MYOB (Advanced)
Course Description
Funding available for this course The most popular accounting software course - MYOB training (Advance)
Course Objective
By the end of this workshop, participants will be able to:
- Use MYOB computerised accounting software to:-
- Use the multi-currency function to keep accounts
- Prepare budgets
- Set up jobs to track projects P&L
- When and how to record general journals
- Understand the glossary of accounting terms
- Understand accruals, prudence and matching concepts, as well as other accounting principles
- Understand interaction between Inventories and related accounts
- Provide for depreciation, bad debts and other entries
- Understand and interpret financial statements
- Submit GST returns to IRAS and the relevant accounting entries
Target Audience
Non-Accounting graduates who would like to be able to keep and manage a full set of accounts.
Accounts and Admin Assistants/Executives, Bookkeepers, Accountancy students and anyone who has an interest in Accounts
Prerequisites
Completed ‘Prepare Accounts Using MYOB – Beginner’ class
Methodologies
Hands on and real life scenarios and documents
Course Content
Topic 1: Activate Multiple Currencies Feature- Change currency of an account
- Setup linked account in foreign currency
- How to set up Trade Debtors/Creditors in other currencies
- Explain Realised/ Unrealised Gain/ loss
Topic 2: Jobs, Category Tracking & Budgeting
- Budget the P&L and Balance Sheet
- Creating Jobs and budget for them
- Creating Categories and how to track them
Topic 3: Inventory accounting and methods of valuation
- Different valuation methods of inventory - FIFO, LIFO and Weighted Average
- How inventory works and interaction with GL
- Treatment of raw materials, WIP and Finished Goods
- Difference between perpetual and periodic inventory
- Advantages and disadvantages of each method of valuation
Topic 4: Setting Up Inventory List
- Create Inventory Items
- Customise Price Levels, List and Field Names
- Inventory Opening Balance
Topic 5: Managing Inventory
- Multiple Warehouses
- Allocate inventory to multiple warehouses
- Completing a Stock Take
- Inventory Adjustment
- Build Items Function
- Auto-Build Items function
Topic 6: Managing Purchases (item layout)
- Record Item Purchase Order
- Record Receive Item (without supplier bill)
- Convert Purchase Order to Bill
- Creating a Backorder
- Pay Bills
- Recording and Settling Credit Note from supplier
- Record Bills from foreign currency supplier and Pay bills
Topic 7: Managing Sales (item layout)
- Record Item Quote
- Convert Sales Quote to Sales Order
- Convert Sales Order to Sales Invoice
- Recording and Settling Credit Note to Customers
- Customer Payments
- Record Invoices to foreign currency customer and Receive Payments
Topic 8: Journal entries and posting into accounts
- Concept of ‘double-entry’ and journal postings
- Accounting for fixed assets
- Making entries for depreciation, amortizations, bank charges and interests
- GST reporting to IRAS and posting into accounts
Topic 9: Reports
- Inventory Reports
- Jobs Reports
- Category Reports
- Exceptions Reports
- Audit Trail Reports
- Realised/ Unrealised Currency Gain/ Loss
Topic 10: Preference Settings
- System & Windows Setting
- Security Settings
- Inventory, Sales & Purchases Settings