bookkeeping and accounting services


How To: Import Data Into MYOB Premier

Different professional accounting firms in Singapore can often form and rely on their own systematic schedules and techniques when providing bookkeeping and accounting services. So before beginning with essential tasks, it is highly recommended for users to consolidate data into one working software program and incorporate it into their company files. As an added improvement to general user experience, MYOB Premier allows users to import external data through a variety of formats and methods for further efficiency. Here are some ways users can do so:

All data that requires importing are prefered to be either tab-delimited file formats or comma-separated file formats. It is advisable to export relevant files into the above mentioned format from external programs. To begin importing, users can locate the File menu of MYOB Premier and select import data. This will enable different data type importing options which are chosen based on requirement. It is imperative to select a method of handling duplicate records as well, to minimise problems. Once accomplished, users will be prompted to select the relevant files and open them. They will then be required to match import fields by manually selecting and clicking the relevant fields in the columns. Importing can be performed once all relevant data fields have been matched. Should the process be unsuccessful, a log file will be generated for warnings and errors.

Some common importing procedures and sources that are often used with MYOB Premier includes:

Accounts Lists (From Accountants Office)

Perhaps one of the most straightforward import options supported by MYOB Premier, users can choose to import by obtaining a text file (.txt) and pick the AccountantLink option under file menu in their MYOB software. Selecting Receive from Accountants will lead them from the submenu to a list, where users can confirm the importing process and simply open up the relevant files.

QIF (Quicken) Transactions

MYOB Premier allows the importing of Quicken transactions as long as a QIF file containing relevant transactions have been created. Be sure to deselect category tracking under the preferences window of the MYOB software before beginning the import. Users are recommended to check for any matching accounts associated with the QIF file transactions, if there aren’t any matches, they will be prompted for an account selection. MYOB Premier requires users to match their Quicken account with one account in the software or one shall be created with a default name.

MYOB RetailManager/RetailBasics

These file types can be imported by locating the setup menu in MYOB Premier and choosing preferences. The MYOB RetailManager option can be found under the system tab, once selected, users can exit the software and open up the relevant file- essential transactions will automatically be imported. RetailBasics data however, has to be exported into text (.txt) files and saved in the location of the MYOB company file so that MYOB Premier can check for the text file. Users are advised to ensure that the same tax codes and rates are being used.

5 Basic Accounting Principles and Guidelines To Understand

Accountants are highly encouraged to regularly study, practise and understand accounting principles as well as guidelines before offering bookkeeping and accounting services in Singapore. For beginner accountants, there are 5 basic accounting principles to first familiarise oneself with:

  1. Entity Assumption

As a basic accounting principle, accountants are advised to keep business transactions of sole proprietorships separate from personal transactions of the business owners. While the sole proprietorship business, as well as the business owner, are technically considered one entity, they are kept as two separate entities when it comes to accounting.

  1. Time Period

Time period assumption is one of the most crucial basic accounting principles to keep in mind- the shorter the time intervals are, the likelier it is that the accountant will be required to perform estimate amounts that are relevant to the indicated time period. A good bookkeeping and accounting practice would be to display clearly the period of time (time interval) in each income statement’s heading, as well as the stockholders’ equity statement and cash flow statement.

  1. Full Disclosure

Out of all basic accounting principles, the requirement for full disclosure is one accountant should take care not to miss. Information that is considered important to investors and lenders should be fully disclosed within the financial statements, or at least attached to them in the form of footnotes. Accountants should also monitor the going concern accounting principle while at it, since this principle would assume that corporations will continue existing long without the possibility of liquidating in the near future. If the accountant believes the corporation may not continue on, the accountant should disclose the assessment.

  1. Matching Principle

To follow this principle, corporations would be required to use an accrual basis when it comes to accounting so that expenses are matched with revenues. For corporations who decide to use services that are difficult to measure when it comes to future economic benefits- like advertising, for example, the accountant may experience trouble when attempting to match such expenses with future revenues. What can be done, is for the amount to be charged to the expense in the time period where the corporation is using the service.

  1. Cost Principle

Costs are typically defined when the amount of cash (or equivalent) is spent on products/items that are originally obtained- regardless of when the purchase happened. These purchase amounts are usually displayed on financial statements as historical cost. As a result, the asset amounts will not be adjusted upwards to reflect any increase (inflation).