Join Elizabeth Haverfield for an in-depth discussion in this video Creating recurring transaction templates, part of MYOB AccountRight Essential Training.
Every month, a payment needs to be made for Carol's monthly PI insurance. In this video, rather than typing it each time, we will learn to save a recurring entry or template. Using the skills already learned in the previous video, we'll first enter the January payment through Spend money. Check number 147596 for the 15th of January, to a new card, GIO Insurance, for a new account month PI insurance, which is an expense.
The check will be $150 including GST. To commence, go to the Banking Command Center and Spend Money. Our check number has clicked over to the next number, 147596. We need to change the date to be the 15th of January. We've got the month January in the current year, so just type 15 and tab down. The date populates for you. Type in 150 and tab again. A dollar sign, decimal point and cents populate.
We need to create a new card for GIO Insurance. So tab again and we can see that it's not in our card list. So click onto the New button, ensure that the type of card is Supplier with a designation of Company. And tab again to populate all the different fields. We're not going to type the address today, or the phone numbers, but we do need to go to the Buying Details tab. And with an expense account, we need to make a new expense account.
It's going to be 4150, which will be in between cleaning and postage. So, let's go new. Type 4150 and tab. We can now pop in, Pi insurance. We need to go to the Details tab and link our GST text code, so it will appear automatically for us. Now go to the drop-down box. We made the account, but we now need to link it to the card.
And double-click to choose that card. The supply terms information is all correct. It is due the thirtieth day after the end of the month, and click OK. Now tab an GIO insurance appears in our card field, Tab again down to the memo and this time, we want to type monthly PI insurance. This will be the name of the template that we're making. If we tab again, our account number automatically populates.
And if we tab across, there's $150, and we can already see that the GST code has appeared in the final column. Tab again. We could use this other memo field over here for PI insurance and tab again. Notice that $13.64 of GST has been calculated because a tick is turned on for tax inclusive. Now before we record this entry, we want to use the button Save As Reoccurring.
So let's click Save As Reoccurring. See, our memo field from over here is now the name of our reocurring transaction. Our frequency is going to be monthly, and we need to change the date to be the 15th of February. It's in the current year so we don't need to type it. We can just press Tab. It is important to remember that recurring transactions cannot be backdated. There are many different frequencies to choose from, but we'll stick with monthly this time. We've got our starting date of the 15th February, and we will now ensure that we have continue indefinitely.
It is possible to automatically record a transaction under the alerts section and each time a particular user or operator logs into their data file. We won't make the selection in this example. In the transaction section, ensure that our bulls-eye is against use the next sequential number as the check number. Now we're ready to save the template. We also want to record this Spend Money transaction, so let's click on to the Record button.
- Creating a company file
- Setting up tax codes
- Adding accounts
- Creating customer and supplier cards
- Performing a bank reconciliation
- Recording transactions
- Invoicing a customer
- Processing payments
- Entering and paying bills
- Recording cash sales
- Reconciling check accounts
Skill Level Beginner
1. Getting Started with MYOB
2. Working with the Accounts List
3. Adding Cards
4. Entering Historical Balances
5. Performing an Initial Bank Reconciliation
6. Backing Up and Restoring a Company Data File
7. Spending Money from the Cheque Account
8. Invoicing a Service Customer
9. Recording Customer Payments
10. Entering and Paying Bills
11. Receipting Cash Sales
12. Reconciling the Cheque Account
Next steps1m 56s
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