Join Elizabeth Haverfield for an in-depth discussion in this video Entering account opening balances, part of MYOB AccountRight 2013 Essential Training.
…Now that Carol's business has set up the accounts list, she will…need to enter the opening balances from the start of the conversion month.…Please be aware that if she had…begun entering data into an AccountRight Live from…the first day of her business, all her…opening account balances would be set to zero.…As this was not the case, she will need…to add the following opening balances from the conversation date.…Any balances for all of the accounts in the…accounts list, all outstanding sales…transactions, all outstanding purchase transactions.…
To explain in more detail, Carol has been operating before the conversion month.…Many of the accounts already have dollar values.…For example, a balance of $7,560 is in the NAB check account.…There is also $3,340 that customers owe for goods and services.…These amounts need to be allocated to the trade debtors.…They also need to be allocated to the customers.…The balance sheet for a data file…must balance when completing the opening balance entries.…
That is, the equity needs to equal the assets minus the liabilities.…
Author
Elizabeth Haverfield
Released
6/12/2014- Creating a company file
- Understanding libraries and where your data is
- 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 cheque accounts
Skill Level Beginner
Duration
Views
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Introduction
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Welcome41s
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1. Getting Started with MYOB
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Case study overview4m 30s
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Setting up preferences3m 5s
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Setting up tax codes1m 38s
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Using the Help Centre1m 34s
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2. Working with the Accounts List
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Designing the Accounts Lists2m 44s
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Changing account details3m 19s
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Creating an account1m 53s
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Deleting an account1m 19s
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Linking accounts3m 42s
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3. Adding Cards
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Overview of cards1m 12s
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Adding customer cards6m 49s
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Adding supplier cards5m 2s
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Deleting cards1m 9s
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4. Entering Historical Balances
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Searching and finding cards1m 49s
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Customer historical balances3m 30s
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5. Initial Bank Reconciliation
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An overview of reconciling1m 43s
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6. Backing Up and Restoring a Company Data File
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The importance of backing up1m 18s
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7. Spending Money from the Cheque Account
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Banking preferences1m 50s
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Recording bank charges3m 27s
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Viewing transactions4m 14s
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8. Invoicing a Service Customer
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An overview of invoicing1m 27s
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Sales preferences3m 55s
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Creating service invoices8m 55s
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Changing the status of sales4m 48s
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9. Recording Customer payments
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How much do customers owe?1m 46s
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Customer statements1m 47s
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10. Entering and Paying Bills
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Purchase preferences3m 10s
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Recording bills to be paid2m 43s
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Viewing supplier balances2m 16s
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Paying bills3m 4s
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11. Receipting Cash Sales
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Recording cash sales2m 42s
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Viewing cash receipts1m 47s
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12. Reconciling the Checking Account and Bank Feeds
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Why reconcile?1m 36s
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Preparing a bank deposit3m 32s
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Conclusion
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Next steps7s
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Video: Entering account opening balances