When we hear the word accounting, what comes to mind is the so-called “debit” and “credit” which means “to balance” to a simple layman and also flashes of computer images, stacks of documents, a calculator, pen and paper worksheet. Accounting is not a modern-day service activity but old history dating back to 8500 B. C. […]
MYOB provides a fast and efficient method of recording money transfers between your internal bank accounts by using the Transfer Money window under the Accounts main command centre as per screenshot below: If you also set up your petty cash fund as a Bank account, you can also transfer using this option to access the […]
In the previous article, we covered some important pointers on how to be able to use financial information – sales and cost amounts for break-even point computation purposes. Wrong sales or cost amount used for break-even point computation results in overstated or understated break-even point and will lead to unrealistic sales and profit planning. Determination […]
One of the greatest challenges every business owner faces is how to determine the company’s break-even point. This is especially true for businesses that have just been established or just began operating in the first few months. So what exactly does break-even point mean from a business point of view? In simple words, break-even point […]
Given the tech savvy ways of today’s society, almost everyone is able to create presentation slides for their meeting or projects with ease. The question is- HOW would they be able to avoid every single cliche rookie mistake and make it engaging instead? Luckily, it’s surprisingly easy to achieve- just as long as you avoid […]
In MYOB, you have to use different command centre feature if the nature of payment receipt pertain to customer payment of invoices that you have issued or not. To recap, the mode of entering the receipt of payment transaction is described below: Nature of Customer Payment How to Record Payment Option No. 1 How to […]
One of the challenging tasks related to business owners as well as accountants is how to record expenses and income that will accurately or reasonably reflect the results of operations of the business to answer the most common question business owners ask: “Do my business really gain income or incur operating losses?” The best answer […]