Join Elizabeth Haverfield for an in-depth discussion in this video Designing the Accounts Lists, part of MYOB AccountRight Essential Training.
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In this video I will explain the theory of how account lists are set up. An Account List, also known as the Chart of Accounts, contains a list of all the accounts required to record, track, organize, and report on the company's financial activity. In MYOB Account Right, accounts are grouped into eight different classifications. Each account has a prefix which denotes the account classification. We will look at six of these different types of classifications.
We have one for asset accounts. These are items owned by the business. They include cash at bank, debtors and motor vehicles. Two, which are our liability accounts. These are items owed by the business. Creditors, Visas, and bank loans. We have three which is our equity accounts. The owner's share of the business, including capital and drawings. Full income. This is for revenue or income into the business for selling services.
Five, cost of goods sold like cleaning products or contract or labor. Six for expenses. These are the overheads or costs of the business running which they incur. Rent, wages and advertising. Accounts can either be a header or a detail. Header accounts are used to enter headings, and they are non-postable, which means that this account will not accept figures from transactions. It will subtotal the detail accounts from underneath it.
Header accounts are displayed in bold type in the Accounts List. For example, we have current assets and cash on hand. Detailed accounts are the accounts listed underneath the header accounts and can accept figures from transactions. For example, NAB cheque account is a detailed account underneath cash at hand. MYOB AccountRight, the accounts list, also contains four levels. These levels show which detailed accounts belong to which header account.
So we have one double zero, double zero assets, one 1000 for Current Assets, one, double one, double zero for cash on hand with a detailed account at a fourth level for the NAB cheque account. You can also see withholding credits at level three, and underneath that, voluntary withholding credits at level four.
- 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
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