MYOB Flashcards
Under purchases - purchase type, what is ‘receive items’ used for?
To record items received for which an invoice has not yet been issued
In MYOB, ‘bills’ are what?
What is received from a supplier.
In MYOB, what are invoices?
What is issued to a customer.
How are group transactions typically used by businesses, in MYOB?
For employee pay.
How else can group transactions be used in MYOB?
To pay suppliers?
How do you select all deposits in MYOB?
Click the Deposit check box in the title row.
What might it be a good idea to do to the bank statements in MYOB when reconciling them with actual bank statements?
Rearrange rows so that they look like what is on the bank statements.
When are ‘Transaction Rules’ used in MYOB?
When applying rules which don’t need to be applied to an invoice or bill.
What is the benefit of using Rules in MYOB?
They are a more efficient way of dealing with repeat transactions.
How is the “Business Insights” tab used in MYOB?
To view a summary of the key financial areas of the business.
How do you change a quote to an invoice in MYOB?
Go to the quote and click on the “Change to Invoice” or “Invoice” button.
How do you delete transactions in MYOB?
The top line edit function has a delete option.
If you wish to display account name rather than account number in MYOB, how do you do it?
In ‘Preferences’ under ‘Windows’ select ‘ Display Account not Account Number’.
In MYOB does the ‘In Tray’ link to the Cloud?
Yes
In MYOB, what is the benefit of storing invoices and other in the ‘In Tray’ feature?
Documents no longer need to be forwarded to a taxpayer’s accountant as the accountant already has access to them.
Using the ‘In Tray’ in MYOB, what can your accountant see?
All relevant documents straight from the Account Right software.
In MYOB, once documents such as invoices are uploaded into Account Right what can be done with them other than being used to create new bills?
They can be used to link to existing bills.
In MYOB, once documents such as invoices are uploaded into Account Right what can be done with them other than being linked to existing bills?
They can be used to create new bills all together.
What happens to documents in the In Tray in MYOB once they are linked to bills?
They disappear from the In Tray.
What happens to a document if a document is unlinked from a bill in MYOB?
It is sent back to the In Tray.
For invoices uploaded to the Account Right cloud, what can the MYOB Account Right software read?
Parts of the supplier invoice.
For invoices uploaded to the Account Right cloud, what can the MYOB Account Right software prepopulate?
Purchase Orders.
How do you make a payment to an account in MYOB ‘Account Right’?
Under the Accounts Row, record separate accounts for payment.Under the Accounts Row, record separate accounts for payment.
How do you record multiple accounts in MYOB as part of the same deposit in MYOB ‘Account Right’?
Record separate accounts for payment
What is an example of how the ‘Prepare Bank Deposit’ – ‘Deposit Adjustment’ might be used in MYOB Account Right with respect to payments received?
To retain some money received to be used as Petty Cash when the rest is being deposited into a bank account.
When are Bank Recs usually done in MYOB?
When bank statements are received.
What will appear in MYOB ‘Account Right’ when two payments are recorded as part of the same deposit?
Bank Deposit and the total of the two payments.
$1,500 and $15,000 are two amounts recorded as being received on 2/9/2016. How will they appear on the bank rec for 2/9/2016.
As a Bank Deposit for $16,500.
What is recorded in the MYOB ‘Account Right’ ‘Bank Feeds’ section?
Bank Statements imported into MYOB.
Can bank statements be fed directly fed into MYOB ‘Account Right’ by the banks?
Yes.
If MYOB ‘Account Right’ doesn’t recognise the details of a transaction in ‘Bank Feeds’ what should you do?
Enter the details manually.
What should you do for recurring transactions such as bills or rent in MYOB ‘Account Right’ ‘Bank Feeds’?
Set up rules to get Account Right to do the data entry for you.
What do you do to get started using ‘Bank Feeds’ when using the new MYOB ‘Account Right?
Push the button to turn it on.
What do you need to do first with the classic MYOB Account Right if you wish to use Account Feeds?
Upgrade to the new MYOB Account Right.
When preparing bank recs in MYOB, can the total from the bank statement be entered manually?
Yes
What will the Calculated Statement Balance be when first starting a bank rec in MYOB?
The same as the bank balance in the balance last time it was reconciled.
If the reconciled bank balance in MYOB for 1 April 2016 was $272,352.27 what will the opening Calculated Statement Balance be when a reconciliation is next performed at 30 April 2016?
$272,352.27
