Blog

Accounting

5 Criteria To Pick The Right MYOB AccountRight Software

Choosing the right MYOB software for your corporation can potentially bring about a substantial amount of benefits. Not only will you be able to save time, reduce the amount of errors in accounting procedures, but you will also be able to better plan the next most beneficial step for company growth. If you are looking into MYOB AccountRight softwares, then here are 5 criterias that the right MYOB AccountRight software should meet:

1. Multiple Account Support

Depending on what is required, you may sometimes require to use the MYOB software on multiple accounts and different workstations. You need the software to be able to seamlessly, without any worry of unreliable information. This is particularly important for corporations since it enables different users to work with data without compromising results, so if you are a larger corporation in need of multiple accounts, then you should consider MYOB softwares like MYOB AccountRight Premier.

2. Tax Compliance

The right MYOB AccountRight software for you should be able to keep up to date and allow you to easily meet tax obligations without much fuss. Whether it’s in the form of updates, your software should build up user confidence and make sure that tax changes are no hurdle for you. This way, you will be able to confidently handle payroll, time sheets., taxes and other important aspects.

3. Accessibility

Accessibility is perhaps one of the most crucial criterias that accounting softwares should meet. With the need to access and handle information even on the go, your MYOB AccountRight software should be able to grant you the flexibility or working both online and offline. You should be able to access your MYOB accounts anywhere, collaborate with others in your team easily, make backups to your PC whenever necessary, and grant external parties like accountants live access.

4. Report customisation

A clear insight to business progress is the key criteria to all MYOB softwares. The right MYOB AccountRight software should enable users to fulfill that by being able to create different comprehensive reports based on category like sales, accounts, banking and more. Make sure you know what kind of reports you are in need of handling and choose the MYOB softwares that are capable of assisting you in doing so. One good way to check would be if the software has comprehensive report formats for easy customisation.

5. Invoices

The management of invoices (billing, supplier and customer) should also be a feature and function that the MYOB softwares provide. The right MYOB AccountRight software should be able to make record keeping simplified for tax purposes, reduce overall material spent, reduce paper filing and ensure that users have an accurate idea of how the projected financial flow is.

These are just 5 of the criterias that the right MYOB AccountRight software should meet. Depending on your corporation’s requirements, as well as any other special requirements that you have, the choice for MYOB softwares would differ. Using these 5 criterias as a basic guide, you can then proceed to make better decisions when it comes to the MYOB softwares you pick.

myob-time-billing-features

How to master MYOB Time Billing Features

Time billing is a good billing system that usually involves the recording of time and use of rates to calculate a fee to charge for services. The time billing system is usually used by professionals providing services, like lawyers, accountants, designers and mechanics. To accommodate this requirement, MYOB has introduced time billing features that everyone can use. If you are new to these features, here’s what to know:

What you can do

MYOB time billing allows you to specify the billing rates you want based on activities, hours, and customers. You can delegate which activities are chargeable and which are non-chargeable, enter them individually or grouped in slips, generate invoices and more! Time billing reports are easily customisable- you can filter them to exactly how much information you need in order to see how time is spent and measure profitability.

Set Up Preferences

Before your can get started with time billing, you need to set up at least 4 preferences- time billing units, your descriptions, general preferences and time sheets. To set them up, access the Setup menu on your MYOB software and choose preferences to open up the option window. Look for the system tab and choose the last four preferences in the window (these are the ones that apply to time billing).

Set Up Rates

Set up your billing rates so that they can automatically appear whenever you need to make activity slips. You can set up billing rates for multiple different people like customers, employees, suppliers or just the activities itself. To set up billing rates for activities, look under the Activity information option window.

For customer billing rates, look for the card information of the customer and choose the selling details tab. You will be able to locate the customer billing rate section and manually type in hourly billing rates for your customers. Once done, choose OK.

For suppliers or employees, you can do so by choosing to bill activities at different rates instead and also track costs of said activity. Look for the card information for your suppliers and choose buying details. For employees, choose payroll details and locate time billing. Once you have keyed in the relevant information, click OK to apply the changes.

Create Activity/Activity Slips

In MYOB, activities generally refer to the services/tasks that are provided by your corporation. Activities are used to track costs in time billing systems and defined by hourly/non-hourly as well as chargeable/non-chargeable. You can create activities in MYOB by looking for your Time billing command center and choosing the Activities list to open up the activities list option window. Choose new and proceed to create by filling in the relevant information- Activity ID, name, description, type and status. You can then choose the billing rates you want applied for the activity.

To create activity slips (useful for payroll), you can do so by locating the time billing command center and choosing the enter activity slips option. Click on the activity slip tab and enter the activity details as required. For hourly based payments, make sure to pick the include hours option under Employee’s pay. Make sure that the hourly wage is entered in the payroll category area. Once you are sure of everything, choose record.

Create Time Billing Invoices

MYOB also allows users to prepare time billing invoices to bill to customers. Locate the time billing command center once again and choose prepare time billing invoice so that the dialog window would show up. Find and choose the customer you want to create the invoice for and choose OK so that the options window opens with a list of the activity slips for the customer. If there are no further adjustments, choose prepare invoice and your invoice should be generated. If satisfied, simply choose record.

Bonus tip: You can choose to bill for both activities and items using a single invoice as long as you choose the include items option under the time billing invoices section in your preference window.

managing-inventory-in-myob

Guide to Effectively Managing Inventory in MYOB

Managing inventory properly in MYOB can serve to be a big help to you when it comes to ensuring the timely refilling of supplies, budget planning and other important activities that contribute to the success in your business. If you are just beginning with MYOB as an accounting software, here’s a basic guide to exactly how you can go about effectively managing your inventory in MYOB:

Inventory Customisation

MYOB enables users a series of customisation features for inventory. For example: Price levels, fields and lists. You are able to create and set up a maximum of up to 6 price levels for an individual item. To differentiate costs, you can assign different price levels to different customers too, based on the frequency of their purchases from you. You can also make extra notes using custom fields for relevant product/service information, spot inventory variations, make adjustments and group your inventory items/reports in customised lists.

Adjustments

If you need to make adjustments to your inventory, you can do so by accessing your Inventory command center in your MYOB software. Click on ‘Adjust inventory’ to access the window and fill in the details you want to adjust. If it’s the item number, you can do so by choosing the item number column and pressing tab so you can select the item. If it’s quantity however, make sure you know that the quantity should be inventory units and not buying/selling units. For the cost, an average cost is usually calculated in the form of the total cost of items divided by the units available on hand. If you are doing so for new items, it is often far more easier to type in the purchase cost. Once you are done making the relevant changes, manually input the account to assign the adjustment to (usually the sales/expense account) and choose record to save the changes you have made.

Inventory Transfer/Building

In some situations, you will find that you may need to make use of MYOB to build items using your inventory. This is usually when you combine two (or more) items to form a special package or bundle as the finished item. There are generally two methods for this- manually creating a one-off inventory transfer or to create an automatic transfer so you can repeat the process quickly.

For manual inventory transfers:

Look under your inventory command center in MYOB and choose build items. This will enable access to the relevant window where you can choose or type in your item numbers and the component item (items to combine) you want to transfer. Type in the transfer quantities (positive for finished item, negative for items to combine)- make sure the out of balance value is 0 before you record transactions. Once done, simply enter unit costs for each item and record to save.

Now you have to create the location you want the transfer to be in. Look for the locations tab under your inventory command center and choose it. Select new to choose a new location, type in the new location and press tab. Now enter the location address and name for contact details. A new location should appear once you click OK.

For automatic inventory transfers:

Choose the select column that is selected right next to the item you wish to build/order and choose order/build. Once done, you should see a date window opening. Enter a different date whenever applicable and choose OK. An order will be created automatically. To change details, click on the order and complete the transaction when prompted. You can then analyse your inventory to make sure the details are right by going to your Inventory Command Center again and choosing analysis for a summary.

iq-test

Preparing yourself for the Excel IQ test in 5 steps

When delving deeper and exploring all that Microsoft Excel has to offer, one would inevitably come across something known as the Excel IQ test or Excel Assessment test. The Excel IQ tests are specially designed and formulated to gauge an individual’s level of knowledge when it comes to Excel. Most of these tests should cover topics from the beginner, intermediate and advanced level. The format can depend on the test structure, though one can expect multiple choices and other practical exercises.

Corporations can often require for applicants to take an Excel IQ test to gauge their compatibility with the job opening they are applying for. So if you are looking to apply for a job opening, or just want to test the limits of your knowledge, here’s how you can prepare yourself for an Excel IQ test:

1. Source Around

You will be surprised with the amount of resources you can find when looking for Excel IQ tests. Before you apply for job openings, it would be good to gauge your current level of understanding by identifying and taking a pack of different Excel IQ tests. However, it is often recommended to do so by searching for verified sources. For example- Excel IQ tests from websites for professional training are often a better option compared to others since course creators often rely on curriculums that relate to business professional needs. This could also give you a realistic comparison to what you are supposed to know if you intend to test out your proficiency.

2. Variety

Variety is essential when it comes to taking Excel tests- this way, you can identify common functions/formulas that are covered in the tests, as well as find out the solutions to those you have not tried out before. Especially when it comes to job applications- it is nearly impossible to correctly predict all that the company’s Excel IQ test will cover since each corporation’s requirements differ, but by practising/identifying the formulas you aren’t as familiar in, you are adding onto your chances of passing the test.

3. Videos

Brush up on your training by searching for video tutorials that you can refer to while preparing for your Excel IQ test. Video tutorials not only provide visual but also auditory engagement, thereby increasing the chances of the user retaining information. Video tutorials also help since you will be able to witness for yourself how certain functions/formulas are used instead of having to deal with confusion by trying to visualise through information alone.

4. Tips and Feedback

Look for tips and feedback from Excel forums- especially official Microsoft Excel forums. This is a good resource for advice and insight from users who have taken Excel tests. By mingling with different Excel experts, you can take the opportunity to ask for recommended tests to take, search for solutions and other valuable tips.

5. Format

Whenever possible, try out sample tests that contain different formats- interactive tests, MCQ choices, sample essay questions, specially designed interfaces and more. This is to familiarise yourself with being able to adapt to different question types under a time frame. Different format questions are also ideal since you will also be able to gauge what kind of questions are tricky for you and practise that more.

financial-control

Exerting Financial Control in MYOB- what to remember

One of the advantages that has accountants and entrepreneurs drawn to MYOB as a software program was the amount of financial control they are able to directly influence and effectively make use of to best benefit them. However, if you are just starting out, you will need to know certain things so that you will not be at a loss of what to do. Here’s what you should know:

MYOB allows users to set their own budgets, audit their own records, review/analyse their financial activities and keep track of their cash flow. Financial information of corporations should be tracked on three different levels for clearer management- Accounts, Categories as well as Jobs. This is so that you will be able to accurately gauge information and make better informed decisions.

Accounts level information tracking is usually the first step since it shows you the profits and details of your corporation as a whole. But you will also need to pinpoint the true profits and financial details of individual sections if you have different departments/divisions/office branches/properties and other related sections. That is where Categories comes into place, and also incidentally how you can know where your highest profits are earned, and how you are to go about targeting your marketing strategy. Then you will also have to perform essential activities like payroll, so you will also need to track profits and details on an individual’s level, which can be done in the Jobs level.

In MYOB, part of exerting financial control is being able to access essential information, analyse the data presented and make improvements to lacking areas. You are hence given many different options when reviewing financial information in your files- business insights, balance sheet analysis, profit/loss analysis, job analysis and more.

Using tables/graphs and charts that are interactive, you will be able to delve deeper into business insights- learn about your cash availability, the general cash flow, compare profits with loss, keep track of the money and payments you owe to your suppliers, keep track of pending payments from customers and more. Under business insights, MYOB presents 4 summary panels with additional windows so you can further retrieve more information in greater detail.

In addition, you can also make use of MYOB’s features to keep track of expenses that can be reimbursable by your customer. Simply set up a ‘job’ and assign the relevant expenses to the ‘job’ before you begin recording them. This way, you can add the reimbursable notes to invoices you bill to your customers whenever applicable.

Once you have all important financial details presented to you, take some time to analyse the data you have achieved before focusing on your budgets. Are there certain areas you have to make changes to? It’s imperative to understand that budgets are set based on predicting the financial situation of your company during the duration of a certain time. To ensure that you are within your set budget goals, you will be required to constantly check and compare your projected data values with your actual data values. If there are certain factors that detrimentally affect your financial situation, you will need to make changes in order to keep everything within your budget planning.

Some factors to consider during budget planning are the income your corporation is earning, the cost of expenses/sales, special assets and liability balancing and other essential factors that can pose an impact to your financial state, for example: A Loan. Keep track of your projected and actual data- if you see any large variations, it is recommended to investigate why.

View your financial reports through the reports menu in your MYOB software. Choose to index to reports and open up the window, you will then be able to choose between different account reports, according to what you wish to see.

customise-form

Customising MYOB forms in 5 steps

One of the best features in MYOB is that it places full control in the hands of it’s users. Thanks to the customisation features available, users can now customise their own MYOB forms for almost everything- cheques, invoices, pay slips, sales statements, purchase orders, billing/mailing labels and more! Create your own customised MYOB forms today for easier business practices! Here’s 5 steps to perform so that you ensure a successful creation:

1. Display

Locate your Setup menu under your MYOB software and choose customise forms when prompted. You can then select the form type you want- this will enable the customise forms window to appear for you. Now choose the form you want to customise and select customise.

2. Editing

Set up your form properties by choosing the form properties button on your tool palette, located on the customise window. You will then be given the choice for layout or options. Adjust the paper/form sizes in the layout tab, and make the relevant changes as prompted. You can also manually adjust your page margins. You can also set a background image by progressing to the options section. Click insert background and choose your background image, as well as allocate where the image should be displayed. Add, edit and remove elements according to what you need for your MYOB forms.

3. Preview

To ensure that you have your form ready according to your requirements, you can choose to preview what changes you have made first. You can do so with a screen preview display at any given time during your process of customisation so you can make sure that you are on the right track. Select the preview button in the tool palette located in the customise window. You will then see your form displayed in a print preview, if you want to see more details, you can make changes in the zoom field accordingly.

4. Save and Print

Once you are done making changes to your customised forms, you can save them. Simply choose Save As so that the dialog window appears. You will be prompted for names and brief descriptions for your new customised layout. Fill in the relevant detail so that you will be able to easily identify the forms when you want to reuse. To print the customised form, you can select the form under the advanced filters option.

5. Additional advice

When it comes to creating customised MYOB forms, it is advised to allocate them to the forms folder where the company file is stored. You should also take precautions by creating a back up to back up the forms folder in your MYOB software before any customisation so that in case you need to revert to an original copy, you will still have a file for that.

The MYOB software contains a large amount of useful features for users to make use of in their daily work. Learning to customise your own MYOB forms is only the first part. If you intend to learn to make the most of your software, it is always recommended that you consider signing up for MYOB training classes.

excel-pivot-table

5 Helpful Excel Pivot Table Tips to Incorporate

The truth of the matter is that when it comes to large amounts of data sets and analysing them quickly, there is no greater feature in Excel than the Excel Pivot Table tool. Versatile, easily used, speedy and accurate when executed correctly, the tool is one that you will find yourself using to sort your data often. If you are new to Excel Pivot Tables, there are 5 helpful tips that you should definitely incorporate into your work:

1. Grouping

The data in your Pivot tables can be grouped using numbers. With this capability, you can actually make use of it to customise your group by a lot of things. For example, data ranges for age, for price, for numerics and so on so forth as long as it allows easy deciphering for your reports. Simply make use of the Excel Pivot Table tool to create a PivotTable and add your relevant elements into the relevant labels provided. You can then right click any data value and select Group. This will enable a dialog box that will let you enter different intervals (in the BY section) as you require.

2. Syncing

To save yourself a lot of time, maximise the use you get out of the Excel Pivot Table tool by making tables your source data. When you do that, Excel automatically helps you expand/shrink your table with every addition or decrease of data. Your PivotTable will always be in sync with the changes. Select the data range you want and create your table first, then choose to summarise with the pivot table tool.

3. Naming/Renaming

Excel PivotTables usually display names that are in it’s source data. So if you run into cases where you have to change the field names, you can actually do so easily without having to redo the table again. Simply choose the field name that is displayed in the PivotTable and manually type in your new name. However, do note that you cannot use the same field name twice. A feasible alternative to that would be adding spaces towards the end of your field name. You can also consider adding fields as a value.

4. Formatting

Automatically format the value fields of your PivotTable by ensuring that the number format on the relevant fields are already set. Choose the cells directly and apply the format first or use the field settings (Value field settings) from the menu to format as you desire.

5. Data Removal

If the data in your PivotTable is no longer necessary, then you can actually choose to remove it without compromising the functioning ability of your PivotTable. PivotTables come with something known as the pivot cache- which contains a duplicate of the data that was used to create the table. Make sure to refresh so that your pivot cache is up to date then delete the data you do not need. You will still be able to make use of your PivotTable as usual.

Page 3 of 1712345...10...Last »