We have previously discussed about end-of-year procedures which includes checking the payables account and making sure it reconciles with the amounts reported to in the Balance Sheet report. One of the effective ways to make this objective easy to achieve is to be familiar with the built-in reports in MYOB for Purchases. Like the previous […]
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Reconciling Supplier Bills and Statements
One of the most challenging phase of Accounts Payable management is to reconcile your supplier and vendor statements. Reconciling supplier statements is a very effective activity for you to ensure that the company’s accounts payable are accurate and reconcile with that of suppliers’ statements. It is best to agree with your suppliers to send a […]
MYOB Accounts Reports
In the previous articles, we have discussed about built-in reports in MYOB for Profit and Loss and Balance Sheet. This article, however, discuss on the built-in Accounts Reports in MYOB. To access this group of reports you also follow the same link like accessing the Profit and Loss and Balance Sheet reports by going to […]
Reviewing Profit & Loss Statements
One of the most important financial reports to be periodically reviewed is the Profit and Loss Statement. Whether you are the business owner, accountant or bookkeeper assigned to this task, you should always make sure that this report is periodically reviewed. A monthly review is reasonable after the month-end accounting transactions cut off and of […]
MYOB Profit and Loss Reports
MYOB have built-in reports that enable you to analyze the Profit and Loss statement for your company. These reports are found on the Reports window right below the main command centre as per screenshot below You will be directed to the Reports window and you click on the Accounts tab as shown in below screenshot: […]
Monthly Accounting Checklist
Most often, successful bookkeepers and accountants prepare a monthly accounting checklist for them to be able to organize accounting activities and leave little or no room for errors or omission in carrying out their job. If you are a full-scope accountant handling all accounting works from accounts receivable, accounts payable, monthly reconciliation, adjusting entries, financial […]
Reconciling Inventory Physical count vs. MYOB inventory
This article aims to discuss the methods of reconciling your physical inventory count versus your MYOB system inventory balance. MYOB uses the Perpetual inventory system in accounting for inventory. It would be good to have the inventory items reconciled based on MYOB inventory balance and the physical count. If there are variances, the best way […]