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MYOB (Beginner & Advanced)

Course Description

The most popular accounting software course - MYOB training

Course Objective

By the end of this workshop, participants will be able to:

  • Use MYOB computerised accounting software to perform day-to-day accounts
  • Understand the basics and need for Accounting
  • Understand the glossary of accounting terms
  • Explain and understand the concept of double-entry (debits and credits) and what is meant by ‘books must be balanced’
  • Understand what are financial statements
  • Relationship between all accounts and the financial statements (how and which category do they fall into)
  • Understand AR and AP
  • 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 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.

Methodologies

Hands on and real life scenarios and documents

Course Content

Topic 1: Computerised/Automated Accounting
  • Difference between manual and computerised accounting
  • Working in a computerised accounting environment
  • Filing and proper record keeping

Topic 2: History and the necessity of bookkeeping

  • Origin and brief background of bookkeeping
  • Difference between financial accounting and management accounting
  • Why and necessity of bookkeeping

Topic 3: Getting Started With MYOB

  • How to start up MYOB and set up a new data file
  • Overview of the modules in MYOB

Topic 4: Setting Up Chart of Accounts

  • Management of Accounts List, Accounts classification & types
  • How the accounts are arranged, prefix and classification
  • Delete, create and edit an account
  • What is linked account

Topic 5: Setting Up Card File

  • Cards List
  • Create a New Card and explain all the 7 tabs in the Card Information
  • Custom Lists and Field Names
  • View Contact Log in To Do List
  • Print Mailing Labels
  • Create Personalised Letters

Topic 6: Opening Balances

  • Enter Account Opening Balances
  • Enter Supplier & Customer Balances
  • Initial Bank Reconciliation

Topic 7: Managing Sales (service layout)

  • Introduction to the Sales Register
  • Record Quote
  • Convert Quote to Sales Invoice
  • Customer Payments
  • Recording and Settling Credit Notes
  • Print Or Email Sales Invoices and Print Receipts
  • Print Or Email Statements

Topic 8: Managing Purchases (service layout)

  • Introduction to the Purchases Register
  • Record Purchase Order
  • Convert Purchase Order to Bill
  • Creating a Backorder
  • Pay Bills
  • Recording and Settling Credit Note from supplier
  • Print Purchase Order

Topic 9: Accounts Receivables & Accounts Payable

  • Understanding how Accounts Receivables work and relates to General Ledger
  • Understanding how Accounts Payables work and relates to General Ledger
  • Understanding the importance of bank reconciliation
  • Performing AR and AP reconciliations

Topic 10: Banking

  • Introduction to the Bank Register
  • How to Record Income or Expenses not related to Sales or Purchases
  • Monthly Bank Reconciliation

Topic 11: Reports

  • Generate GST Reports
  • Accounting Reports
  • Sales & Purchases Reports

Topic 12: Customizing forms

  • Customise sales invoices, PO, etc.

Topic 13: User ID setup & Access Rights

Topic 14: 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 15: 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 16: 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 17: Setting Up Inventory List

  • Create Inventory Items
  • Customise Price Levels, List and Field Names
  • Inventory Opening Balance

Topic 18: Managing Inventory

  • Multiple Warehouses
  • Allocate inventory to multiple warehouses
  • Completing a Stock Take
  • Inventory Adjustment
  • Build Items Function
  • Auto-Build Items function

Topic 19: 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 20: 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 21: 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 22: Reports

  • Inventory Reports
  • Jobs Reports
  • Category Reports
  • Exceptions Reports
  • Audit Trail Reports
  • Realised/ Unrealised Currency Gain/ Loss

Topic 23: Preference Settings

  • System & Windows Setting
  • Security Settings
  • Inventory, Sales & Purchases Settings

Course Duration

2 Days

Course Time

9am to 5pm

Course Fee

S$350.00

(Group Discount of 10% for 3 or more participants)

Course Dates

21 - 22 May 2019
20 - 21 Jun 2019
22 - 23 Jul 2019
22 - 23 Aug 2019
23 - 24 Sep 2019
21 - 22 Oct 2019
21 - 22 Nov 2019
16 - 17 Dec 2019