MYOB Flashcards

1
Q

What are two ways to exit a data file?

A

Under MYOB Menu, click on file, click on exit.

In upper right corner, click on red x.

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2
Q

How do you open a data file?

A

Under MYOB menu, > file > menu

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3
Q

What is an AccountRight Live library?

A

A defined location where all of my company files are stored.

The library can be stored on a computer, online or on a network computer.

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4
Q

Where is My Library located?

A

On your computer

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5
Q

Can AccountRight Live library be moved after being created?

A

Yes

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6
Q

What is synchronizing?

A

Files stored on line in the cloud are synchronized to my computer.

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7
Q

What are off line files?

A

Files on your computer. They are synchronized ever 20 minutes.

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8
Q

What does a user need for access to the data file?

A

An ID and a password and assignment to files they are permitted to use.

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9
Q

What is a user role?

A

A predefined profile allowing access to windows the user can use and actions they can take.

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10
Q

What does setting up users allow the owner of the data file to do?

A

Control who accesses the data file, track transaction history and set up online access for users who are AccountRight Live subscribers.

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11
Q

what are the three interactive parts of the command center?

A

menu bar
function command centers
action panel

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12
Q

what are three ways to navigate around command center screens?

A

Open with mouse by double clicking

tab

click on arrows on side of screen once.

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13
Q

How do you access tax codes?

A

On menu bar, click lists and roll down to tax codes. Use drill down button (arrow) to see inside each code.

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14
Q

What is search help?

A

An online help system which maybe more up to date than the computer based help system.

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15
Q

How can you access help?

A

menu bar

upper right hand corner question mark

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16
Q

How can you access online answers to help automatically?

A

Under preferences, click on internet help

17
Q

What are the accounts list and chart of accounts?

A

same thing

a listing of all accounts

18
Q

What is the purpose of accounts?

A

To record, track, organize and report on a company’s financial activity

19
Q

How many classifications of accounts are there in the chart of accounts in MYOB?

A

eight classifications

20
Q

What is classification

1-0000?

A

Asset accounts

cash at bank
tools
vehicle

21
Q

What is classification

2-0000?

A

liability accounts

debt owed

22
Q

What is classification

3-0000?

A

equity accounts

owner’s share of business, capital and drawings

23
Q

What is classification

4-0000?

A

income accounts

revenue

24
Q

What is classification

5-0000?

A

cost of goods sold accounts

materials and labor

25
Q

What is classification

6-0000?

A

Expense accounts

overhead
rent, advertising

26
Q

What are header accounts?

A

displayed in bold type, will not accept details, but produce sub totals

27
Q

What are detail accounts?

A

listed under header account

accept figures from transactions