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https://help.myob.com/wiki/x/8oGi
ANSWER ID:11390
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.
This support note assumes a GST rate of 10%.
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.
| 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 Cash method.
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. For example 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 software.
| 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 | When a cash sale is made the income is recognised immediately. Example: a product is sold for $165 including tax, at a cost of $110, also including tax.
| |||||||||||||||
Dr | Cr | Tax Code | ||
1-1100 | Bank Account (Asset) | 165 | N-T | |
4-1100 | Sales (Income) | 165 | GST |
To record the cost of the sale:
Dr | Cr |