Progress based on time spent on each chapter
In the first chapter the company formation field appears where all the details regarding the company information, like the name of the company, the ABN number the address and contact number of the company is recorded. In the next step the accounting year and the conversion month is to be selected within which all the transactions are to be recorded. In this the time required will be approximately 1 hour this an important step in MYTOB as under this method the conversion date is given which can not be altered once recorded so under this step it is necessary to record all the details minutely as one error will make the entire process wrong and again a new file has to be created which will take more time.
In the next step the chart of accounts is to be recorded which is the main step for the entire MYOB transactions. All the list of accounts is already provided in the MYOB default list which can be altered or edited as per the requirement. In this step minimum 2 hours is to be allocated as this is a lengthy process and extreme care has to be taken while preparing the chart of accounts. All the items are to be provided under the proper heading and subheadings and one error can affect the reports like balance sheet and profit and loss account and the presentation of these reports will not be considered as authentic if the chart of accounts is not made properly. after that all the opening balances are to be recorded this will help to tally the debits and credits of the trial balance and all the reports that are generated will give accurate results only if the opening balances are recorded correctly. The chart of accounts may be required to be modified as and when it is essential to add any extra account for making any adjustment entries or to buy any assets or creating any liabilities. The adjustment entries are also recorded in this step these adjustment entries are essential to give the true and fair view of the financial reports that are generated from MYOB.
In the next step the expenditures and the purchase are recorded. In MYOB to record purchase entries it is essential to create a supplier card details wherein all the details and information of the suppliers are created. from these details it will be possible to record the invoices. The invoices are prepared by selecting the proper supplier who raised the bill and from whom an item is purchased. In MYOB it is possible to record the past history of the suppliers and payments are made if any past invoice is due. It is o possible to record credit memos in MYOB if any item is rejected and returned back to the suppliers. The payment of the suppliers are made from the pay bill option and after selecting the particular supplier to whom such payment is to be made it automatically shows the due amount and in the amount column by entering the specific amount its can be possible to settle the account of the supplier or to make any part payment against the amount due.
In the next chapter the revenue cycle is prepared in the MYTOB software it will also take more than 2 hours. In this step customers id are to be created and invoices are raised against the customers to whom items are sold on credit or on cash basis. The credit limit and terms of the credit are specified in the customer details tab and that will restrict if excess credit is allowed to the customer against whom a specific credit limit is mentioned. The amount receive option is available in the sales command from which all the details of the amount received from customers are recorded.
In the next chapter the banking details are recorded, the banking command allow to record the expenses and revenue that incurred in the business. From the banking command it is also possible to make the reconciliation o the bank statement as per the company and the statement asper the bank through which the company make all its transactions. It will take 1 hour to complete this chapter.
Inventory management system also another important part that is present in the MYOB software in which the item that are purchased and sold and stored by the company can be recorded. The inventory command allows to record every individual item ss per the classification of that particular item and all these items are classified as per the cost of sales and the revenue account which make it easy to track all the items.
Payroll is the next chapter where in all the details of the employees o the organization are recorded. from the payroll command it is possible to proceed the salaries of the employees and also to get reports of the superannuation funds and other entitlements of the employees. It is possible to complete this chapter within 1.5 hours.
The last step is the creation of the BAS activity statement which contain all the report that are related with the business activities. This can be completed within 30 minutes.
Some discrepancies are found in the MYOB report and the reports provided in the books, like in the reconciliation statement some differences occurred which is duly rectified by posting the correct entries. In the payroll system also, some difficulties occurred with generating the reports but after following the correct step mentioned in the book the problems are solved.
By recording the transaction in MYOB correctly it has been possible for me to understand the basic concept of accounting properly and to get an idea about the practical implication of the accounting principle in the business activities.
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Jayasinghe, D. and France, A., 2018. Comparing reporting of MYOB Enterprise Reporter vs Xero HQ Reporter.
Nwosu, B.O. and Amahi, F.U., 2019. BUILDING THE CAPACITY OF STUDENTS OF BUSINESS EDUCATION (ACCOUNTING) WITH ACCOUNTING SOFTWARE SKILLS FOR IMPROVED SERVICE DELIVERY IN MODERN OFFICE AND SCHOOL ENVIRONMENTS. Nigerian Journal of Business Education (NIGJBED), 6(2), pp.368-381.
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