfied. Do all your correspondences through our email address firstname.lastname@example.org.Read more
At popularessaywriters.com, our professional writers know the consequence plagiarism does for our clients. We have updated software’s such as article checker and copyscape to check for originality of the custom papers before submission of the final paper to the you. Our guarantee to the customer is that we will write 100% original papers for them that are quality, timely and of low cost. We have experienced professional and competent PhD writers who will write quality custom papers for you..Read more
. At popularessaywriters.com, we are proud to provide top-quality Essay writing service to our esteemed customers. We are ready to take up that challenging academic assignment that is giving you sleepless nights and simplify it for you according to your desired requirements. We are willing to revise your paper if it does not meet your requirements. At popularessaywriters.com, we do not compromise with quality; thus, we offer unlimited free revisions until the customer is satisfied with their custom paper. Our unlimited free revision services are provided under the following terms:.. .Read more
Popularessawriters.com knows that client’s information is an essential tool for our company. It means that whatever the client requests from our service is kept strictly confidential. It means that whoever writes for this company understands the terms and conditions hence you should not be worried because you will never see your work somewhere else...Read more
Rest assured that we will always be attentive to your needs and requirements. We belief in the phrase treat your neighbour as you would want them to treat you. We leave nothing to chance and always look forward to a good interaction with each other.. .Read more