- Created by admin, last modified by AdrianC on Dec 05, 2016
https://help.myob.com/wiki/x/iAmc
ANSWER ID:11168
The RetailManager accounting export creates a Retail.txt file containing transactional data in the form of journal entries to be imported into MYOB accounting software, such as AccountRight. These journals can at times be quite large and complex to understand. This support note attempts to translate the transactions processed in RetailManager into their basic journal entries as seen in the accounting export and MYOB accounting software.
RetailManager transactions, journals and GST
All transactions in RetailManager produce a journal entry which is created in the accounting export. As the exported journals are very comprehensive, they can often be quite complex and a little challenging to understand the effects on your MYOB Accounts and Balance Sheet.
In the sample transactions below, the effect of RetailManager transactions on the accounting export journals is fully explained in table format as debits and credits to various MYOB accounts.
Several options within RetailManager determine how these journals appear in the exported Retail.txt file (and how they appear in MYOB). One of the most important options determines how tax is reported and tracked through to MYOB accounting software. This is the Exporting Method option which can be set to either Cash or Accrual. In New Zealand, these are sometimes referred to as the Payments and Invoice basis.
| If reporting tax on | then... |
|---|---|
| a Cash basis | GST is reportable when payments are made or received by the business, regardless of whether the transaction is pending or finalised. |
| an Accrual basis | GST is reportable when the transaction is considered to be finalised, regardless of payments made or received by the business. |
This support note explains exported journals using the Accrual method. Using the Cash method?
Select your country to view the journal information.
In the examples listed below, all journals are shown in a tax inclusive format. The rate of each tax code is applied to the amount shown in the Dr or Cr column, and the calculated amount is then posted to the linked account associated to the tax code. E.g. an amount of $110 appears in the Dr column with a tax code of GST. This means that $100 is posted to the displayed account number and $10 (GST = 10%) is posted to the linked account for GST in your MYOB Accounting package.
| Transaction | Details | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Goods Received | To record the value of the goods received and the amount of money owed to the supplier:
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| Returned Goods | To reduce the value of inventory and the amount owed to the suppliers:
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| Cash Sales | To record the money received whereby the income is recognised immediately. Example: a product at a tax inclusive cost price of $110 and tax inclusive selling price of $165:
To record the cost of the sale:
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| Lay-by | RetailManager does not regard a lay-by transaction as income until the last payment has been made and the goods have left the store. There is no transaction recorded in the accounting program when a lay-by is created. The GST is reportable on the total lay-by when the last payment has been made and the goods have left the store. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recording a lay-by payment | The example below is an initial payment of $50 on a lay-by of $200.
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| Recording the final lay-by payment (Item collected) | This is the final payment where the sale is recognised as income.
To record the cost of a sale: Example: a tax inclusive product cost price of $110
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| Account Sales | To record income owed by a customer: Example: An account sale for $165 including tax.
To record the cost of a sale: Example: a tax inclusive product cost price of $110 and tax inclusive selling price of $165.
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Debtor Payment | To record money received as a debtor payment: Example: Debtor Payment of $100.
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| Credit Notes | Negative sale recorded to create the Credit Note. This will result in an Inventory Adjustment to reverse the initial Cost of Sales: Example: a tax inclusive product cost price of $110 and tax inclusive selling price of $165.
To record a customer credit:
Recording a sale paid by a customer's existing credit note: To record the cost of the product: Example: a product at a tax inclusive cost price of $110 and tax inclusive selling price of $165:
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Cash Till Shortage | Assuming total cash sales of $500 for the day, where the cash till takings were actually $400. (Was short by $100) To record the expenses incurred for a till shortage:
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Cash Till Excess | Assuming total cash sales of $500 for the day, where the cash till takings were actually $600. (Was in excess by $100) To record the income received for the extra money found:
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Sales Orders | RetailManager does not regard a sales order transaction as income until the last payment has been made and the goods have left the store, so there is no transaction recorded in the accounting program when a sales order is created. The GST is reportable on the total sales order when the first sales order payment is received. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales order payments | The total value of the sales order is reportable in the BAS period once the first payment is received. Example: Sales order of $58.00 with a payment of $25.00. To record sales order payments:
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Sales order conversion | When all the payments have been received and the item is collected, RetailManager will convert the sales order and all its payments into a sale and record the value as income. To record the conversion: Example: Sales order of $58.00 with an initial payment of $25.00, and a final payment of $33.00. (The journal example does not include the recording of the Cost of Goods Sold and the associated Inventory Adjustment.)
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In the examples listed below, all journals are shown in a GST inclusive format. The rate of each GST code is applied to the amount shown in the Dr or Cr column, and the calculated amount is then posted to the linked account associated to the tax code. E.g. an amount of $115 appears in the Dr column with a GST code of S15. This means that $100 is posted to the displayed account number and $15 (GST = 15%) is posted to the linked account for GST in your MYOB Accounting package.
| Transaction | Details | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Goods Received | To record the value of the goods received and the amount of money owed to the supplier:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Returned Goods | To reduce the value of inventory and the amount owed to the suppliers:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Sales | To record the money received whereby the income is recognised immediately. Example: a product at a GST inclusive cost price of $110 and tax inclusive selling price of $165:
To record the cost of the sale:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lay-by | RetailManager does not regard a lay-by transaction as income until the last payment has been made and the goods have left the store. There is no transaction recorded in the accounting program when a lay-by is created. The GST is reportable on the total lay-by when the last payment has been made and the goods have left the store. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recording a lay-by payment | The example below is an initial payment of $50 on a lay-by of $200.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recording the final lay-by payment (Item collected) | This is the final payment where the sale is recognised as income.
To record the cost of a sale: Example: a GST inclusive product cost price of $115
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Account Sales | To record income owed by a customer: Example: An account sale for $165 including GST.
To record the cost of a sale: Example: a GST inclusive product cost price of $115 and GST inclusive selling price of $165.
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Debtor Payment | To record money received as a debtor payment: Example: Debtor Payment of $100.
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| Credit Notes | Negative sale recorded to create the Credit Note. This will result in an Inventory Adjustment to reverse the initial Cost of Sales: Example: a GST inclusive product cost price of $115 and GST inclusive selling price of $165.
To record a customer credit:
Recording a sale paid by a customer's existing credit note: To record the cost of the product: Example: a product at a GST inclusive cost price of $115 and GST inclusive selling price of $165:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Till Shortage | Assuming total cash sales of $500 for the day, where the cash till takings were actually $400. (Was short by $100) To record the expenses incurred for a till shortage:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Till Excess | Assuming total cash sales of $500 for the day, where the cash till takings were actually $600. (Was in excess by $100) To record the income received for the extra money found:
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Sales Orders | RetailManager does not regard a sales order transaction as income until the last payment has been made and the goods have left the store, so there is no transaction recorded in the accounting program when a sales order is created. The GST is reportable on the total sales order when the first sales order payment is received. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales order payments | The total value of the sales order is reportable in the BAS period once the first payment is received. Example: Sales order of $58.00 with a payment of $25.00. To record sales order payments:
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Sales order conversion | When all the payments have been received and the item is collected, RetailManager will convert the sales order and all its payments into a sale and record the value as income. To record the conversion: Example: Sales order of $58.00 with an initial payment of $25.00, and a final payment of $33.00. (The journal example does not include the recording of the Cost of Goods Sold and the associated Inventory Adjustment.)
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