How to Create Card File in MYOB Premier

How to Create Card File in MYOB Premier

Another MYOB Premier Command Centre is the Card File.  The Card File is the “storage” or the database containing the contacts which may be a company or an individual.  There are 4 types of contacts that can be setup in MYOB as follows:

1)    Customer

2)    Supplier

3)    Employee

4)    Personal

These are the four types of contacts that need to be created and setup in MYOB to record transactions using Receive Money, Spend Money, Sales  and monitoring of corresponding receivables, Purchases and monitoring of related payables, contact management activities like printing of mailing labels, printing of communication letters with contacts like customers, suppliers and other contacts in the Card File.

Now let’s proceed in creating a card:

Click on Card File command centre and the window below appears:


Click on Cards List, and then choose New.


On the Profile tab, fill up the following:

1.    Card Type – there are 4 (four) Card Type available in MYOB to choose from and Choose the type of card file you want to create. These are as follows: 

1.1.        Customer

1.2.        Supplier

1.3.        Employee

1.4.        Personal

2.    Designation choose designation if the Card to be created is a company or an individual.  The format for entering Contact Name is already set once you have indicated the Designation which is either a company or an individual.

3.    Card ID – for this field, you will enter a code as identifier of the card file to be created.  This the equivalent of the Card Code, wherein you assign a code number to a specific supplier, customer, employee or personal Contact ID Type.  However, for Personal contact, no need for you to enter Card ID detail or provide additional information.  For example, you want to assign Card ID for customers starting with C0001 or C1, or suppliers assigned with Card ID S0001 or S1 and so on.

4.    Currency – currency to be used should be indicated in this field.

5.    Location of course, this is the Location of the contact, for which 5 Addresses can be indicated especially if the contact have more than one business address to be set up as follows:

5.1.        Address 1 – or “Bill To” address. This is the address for which billings are to be indicated for Customer cards.

5.2.        Address 2 – or “Ship To” address.  This is address field which is applicable if delivery address is different from that to which the billings that would be sent.

5.3.        Address 3

5.4.        Address 4

5.5.        Address 5

6.    Contact Phone Numbers up to four contact numbers can be indicated at MYOB including the Fax Number.

7.    Email

8.    Website

9.    Salutation

10.  Contact

After you fill up all of the required fields in the Profile tab, now go to Card Details tab, and the following screen appears:

PIC3In the Card Details tab, you can do the following:

  1. Insert picture for the Card, be it individual or company;
  2. Put Notes regarding the individual card or company card;
  3. Assign identifiers for the card – code for assigning Identifiers in MYOB is only a one-letter word. For example, you would like to group your suppliers into service-related and goods-related suppliers.
  4. Assign Customs Lists attribute or characteristic for the card being created.

If you are creating a Card file for a Customer, next you have to go to the Selling Details.  The screen shown below appears:


Please take note that the above fields provides Selling information, Credit terms, Credit Limit and Tax Information.

Now, go to the Payment Details tab and indicate the mode or method of payment the customer pay account due to you. The following screen appears when clicking on the Payment Details tab:


If customer’s mode of payment is not included in the listing provided by MYOB, you just click the field New to create a new payment method.

Now, proceed to the History Log tab. Take note that this tab logs sales or purchasing logs and should be setup in the Easy Setup Assistant – Preferences. Setting up of Preferences is discussed on the next topic.  A screenshot of the History Log appears below:



Below is a screenshot of Preferences setup for Sales tab in the Easy Setup Assistant so that Contact Log would appear in the Card File tab.


Now, we go to the Jobs tab.


The Job tab shows the jobs for the customer as well as status for completed or incomplete jobs.

Now, go to History tab.  This is the tab showing the history of transactions for the specific customer or supplier.  If this customer have been a customer before the conversion period, you can indicate the date since when the contact have been a customer, or you can indicate the last sales date, last payment date, average days to pay.










How To Perform Bank Reconciliation in MYOB


MYOB Premier provides powerful time-saving tool which enable users to do bank reconciliation on the quickest and easiest way possible.  Performing bank reconciliation can be time-consuming process and yes, boring, especially if you are not able to reconcile the balances after several attempts, and it leave you feeling helpless and feel less efficient.

To recap, the purpose of bank reconciliation is to balance the cash in bank balance per the statement given by the bank (called bank statement) against the cash in bank balance per MYOB Premier as of the end of the month.  Most often than not, bank reconciliation is also an internal control measure to identify intentional or unintentional unrecorded disbursement transactions, unrecorded deposit transactions, and can be a helpful tool in proper evaluation of internal control put in place to safeguard cash and cash in bank transactions.   In order to reconcile the cash in bank balance per bank records (per bank) and book records (per MYOB Premier), items that are not recorded in MYOB but deducted or added in the bank balance as shown by the bank statement should be identified with complete details of the transactions and to make proper adjusting entries after this procedure.

The following are common reconciling items in performing the bank reconciliation:

  1. Deposit in Transit – this is the term used for deposits made to the bank but not yet reflected in the bank statement.  Usually, deposits in transit are those check deposits which are not yet cleared and recorded as deposit in the company’s books but still for recording by the bank upon clearing.
  2. Cleared checks – checks released to the payees which are endorsed and presented to the bank for payment.
  3. Outstanding Checks – are check issuances that are already deducted from the cash in bank balance per MYOB but not yet deducted from the bank balance or theoretically, not yet “presented” to the bank for payment or clearing. Actual status of these checks maybe as follows:

3.1. Unreleased Checks – these are checks that are not actually released to the payees and still on hand in company custody.

3.2. Released Checks but not presented by payee to the bank for payment – this could either be dated checks or post-dated checks.

3.3. Released Checks but still in transit or undelivered to the payee.

  1. Bank Service Charge or charges – usually arise from cost of check books, stop payment orders (SPO), correspondent bank charges and the like.
  2. Bank Interest income – usually on a monthly basis or as stipulated in the bank service agreement.
  3. Book error in recording check issuances – whether understatement or overstatement in recording of check amount.
  4. Book error in recording bank deposits – whether understatement or overstatement in recording of deposit amount.
  5. Unrecorded deposits and unrecorded check disbursements.
  6. Other reconciling items that may arise.

Now, let’s perform the bank reconciliation for ABC Stationery Supplies.  Assume we receive the bank statement date January 31, 2014 on February 5, 2014.  Ending balance show S$39,508.20.   Aside from the cleared checks, the following information are present:

1.)    Monthly interest of S$18.20 credited to the account on January 31, 2014

2.)    Check no. 68007 amounting to S$225.75 still not presented for payment.

3.)   Bank charge for stop payment order amounting to S$25.00 debited by bank on January 31, 2014.

To start the bank reconciliation, go to Banking Command Centre and click on Reconcile Accounts

PIC1The following screen appears after keying in Statement Date of January 31, 2014:



Now, indicate the amount of bank balance on New Statement Balance.  Click on the left portion of the cleared deposits and cheque issuances except the outstanding check no. 68007 amounting to S$225.75.  To make the adjusting entries for the bank charge and interest income, click on Actions, and the screen below appears to make the adjusting entries:


When the Bank Entry screen appear, key in the amount of the bank charge, interest income, respectively and fill up the correct Expense Account for the bank charge, and correct Income Account for the interest income.  Enter the amounts as positive numbers Screen appear as follows before clicking on Record to save the bank entry:


Once Record is clicked on the Bank Entry screen, the screen now revert back to the bank reconciliation screen.  Take note the Out of Balance portion is now Zero as shown below.


Click on Reconcile, choose Print Report to print a printed copy of the reconciliation.  After printing desired number of copies of Reconciliation Report, click Reconcile, screen below appears:

PIC6How to Undo a Bank Reconciliation previously done in MYOB Premier

If you want to undo the bank reconciliation, go to Actions, click on Undo Reconciliation

PIC7The screen now appear to remind Backup of MYOB file before proceeding to Undo Reconciliation.

PIC8Click on Undo Reconciliation to proceed if you want to undo the bank reconciliation.


How to record Cash Receipts and Cash Expenses in MYOB

MYOB Premier allows your company to manage various banking transactions and can handle any number of bank accounts, savings accounts, current accounts, credit card payments, record receipt of payments other than customer payments of invoices, petty cash transactions as well as transfers.

How to Record Receipt of Money in MYOB

In MYOB, “Receive Money” refers to recording of receipts other than payments relating to customer invoices or payments.  Examples of cash or check receipts that can be recorded under this option are owner capital contribution, refund from non-trade suppliers and the like.

To record the receipt of money for those receipts other than customer payments or invoices:

1)     Go to the Banking command centre and click on Receive Money.

PIC1The following screen appears:


Be sure to properly indicate the necessary information on the following fields:

  1. Deposit to Account – be sure to correctly indicate to which the money is received.
  2. Payor – choose among the Card file from which the payment came from – Customer, Supplier or Employee.
  3. Amount Received – the exact amount of the payment received should be indicated, otherwise, failure to indicate the correct amount would give to bank reconciliation reconciling item due to difference in amount per bank records and MYOB records.
  4. Payment Method – per screenshot below, clicking on the drop down button would give choice on how the payment is made – through cash, check, Master Card, Visa and other payment method.  If the payment method is not included in the list, you can create new payment method by clicking on “New”  and the method type on the appropriate per screenshot below:


Click on New if the list indicated in the drop down button do not included the correct Payment method for the money receipt. Make a New Payment Method and indicate the correct Method Type.  Click OK


5.    Details – this field pertains to the details for the payment method.  For example, the Payment Method is Check, Details show the following field to be filled out:


  1. Memo – indicate a brief but complete description for the payment receipt.
  2. Acct # this means the account number or account for which the payment is to be credited.
  3. Amount – enter the amount for which the payment is to be credited.  You can enter more than one account codes for which the payment is to be credited.
  4. Job – enter the job for which the payment is to be applied, if applicable.
  5. 10.  Category – enter the category for which the payment is to be applied.  Setting up of Category is taken up in a separate topic.

Note:  The field Out of Balance should be zero, otherwise, you have to review the entry to correct the error.

Click on Record to save the entry.

How to Enter Payment of Expenses in MYOB Premier

In MYOB, recording of check issuance or payment of expenses is done in Spend Money module in the Banking command centre. Check issuances for payment of telephone bills, water, electricity, rental payments and others are also used for this module.

Exception on using this module in recording payment or check issuance is payment to Suppliers for payables related or invoice-related purchases. In this case, recording of payment should be done in the Purchases command centre under the Pay Bills module or through the Bank Register in the Banking command centre with Type = Pay Bills.  Recording of payment for purchases is taken up in the topic “Purchases”.

To record the payment of money other than payment for supplier invoices and payables-related payments:

  1.  Go to the Banking command centre and click on Spend Money.


The Spend Money screen now appear:


2. Fill up the following fields/option on the Spend Money screen:

  • Account – for this option, click and select the bank account from which the payment will be made.
  • Payee – for this option, click on the corresponding card file for which the payment is to be made.
  • Check No. – fill out the correct check number.  However, it is best that the sequence of check numbers be set up in Preferences which is discussed in the topic Setup of Preferences.
  • Memo – indicate a brief but complete description regarding the payment.
  • Job – fill out the payment apply to a job previously assigned.
  • Category – fill out this portion if the transaction is chargeable to a category.

Category is not applicable to Receive Payment and Pay Bills transaction.

3. When you have finished entering all transactions, click Record to save the transaction.






How to Set up Accounts Opening Balances and Budgets in MYOB Premier 

Setting up Accounts Opening Balances in MYOB

MYOB Premier have built-in setup wizard applicable not only to creating accounts or Chart of Accounts but also the opening balances in just a few clicks away.  Unless the company is just starting in business, account balances before the conversion period should be setup.  Thus, the accountant should correctly indicate the conversion period upon creation of the company file and the opening balances should be set up on the first day of the conversion month.  Follow these simple rules as to what accounts need to be set up as opening balances on the first day of conversion period:

  1. Setup opening balances of company balance sheet accounts only – asset, liability and equity accounts only if the conversion month is the first month of your financial year
  2. Setup opening balances of company balance sheet – asset, liability and equity accounts and profit and loss – income, cost of sales and expense accounts if the conversion month is not the first month of the conversion period.

Using Setup Account Opening Balances wizard:

To start entering accounts opening balances:

Go to Setup, then choose Balances, then click Account Opening Balances


The following window appears:


In the column of the display window, enter the amount of opening balances.  Ensure that correct amounts are entered in the column, so that Amount left to be allocated equals to zero.  MYOB Premier have built-in control to ensure that amounts entered in MYOB account opening balances are reconciled. As a result, any error in keying in amounts would result in an amount other than zero in the Amount left to be allocated field.  However, it is the user’s responsibility to ensure accuracy of each account opening balances entered in the balances setup.

Setting up Opening Balances using Import Wizard

If you already have existing spreadsheet or budget data from another software, you can import the budget using Import Data.  This topic is discussed in the separate topic “Export and Import of Data in MYOB”.

Setting Up Budgets in MYOB

Businesses can easily measure operational performance by entering budgets in MYOB by terms of detail accounts on a monthly basis and comparing against the actual performance of the business.  Profit and Loss Statement as well as Balance Sheet can be entered in MYOB budget.

In MYOB, you can create budget for Current Financial Year as well as Next Financial Year. 

 How to Enter Budget Amounts

You can use Prepare Budgets window to enter budget amounts for each month of the current or next financial year.  If you want to quickly enter budget amounts for a group of months, you can use the Budge Shortcuts window.  You can also choose to either adjust budget figures or not as the year goes by.

The amounts entered as budget in MYOB are assumed to be positive numbers.  If you do budget for a negative amount, this is done by inserting a hyphen before the amount, for example, -1,000.00

MYOB allows user to use existing budget data, like an Excel Spreadsheet or from other software by using import wizard of MYOB.  Importing Data is discussed in a separate topic.

Previous year’s financial data can also be used as a basis for your budget.

 How to enter amounts in the budget:

1.     Go to the Accounts command centre and click Accounts List.  The Accounts List window appears.


  • Click Budgets. The Prepare Budgets appears. The window lists the Profit and Loss accounts by default so you need to specify Balance Sheet if you are going to do budget for asset, liability and equity accounts.


2.    On the Financial Year list, choose whether you want to enter a budget for Next Financial Year or Current Financial Year.


3.    From the Account Type list, choose the type of account you want to enter a budget for—Profit and Loss or Balance Sheet per above screenshot.

4.    Fill up the amounts for each of the following fields:

  1. Per corresponding Account Name – please take note that the FY Total column automatically computes the total for the months being filled out with the budget.  The amount for the budget can be entered on a per month basis on this section.  You can use the horizontal scroll bar to go through the months.
  2. You can also click Shortcuts to open the Budget Shortcuts window from where you can quickly enter budget amounts for the selected account.  Then click Copy Amounts to Following Months to copy the selected amount to the months that follow.






1. Click on the Setup menu, then choose Easy Setup Assistant, then go to Accounts, then click New.


2. The Edit Accounts window will appear. In the Profile tab, you have to indicate whether the account is a header or a detail account.  Error in indicating the type of account would result to error and would result to improper mapping of account as well as the resulting reports. Select the account type from the Account Type list. For example you are going to edit a Liability Account for Credit Card


The Account Classification field changes according to the selection you made.

3. Now, you enter the number you have assign in the Account Number field. You can enter any four-digit number you like.  However, note that there should be a sequence of numbers in order for you to add accounts that should go first or next to the previously set up Detail Account.  Note that the prefix to the account number is determined by the account classification: 1 – for asset accounts, 2 – for liability accounts, 3 – for equity accounts and so on.

4. Press TAB and type name for the account.  After typing in the Account Name, press Enter, then OK.

5. Please take note that when creating or editing an account, you are not required to enter opening balances.  To do this would be so time consuming.  The best way to do this is to go to Setup, click on Balances, choose click Account Opening Balances.  This topic will be discussed in detail in the next part of the training.


MYOB is designed in such a way to give flexibility to the user to edit or delete accounts but with built-in controls.  Using Setup, click Account Easy Setup Assistant, then go to Accounts


When clicking Accounts, the screen below appears:


Click Next and the window below appears”


Choose Edit

A Detail Account can be edited as to the Account Name, Account Number and even Account Classification.  However, editing of accounts should be done only when needed.


Deleting of accounts can be done in MYOB for certain types of accounts.  However, MYOB have built-in control measures to prevent deletion of Linked Accounts – like Cash in bank, Accounts Payable even without previous transaction entries in Banking, Accounts or General Journal Modules.   Deletion of accounts usually allowed on any unlinked accounts, like expense accounts provided there is no previous transaction posting to the account that is to be deleted which is another built-in internal control measure in MYOB.

Screenshot below show an attempt to delete Checking Account – a balance sheet account which is linked to customer receipts.  In this case, deleting cannot be done.


Screenshot below shows attempt to delete unlinked expense account – Dues & Subscription which could have been done in MYOB.  However, there is already a posting made to this account resulting in a debit entry.   Thus, deleting of this account cannot be made.


MYOB prompts warning on the status of deletion for 6-1400 Dues & Subscription Account:







Creating Accounts List or Chart of Accounts in MYOB have never been so quick and easy.  This part is intended for “New Company File” set up or first set up of company accounts.  To start using this, click on Setup, select Easy Setup Assistant as shown below:


There are three ways to set up Accounts List in the Easy Setup Assistant as follows:

1)     Start with Accounts List Provided by MYOB Premier; or

2)    Import a list of Accounts provided by Accountant after setting up the company file; or

3)    Build own Accounts List once company user have started using MYOB Premier

Now, we discuss the first way:


One of the best features about MYOB software is its built-in Accounts List with very wide range of industry classification and business type to choose from. So you don’t have to hire a team of consultants to customise the company accounts or Chart of Accounts. Account Codes/Account Names varies in accordance to the business type you choose.  So be sure to indicate the most appropriate business type for which MYOB is to be used for the built-in Accounts List.  See, setting up Accounts in MYOB is just a click away.  If there are a few accounts not included in the MYOB built-in list, all you need to do is add the accounts later after the accounts are set up. Adding, deleting and editing of accounts will be tackled in a separate topic below.   All you have to do is to do the set up upon “Creating Company” and click on Start with Accounts List Provided by MYOB Premier.  After clicking on the first option per screenshot below:


Choose Next



Please take note that in MYOB, account classifications are designed to be that simple and easy and set up in the following order as follows:

  1. Asset
  2. Liability
  3. Equity
  4. Income
  5. Cost of Sales
  6. Expense
  7. Other Income
  8. Other Expense

The following Industry Classification in alphabetical order with corresponding type of business have its corresponding Accounts List or Chart of Accounts in MYOB:

Industry Classification

Type of Business

  • Agricultural Business
  • Farm
  • Manufacturing
  • Audio-Visual Equipment Rental
  • Bakery
  • Bicycle Dealer
  • Boat Dealer
  • Bookstore
  • Bridal Shop
  • Cafe
  • Car Dealership
  • Clothing – Retail
  • Computer Dealer
  • Delicatessen
  • D. I. Y. Store
  • Exercise Equipment Dealer
  • Florist
  • Formal Wear Rental & Sales
  • Furniture Dealer
  • Garden Centre/Nursery
  • Gift Shop
  • Hardware Store
  • Health Food Store
  • Hobby Shop
  • Home Appliance Dealer
  • Home Product Sales
  • Jewellery Store
  • Liquor Store
  • Pet Shop
  • Pharmacy
  • Restaurant
  • Shoe Store
  • Sporting Goods Dealer
  • Video Store
  • Accounting Firm
  • Advertising Agency
  • Advocate & Solicitor
  • Air Conditioning Contractor
  • Architect
  • Art Gallery
  • Associations & Clubs
  • Banquet Facility
  • Beauty Salon
  • Building Contractor
  • Catering Business
  • Cemetery
  • Chiropractor
  • Cleaning Service
  • Clinic
  • Computer consultant
  • Computer Service Bureau
  • Construction Company
  • Consulting Firm
  • Copy Centre
  • Craft Business
  • Dance Studio
  • Day Care Centre
  • Decorator
  • Dental Surgery
  • Designer
  • Developer
  • Distributor
  • Dry Cleaners
  • Educational Fund Tracking
  • Electrical Institution
  • Electrical Contractor
  • Entertainer
  • Financial Services
  • Fitness Centre
  • Food Service
  • Freelance Writer
  • Funeral Parlour
  • Graphic Artist
  • Gymnasium
  • Hairdresser
  • Health Club
  • Heating Contractor
  • Home Business
  • Instructional Lessons
  • Insurance Agency
  • IT Consultant
  • Landscaper
  • Legal Firm
  • Limousine Service
  • Mechanic
  • Medical Office
  • Motel/Hotel
  • Moving & Storage Company
  • Night Club
  • Non-profit organisation
  • Optician/Optometrist
  • Pest Control Service
  • Pet Grooming Service
  • Photographer
  • Printer
  • Property Management
  • Publishing Company
  • Real Estate Agency
  • Religious Organisation
  • Roofing Contractor
  • Travel Agency
  • Veterinarian
  • Web Designer
  • Partnership, Other
  • Retail Business, Other
  • Service Business, Other
  • Sole Proprietorship
  • Wholesale Business



MYOB is capable of importing data which is another powerful time-saving and automation tool to include import of Accounts and add it to the current MYOB company file.  The accounts list data may come from other software programs or from another MYOB file.  The saved file containing the accounts list to be imported to the new MYOB company file should be from a tab-delimited or comma-separated values (CSV) file format.  Importing data is discussed in a separate topic – Export and Import Data in MYOB in the next training module.


This option is a good choice if the company is just new and have a minimal or few accounts to be used.  If you are creating your accounts list from scratch, it would be easier for you to enter all your Header accounts first before entering your detail accounts.  Just be sure you have the accounts listing properly reviewed and arranged in chronological order prior to doing this to avoid having to edit or delete created Header Accounts and Detail Accounts.  It is very important to distinguish Header Account group as compared to Detail Accounts, otherwise, this will result to erroneous and wrongly posted accounts that lead to misleading financial and other reports.


In using MYOB Accounts Easy Setup Assistant, there are four tabs for the account creation.

1. Profile Tab – This is where you are going to specify if the account created is a header account or detail account.  In case of detail account, account code number and account description is indicated.


2.Details Tab – This is where you indicate Tax Code for the account being set up, when applicable. In this screenshot example, Cheque Account don’t require a Tax Code. Its being linked to Customer Receipts is shown in the lower portionThe topic Link of Accounts is discussed in separate training module.


3. Banking Tab – This is the tab to provide detail on a Bank Account Code. Account Number to be entered should be all numeric characters only.


This Tab is not available on accounts that are not bank accounts like expense accounts per screenshot below:


4. History Tab – This tab shows the history of a particular account showing the previous year balance and the current year balance on monthly comparative figure including the 13th month period, if previously set up in the company set up.







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