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  • Essay / Creating Accounts in MYOB - 949

    PART 3 – HOW TO CREATE A LIST OF ACCOUNTS (PLAN OF ACCOUNTS) IN MYOBCreating a list of accounts or a chart of accounts in MYOB has never been so quick and easy. This part is intended for the creation of the “New Company File” or the first configuration of company accounts. To start using it, click Setup, select Easy Setup Assistant as shown below: There are three ways to configure the account list in the Easy Setup Assistant: 1) Start with the account list provided by MYOB Premier ; or2) Import a list of accounts provided by the accountant after configuring the company file; or3) Create your own account list Once company users start using MYOB PremierNow, we discuss the first way:1. GET STARTED WITH THE ACCOUNT LIST PROVIDED BY MYOB PREMIER One of the best features of the MYOB software is its built-in account list with a very wide range of industry classifications and business types to choose from. So you don't need to hire a team of consultants to customize the company's accounts or chart of accounts. Account codes/account names vary depending on the type of business you choose. So make sure to indicate the most appropriate business type for which MYOB should be used for the built-in account list. You 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 configured. Adding, removing, and editing accounts will be covered in a separate topic below. All you need to do is set up during “Business Creation” and click Get Started with the account list provided by MYOB Premier. After clicking on the first option per screenshot below: ACCOUNT CLASSIFICATIONS IN MYOB Please note that in MYOB, account classifications are designed to...... middle of paper ...... du detailed account, account code number and account description is indicated.2. Details Tab - This is where you indicate the tax code of the account being created, if applicable. In this example screenshot, Check Account does not require a tax code. Its link with customer receipts is indicated in the lower part. The topic Linking Accounts is covered in a separate training module.3. Bank Tab – This is the tab for providing details about a bank account code. The account number to be entered must contain only numeric characters. This tab is not available on accounts that are not bank accounts like the spending accounts per screenshot below:4. History Tab – This tab displays the history of a particular account showing the previous year's balance and the current year's balance on a monthly comparative figure including the 13th month period, if previously configured in business setup..