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DISCUSS
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Think back to what makes up a Balance Sheet and the Profit and Loss.
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We use the accounts list to record, track, organise and report the financial activity of a business.
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Before you start recording transactions you need to review the Accounts list provided by default and make any changes to it.
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DEMO
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Accounts list
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Add, edit and delete accounts.
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Where to enter opening balances.
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DO
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Activity 1 – Updating the accounts list
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Activity 2 – Opening balances
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TIP
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Depending on what makes up the opening balances there may be some extra setup tasks to do (we’ll get to this later).
For example:
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Accounts receivable = total of unpaid customer invoices
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Accounts payable = total of unpaid supplier invoices
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DISCUSS
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Who does your business deal with?
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What type of information would you want to store about them? And why?
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Where would you get their details from? (types of sources)
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DEMO
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Add contacts
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DISPLAY the Create contact page and discuss:
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Business/individual and classification (C, S, CS, O)
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Mandatory fields
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Bill to different address option.
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DO
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Activity 1 – Create a customer contact
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Activity 2 – Create a supplier contact (x2)
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TIP
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View contacts window
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Filter, search field and sort columns
Open Hire the works and only discuss the following:
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Edit and save, Delete and Active/Inactive
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DISCUSS
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What do you buy or sell in your business?
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To speed up data entry, set up your stock and services as items.
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DEMO
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Add items
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Before creating items, think of a naming method.
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P001 – Pipes
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S001 – Install pipes
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P003 – Equipment hire
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(price changes frequently, so enter $1.00, which can be overridden when recording the item sale or purchase)
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DO
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Activity 1 – Add more items
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P002 – Hot water system
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S002 – Install of HWS
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S003 – Callout fee
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TIP
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View items window
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Filter, search field and sort columns
Open item and only discuss the following:
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Edit and save, Delete and Active/Inactive
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DISCUSS
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You should create a user for each staff member in your business who will be using MYOB Essentials.
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Standard user or administrator (refer to Help for explanation).
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DEMO
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Invite users
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Create a user
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Use Help link from this window to explain standard user vs administrator.
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Invite advisor
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TIP
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View Users window
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Invite status (user needs to accept), Resend invite.
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Once active, you can edit their details, access level, etc.
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2 SLIDES
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Set up… and ready to go
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… well, sort of
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Feeling on top of it? (please rate)
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75 mins
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2 SLIDES
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Sales and purchases (title slide)
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1 SLIDE
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Opening customer balances
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DISCUSS
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Recap the Accounts Receivable opening balance.
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The AR balance always shows the total amount of what customers owe you (unpaid invoices).
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We need to enter 3 historical sales.
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Entering an historical sale is the same as creating a new invoice, except the date is before you started using Essentials.
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DEMO
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Enter historical sale
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DISPLAY the Kingston & Co. Developments invoice.
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What makes up an invoice?
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Who it’s for?
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When (issue date/due date)?
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What was sold?
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How much (income/GST)?
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DO
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Activity 1 – Enter historical sale (x2)
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TIP
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View invoices
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View dashboard – what has changed?
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Similar process can be followed for Purchases, if you’ve entered an opening balance in Accounts Payable (bills still to be paid).
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DISCUSS
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How do sales come in to your business?
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(in person, phone, email, online order, etc)
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Aside from the date, creating an invoice is no different to entering historical sales.
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Adding a contact on the fly.
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DEMO
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Create a quote or invoice
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Create a quote
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Add contact on the fly
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Show expiry date
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Convert the quote to an invoice
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DO
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Activity 1 – Create an invoice (Kingston & Co. Developments)
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Activity 2 – Create a quote and convert to invoice (Midtown Hospital)
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TIP
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View Invoices window
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Filter, search field and sort columns.
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Due dates, Totals, Status, Sent, etc.
Open invoice and only discuss the following:
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Edit and save, Delete and Email/Print.
Do you like setting sales targets?
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In the dashboard, you can update your sales target for each month, to give you a visual on how you’re tracking.
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1 SLIDE
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DEMO
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Invoicing on the go
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Demo the app on screen.
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Create an invoice
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View contacts
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DISCUSS
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What are customer statements and why would you send them?
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Usually sent at the end of the month to customers who have outstanding balances.
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DEMO
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Customer statements
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Highlight option to include customers with $0 balance (leave unticked).
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Print or email.
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1 SLIDE
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A smarter way to manage bills
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DEMO
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Upload supplier invoices
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Upload invoice from Plumbing Galore.
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Check what details are populated by OCR, then enter the rest.
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What was the bill for? What account would you allocate it to?
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DO
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Activity 1 – Upload supplier documents to create a bill (Hire the works)
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TIP
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View Bills window
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Filter, search field and sort columns.
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Due dates, Totals, Status, Uploaded icon, etc.
Open bill and only discuss the following:
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Edit and save, Delete and Email/Print.
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View bill options.
Have you invited your Advisor to access your file?
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They can see your uploaded bills as well, so they always know what your purchases were for.
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1 SLIDE
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Feeling on top of it? (please rate)
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60 mins
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3 SLIDES
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Banking the smart way (title slide)
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Banking the smart way
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Overview
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DISCUSS
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You’ll need your bank account or credit card details.
Note that bank feeds can only be authorised by an administrator or by an accounting advisor (such as your accountant).
There are three steps:
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Apply for the bank feed – Enter the bank account details.
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Authorise the bank feed – Sign the authorisation form and send it to MYOB. For some banks, this step can be completed online.
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Link the bank feed to an MYOB Essentials bank account – Once your bank feed has become active, and you’ve started receiving transactions, choose which of your MYOB Essentials bank accounts to link it to.
Once you’ve completed your application, your bank transactions will start appearing in MYOB Essentials within 10 business days (faster with some banks).
You can track the status of your application on the Manage your bank feeds page.
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DEMO
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Go to the Bank transactions window.
WALKTHROUGH and discuss:
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All search filters, fields and ability to resort columns.
Click on the down arrow for a transaction and briefly show the options available (will look at these later in more detail).
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DISCUSS
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This depends on whether a there’s a transaction that has already been entered into Essentials or not.
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Entered in Essentials?
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Bank transaction
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Yes (invoices, bills, etc)
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Match (automatic)
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No
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Allocate
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DEMO
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WALKTHROUGH and discuss:
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Open a matched transaction to show what has happened (then close).
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Once it’s auto-matched, there’s nothing else to do.
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Show that you can unmatch.
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Show there’s the option to turn off auto-matching (Manage allocation rules)
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“2 matches available”
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Use the Westpac account for this demo and walkthrough.
WALKTHROUGH and discuss:
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Click in Allocate or Match column (simple allocation)
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Select any account
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Hover over selected account and delete it
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Show that you can also filter your search by keyword
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Click to see what different accounts that are displayed for Withdrawals vs Deposits (designed to make life easier)
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Click dropdown arrow (flexible allocation to multiple accounts if needed) [a scenario will be shown later]
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Hover over Description column
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Click Add note
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Write a note and click Save
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Hover over note and delete it
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DEMO
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Work with real bank data
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Officeworks (AU)/OfficeMax (NZ)
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Withdrawal
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885.00
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This was for a new laptop that was purchased (assume it’s capital for the purpose of this exercise).
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Click in the Allocate or Match field, and look for which account you would select and why?
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Allocate to 1-2200 Office equipment & computers
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You’d select an Asset account for this.
Because we’re not sure if this is correct, we’ll leave a note for our accountant to double-check this.
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“This was for a laptop I purchased. Have I coded this correctly?”
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Cash sales
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Deposit
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1,100.00
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This was cash paid for a plumbing job.
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Click in the Allocate or Match field, and look for which account you would select and why?
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Allocate to 4-1100 Plumbing services
You can also split over multiple accounts if you need to do this for more accurate reporting.
We’ll amend this so that $600 is for plumbing services and the other $500 was for the plumbing products that were supplied.
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Allocate $600 to 4-1100 Plumbing services
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Show Remaining amount field.
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Allocate $500 to 4-1200 Plumbing products
Once recorded, it states “Split across accounts”.
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DEMO
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Telstra (AU)/Spark (NZ) Phone Bill
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Withdrawal
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220.00
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This is for the monthly phone bill.
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Click in the Allocate or Match field, and look for which account you would select and why?
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Allocate to 6-5800 Telephone & mobile
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You’d select an Expense account for this.
You can do this every month, but there’s a better way…
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Telstra/Spark Phone Bill (continued)
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Withdrawal
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220.00
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If you regularly make the same types of payments, you can set up rules to automatically allocate these to your MYOB Essentials accounts, saving you from manual data entry.
WALKTHROUGH and discuss:
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Click the down arrow, then the Create rule tab.
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Description contains field.
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Make sure it contains only the necessary information to identify the transaction type.
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Allocate by dollar amount or percentage (leave as percentage)
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Allocate to 6-5800 Telephone & mobile
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Show that you can split across multiple accounts if you want
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Useful if this was 1 bill for phone ‘and’ internet, and you want to track these separately.
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Save the rule.
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This rule will now automatically allocate to this account.
Think about a common transaction that occurs in your business that you could create a rule for?
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[ask for some participants to share ideas]
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DO
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Rent
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Withdrawal
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1,000.00
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[Activity – get participants to create a new rule for this]
Review:
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Allocated to 6-4600 Rent
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Description simplified? (only if needed)
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Percentage 100%
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DEMO
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Savings for GST payment
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Withdrawal
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2,000.00
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In this example, we’ve transferred money into a separate savings account, so that we’ve got money set aside for paying GST when it’s due.
This method could also be used to pay off a credit card each month.
WALKTHROUGH and discuss:
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Click the down arrow, then the Transfer tab.
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Notice that there’s a transfer record is shown, even though we haven’t created a manual transfer.
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This is because we have bank feeds set up on all our accounts, so it has automatically identified the matching transfer.
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Just select it and click Save (this also auto-matches it on the Savings account bank feed).
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Go to the search filters at the top of the page and switch the bank feed to display the Savings account.
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Highlight that the bank transfer has been auto-matched.
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Switch back to the Westpac account when done.
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Kingston & Co
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Deposit
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AU 814.00
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NZ 851.00
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This payment is for 2 invoices (#180 and #125).
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Go to Match Transaction
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Filter by All transactions, then select the 2 invoices (note remaining balance is $0)
Once recorded, it states “Split across accounts”.
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DO
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Activity - Get participants to complete the next 3 transactions.
Get them to think about what the best way would be (e.g. one-off? Create rule? etc)
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Drawings SD
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Withdrawal
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1,500.00
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Bank charges
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Withdrawal
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25.00
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Interest
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Deposit
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20.00
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Once completed, ask participants to share what they did.
Review:
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Drawings SD
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Allocate to 3-1200 Owner drawings (equity account)
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Bank charges
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Create rule to allocate to 6-1600 Bank charges
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Interest
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Allocate to 8-1200 Interest income
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DEMO
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Uptown Beauty
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Deposit
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AU 570.00
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NZ 595.00
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Dealing with an overpayment
The customer has overpaid their invoice by $20. Because it doesn’t match the invoice amount, we need to deal with this outside of bank feeds.
WALKTHROUGH and discuss:
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Go to Sales > Take payment
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Enter the amount actually received and click Save
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Review pop-up message
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Go to Sales > Invoices and view Overpayment status
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View transaction in bank feed
We now owe the customer $20, which we’ll look at in a moment.
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DEMO
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Bank Reconciliation is essentially irrelevant. Once all your transactions are matched or allocated, there’s nothing else to do.
WALKTHROUGH and discuss:
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Go to Banking > Bank reconciliation
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Select the Westpac account and select the date
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Show that the Total unreconciled = $0.00
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No transactions are displayed, meaning that everything reconciles
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Click Show reconciled to view all the reconciled transactions
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DO
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Activity 1 - Match/allocate the Visa Card bank feed
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TIP
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Key points
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Match – to an existing transaction (e.g. invoice, bill).
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Allocate – no transaction recorded, so tell Essentials what account to track it to.
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Create rules for repetitive transactions.
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All transactions can be split across multiple accounts by dollar amount or percentage.
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Set up bank feeds for all bank accounts and credit cards you use in your business.
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Feeling on top of it? (please rate)
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40 mins
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2 SLIDES
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Pay your team (title slide)
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DISCUSS
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What are the mandatory documents you give a new employee?
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What type of payroll information would you set up before you can start paying your employees?
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Employer details – bank account you pay wages and super from.
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Employee details – Tax File Number (AU)/Tax Code (NZ), how much tax you need to withhold, components of an employee’s pay, how often they get paid, what super fund they’ve nominated.
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Think about your take home pay_ what makes up an employee’s pay/earnings?
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1 SLIDE
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Set up your payroll
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Set up your employees
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DEMO
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Set up payroll
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Walk through and complete Payroll settings
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From Westpac Bank Account (wages and super)
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Show entitlement on payslip (explain personal leave is optional)
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Walk through and complete Employee details for Peta Tap
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DO
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Activity 1 – Add an employee (Terri Forcet)
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DISCUSS
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Standard pay details are ready to go, but you’d still need to keep records of any overtime worked, annual leave or sick leave taken, to make any adjustments required each pay period, and issue employees with the correct information on their pay slips.
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What might change week by week to an employee’s standard pay?
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How do you track leave taken/overtime worked in your business?
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After you pay your employees, what do you need to issue them and why?
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