MYOB Accounting system comes under the category of small business accounting systems. Many medium sized companies also use this system because of its powerful features, ease of use and affordable pricing.
View the features of MYOB Accounting software with screenshots to help you understand the software better.
MYOB Accounting is NOT JUST an easy-to-use accounting software. It has powerful business tools that will save you time, make you more organised, and help you get paid faster.
It has a simple interface behind which is a powerful double-entry accounting system. MYOB Accounting software simplifies bookkeeping procedures and produces all the financial reports for you automatically.
It has modules for Sales (AR), Purchasing (AP), Banking (CashBook), Inventory (Stock Control) and Accounts (Gen Ledger).
Overview of MYOB features
As a business owner, you can use MYOB software to manage all aspects of your business. You may, or may not, be the one who is entering the data into MYOB, but you surely will be able to generate the reports, and check the health of your business with a few clicks.
MYOB Command Centre
MYOB has arranged its menu screen (called 'command centres') at the top of the screen for Accounts, Banking, Sales, Puchases, Inventory and CardFile.
Screenshot : Command centre for MYOB Accounting
These icons represents activities or transactions that most businesses conduct on a regular basis in the running of their business.
Point and Click Accounting
To access the menus, use your mouse to point and click on the icon. Once you click on each icon, will open with its own flow chart of sub-menus, representing tasks that need to be performed for that Command Centre
The window that opens up will look like your familiar looking paper forms that you use to manually wrte your payment voucher, or take your customer order.
Double-entry accounting journals done for you
MYOB Accounting is an operations-based accounting software. Use MYOB Accounting software to record daily operations such as invoicing, purchasing, receiving goods, goods delivery, collecting deposits and payments from customers, making payment to suppliers and making payment of recurring expenditure.
After you complete the on-screen windows for a transaction (eg enter a payment to your supplier), and click the 'Record' button, MYOB Accounting will immediately create the accounting journal entries, and post it to the relevant journals. The transaction journals are saved and can be viewed and printed for audit purposes.
Behind the simple MYOB interface is a powerful double-entry accounting system, which will be done for you automatically. It's as good as hiring a book-keeper.
User friendly interface
MYOB software uses plain English on its interface, and is designed for business owners who does not have formal accounting training. Accounting jargons are avoided at all costs. Words like 'Spend Money', 'Receive Money', 'Enter Sales', 'Print Purchase Order' are used in to describe the tasks to be completed.
MYOB's powerful, yet easy to use features will help you reduce the time spend on doing paperwork relating to all aspects of your business, and it will compile, collate and analyse the data into meaningful information which will help you better manage your business.
Suporting documents and forms
After you record the transactions in MYOB, you can print the relevant document such as payment vouchers, sales invoices, delivery order, purchase orders, official receipts, statements, address labels and much more. These documents can be further customised by inserting your own logo, and rearranging fields and columns according to your own liking.
Job / Project / Departmental costing
MYOB Accounting is also an important business tool to help you track your project costs and budgets. You can also create Job codes to keep accurate and detailed records of projects income and costs.
Screenshot : Job Information
Jobs can be linked to specific customers, and be used to track reimbursable expenses. You can enter budget for jobs, and you will be able to analyse the profitablilty of each job against the budget.
MYOB Tools & Reporting
There are several helpful tools in MYOB to help you get the most of the MYOB software.
To Do List
Because MYOB software is designed for the busy business owner, it has a dedicated window that summarises the key important areas of your business.
The To Do List window lets you have an overview of the things you need to take action, such as outstanding bills to pay, outstanding invoices to collect, and reminders of orders to fulfil, stocks to order and persons to contact.
You can set the To Do List to be displayed when starting your MYOB datafile.
Screen shot : MYOB To Do List
View the Accounts Receivable (A/R) and Accounts Payable (A/P) listing sorted by due date, with the oldest invoice on the top of the list. This enable you to take immediate action to recover the debts, or to pay your bills. You can record payments in this window also.
Other tasks you can do in the To Do List window
- View the list of recurring transactions (payments, sales, purchases) with the next due date.
- View all your current sales orders and purchase orders, sorted by promised date (if specified)
- View a list of open bills for which you can still receive early payment discounts from the suppliers.
- Also view a list of stock items that you need to reorder if the quantity on hand falls below the minimum level set in the Buying Details.
- And lastly, view a list of contacts that are now due to be contacted on its recontact date. This ensures you will never miss a deadline with your customers, suppliers or employees
The MYOB software stores thousands of business records of your business.
You need to be able to easily look for your records and transactions. MYOB has a special button aptly called 'Find Transactions'.
Screenshot : Find Transaction window
This window allows you to search by account codes, customer or supplier names, invoice numbers, job codes and stock codes. You can use advanced filters to narrow your search by date range, amount range, reference numbers, and even wildcards used in the memo and payee name.
Once you find the record you are looking for, you can click on the arrow button on the left to drill down to see the original transaction.
You can edit the transaction if the arrow in the Transaction Journal is white in colour. If the arrow is greyed out, you cannot edit the transaction. To set the preferences, you need to go Setup module.
To save time, and more importantly, to ensure consistency, all transactions in MYOB can be saved as 'Recurring Transaction'.
Recurring transactions are great for regular payments such as salary, rental and utility bills. It is also useful for once a year journal entry for depreciaition or accruals, and even for ad-hoc purchases of services and goods.
MYOB Reports are customisable, and provide information-on-demand
There are over 150 financial and management reports that gives you a summarised and detailed information-on-demand on the state of your business. The reports are organised into modules so retrieving them is easy.
Screenshot : Index To MYOB Reports
Since MYOB update the accounts after each recorded transaction, you can therefore have the latest financial status and reports such as Balance Sheet, Income Statement, Aged Receivables, Payables Listing, Stock List, at any time you want.
MYOB will prepare the final accounts behind the scene, without you having to do much.
Customising reports in MYOB
You can customise the content and look of your reports.
Screenshot : MYOB Report Customisation window
You can filter your reports to include only a particular account or range of accounts, a particular customer, or specific details such as last contact date. You can add or hide report fields, and save these reports as favourites in the Reports menu
Exporting reports to ExcelAll reports can be sent to Microsoft Excel spreadsheet, or emailed as a PDF with one click.
Screenshot : MYOB Export
You can also convert the reports to comma-separated or tab-delimited ASCII formatted text files for purposes of exporting to other systems.
Getting started fast with MYOB Accounting
You can get started fast with MYOB's helpful New Company File Assistant, which helps you create a new company file within minutes of installing the software.
The setup wizard guides you to choose the business accounts template that matches your industry and business type from among the 100's provided by the software. You can further edit the Chart of Accounts (called Accounts List in MYOB) to suit your business needs.
If you'd rather create your own Chart of Accounts from scratch, or import the Accounts List provided by your accountant, there is also an option for you to do so.
Screenshot : Build Your Accounts List option
Once you've created your company file, you will be ready to enter your first transaction.
Accounts Command Centre
The Accounts Command Centre allows you to create new accounts, edit and remove existing accounts, export your accounts list to your accountant, and establish budgets.
Screenshot : MYOB Accounts Command Centre
Also the place to enter your journal entries, and get an updated view of the ledger balance of all your accounts.
Accounts List (Chart of Accounts)
In MYOB, the accounts for your business are grouped in an Accounts List (or popular referred as Chart of Accounts).
The tabels at the top of the Accounts List is well organised and easy to follow
Screenshot : Accounts List (Chart of Accounts)
The account list groups accounts into 8 classifications : Assets, Liabilities, Equity, Income, Cost of Sales, Expenses, Other Income and Other Expenses.
Each account is identified by a unique 5 digit number, with the first digit indicating the account classification. The rest of the digits determine its location within the classification.
You can either create your accounts code in the Accounts List window, or create it while you are in the midst of recording your sales, purchases, or payment transaction.
You can enter budgets for the Company level, from a single window in the Accounts Command Centre / Accounts Lists sub menu.
Screenshot : data entry screen for budget Profit & Loss
You can enter budgets for 2 years (this year and next year) and for Balance Sheet and Profit & Loss Accounts. MYOB also provide shortcuts for you to copy the current year budget figures onto next year's budget so that you can make minor modifications.
To help you speed up your budgeting process, you can also export the budget format to Microsoft Excel. Once completed in Excel, you can import your budget figures into MYOB budget tables.
You can run reports that compares actual versus budgeted amounts. This helps you keep your business on track.
Banking Command Centre
Banking Command Centre is the place to go when you want to record a payment, print official receipts, and reconcile your bank accounts.
Screenshot : Banking Command Centre
Bank RegisterThe Bank Register acts as your cashbook and show you all the entries recorded for deposit and withdrawal transactions. It shows you the running balance of your bank account and as such you will be able to know the status of your bank account immediately.
Use the Spend Money option to record payments for expenses such as rental, salary, utility bills and purchase of fixed assets.
Screenshot : Spend Money screen
You can also see the balance of your bank account when you are in the 'Spend Money' window, to assist you in planing your cashflow.
You can allocate your expenses to the respective job codes, and also tag the relevant GST tax code to the expense payment.
The spend money entry will be automatically updated in the Bank Register window. You can click on the autofeed arrow to make changes to this entry if necessary.
Print cheques (onto your existing printer)
After recording the expenses, you can print the payment voucher, and prepare electronic payments. You can print or email the payment notifications.
In addition, you can also get MYOB software to print out the payee name, cheque date, and amount, onto the cheques, thus making MYOB software a cheque printer.
Using the Print Cheque feature in MYOB will definitely save you time, money, and best of all, minimise spelling errors.
You can print a batch of cheques and payment advice, or use the Advanced Filter option to find and reprint a particular payment advice.
You don't need a special printer, nor a special software.
Bank reconciliation is an important part of book-keeping because you need to make sure that the cheques you have issued or received are cleared by the bank, and also you need to account for bank charges or interest earned on your bank account.
It is also a means of verifying with a third party record. Comparing the bank statement with your MYOB records can flush out any errors made in your recordings or bank recording (Note: banks do make mistakes; they are human after all)
In MYOB, reconciling your bank accounts has been made even easier. The process requires you to indicate the cleared cheques and deposits in the bank reconciliation wndow. Once every cheque and deposit in the bank statement is accounted for, you will be able to print the reconciliation statement for filing purposes.
You can restrict which users are allowed to have accessed to the bank reconciliation function, to reduce the chance of errors going unchecked.
Sales Command Centre
The Sales Command centre covers the entire sales process - from creating quotations, orders and invoices, to receiving payments from customers, and printing statements and official receipts.
Screenshot : Sales Command Centre
The sales register keeps all the recorded sales documents - quotation, sales orders, sales invoices, and credit notes in one window for viewing and modification purposes.
Screenshot : Sales Register
Toggle between individual tabs for Quotation, Orders, Open Bills, Closed Bills, Returns and credits.
Get a snapshot of a particular customer's status from this window.
You can drill down to the original document by clicking on the arrow on the left side of the list to see the actual transaction. This is an effiicient way to serve your customer when talking to them on the phone or face-to-face. Go one step further and add notes of your conversation in the Contact Log window for future reference.
Enter Sales - Create Quotes that convert to Invoices
Use this function to prepare a quotation for a customer, and then turn it into a sales order with one click. One more click turns the order into an invoice.
Screenshot : Item Sales Invoice screen
It doesn't require any accounting knowledge to enter a sale in MYOB Accounting. Fill in the on-screen invoice format as you would do in a spreadsheet or word processing program.
There are additional fields in the Enter Sales windows which you can use to track the promised delivery date field to manage your delivery runs and better-serve your customers.
if you are subject to GST, include the tax code for each line of service or product sold, to enable you to calculate the output tax accurately and on timely basis.
The beauty part is that after you've clicked the 'Record' button, MYOB software will create the journal entries for you. You can immediately view and print your financial statements (Profit & Loss, Balance Sheet, Customer Ledger, Debtors Aging etc) without waiting for month end (or year end) 'processing'.
Track salesperson performance and your referral source.
Find out which salesperson contributes to your sales figures by putting the name of your salesperson in the Salesperson field when creating an Invoice. You can calculate salesmen commission using the Excel template that comes with the software.
Also, use the 'referral source' field to analyse which marketing method gives you a better returns on investment.
Screenshot : Sales Analysis by referral source
Screenshot : sales analysis by salesperson
Receive Payment from customers
Easily record payments received from your customer. Record partial payment, full payment, and deposit payments on orders.
Zoom in to the original invoice from the Receive payment window to check on the details of the sales.
If you track item quantity and values, your stock quantity and values will be reduced with each recorded sales transaction.
Know you stock balance with certainty, in real time; stop wasting time on stock-checking all the time. You can cut down 80% of your time spent on unnecessary stocktaking.
Supporting documents and forms
After you record the sales transaction, you can print or email the documents (Quotation, Sales Order, Invoice) to the customers. The forms can be customised.
You can print or email the official receipts when they make a payment.
You can preview the forms before you print them.
Forms Designer - create your own professional looking document.
Design your own forms with the Forms Customiser.
Pick the pre-designed layout that comes with the software, then choose the design options to create quotation, delivery orders, invoices, statements and official receipts that reflect the style and professionalism of your business.
You can include your business logo on the forms - great when you want to send an electronic copy to your customer; you will save time, get immediate attention, and get paid faster.
There are more than 50 sales-related reports to help you analyse your business income. Reports are customisable, can be exported to Microsoft Excel, HTML, viewed on-screen, emailed or exported as text file, and added to Reports menu for quick access.
Purchases Command Centre
The Purchases Command Centre is the place to go when you want to keep track of purchases and payments to suppliers.
This is a 'mirror' image of the Sales Command Centre
Screenshot : Purchases Command centre
Open the Purchase register to view the Open Bills, Closed Bills, Quotes, and Orders Outstanding, for all suppliers or a for a selected supplier.
Screenshot : Purchase Register
You can drill down from this list to see the actual recorded transaction
Use this function to prepare a Purchase Order to your supplier, and then turn it into a Bill when the items are delivered.
After you record the purchase transaction, you can print or email the documents (Purchase Order) to the supplier. The forms can be customised.
After you've clicked the 'Record' button, MYOB software will create the journal entries for you, and immediately post to the General Ledger, Purchase Ledger and Trial balance for you. So you can immediately view and print your financial statements (Profit & Loss, Balance Sheet, Supplier Ledger, Supplier Aging etc) without waiting for month end (or year end) 'processing'
Pay Bills / Print / Email Remittance Advice
Choose which bills to pay your supplier, and enter exactly how much to pay.
Screenshot : Pay Bills to supplier
Once you record the payment, click Print Cheques to choose the cheques to print, and then email your supplier the payment notification to let them know payment is on the way.
Inventory Command CentreThe Inventory command centre enables you to control your inventory, including creating and tracking items, define selling and buying prices for items and services, and tracking inventory values and quantities.
Screenshot : Inventory Command centreThe flowchart in the Inventory Command Centre displays details of all the tasks you can complete such as counting your items, moving items between locations, and building finished items.Items ListIf you plan to use the MYOB Item Sales format to issue invoices to your customer, you will need to create an item code.An item can be:
- a physical stock unit that you buy, sell or keep stock
- a service (eg shipping, handling, training hours etc) that you want to include on item invoiceWhen you create an item code, you can choose to buy, sell or inventory the item.Screenshot : Creating a new Item ProfileThe selections you make when creating a stock item determines what functions you can use.For example if you want to include a service such as installaltion on an invoice, you need to specify that you sell the item.An item that you inventory is an item whose quantities and values you want to track.For inventoried items, you need to ensure that you conduct regular maintenance tasks such as conduct physical stock take to adjust for damaged or missing stock.
You can add a photo of each item, and configure a customised field to include fileds such a brand, size, weight etc.
Buying and Selling Details
You can track the items buying details such as standard cost, last purchase price, and units of measure when purchasing. You can set the minimum level before you want an alert to tell you to restock (in the To Do List)
Set your base selling price, selling unit of measure and the GST code of each item.
The Items Register lets you check your inventory levels in detail showing the incoming and outgoing quantity and stock value of each item.
Screenshot : Items Register
You can make inventory adjustments, and build items in a kit in this window
Count Inventory / Inventory Adjustments
Open the Count Inventory function when you want to adjust your stock quantities to match the counted actual stock in hand.
MYOB makes it easy to combine multiple items and build them into a finished item with Auto-Build function. You can set the minimum levels so that when an item necessary for building another starts to run low, you will get an alert to replenish that item.
Track partial delivery of items ordered from your supplier. MYOB will update the Accounts when all items have been delivered and the supplier gives you a bill for the total amount ordered and delivered.
Use the powerful search tool to easily search the items list by Item Name, Item Description, Primary Supplier.
CardFile Command Centre
This is your contact management tool. Easily find trasactions that are linked to your cards.
Screen shot : CardFile Command Centre
You can also create letters, send emails, and print mailing labels in the CardFile Command Centre.
Create a list of your customer, supplier, employee in the Cards List window. Each card contains a billing address and five ship-to address, each with three phone numbers, a fax number, an email address and a web address.
Screenshot : Creating a new Customer
You can track the history of each customer; their buying patterns throughout the year, the last date of purchase, and amount outstanding.
Identifiers and Custom Lists & Fields
Group your customers, supplliers, employees and personal contacts using Identifiers and Custom Lists and Custom Fields. Easily identify a group of customers who bought a particular product or service, and then send them a letter by simplying choosing that identifier when creating the letter. You can also filter sales report using the same identifiers.
Recod your conversation with your customer, supplier, or employee, and create a reminder date for follow up.
Mail merge with Personalised Letters
The software comes with pre-written letters to collect money, and thanking customer for purchasing. You will be asked to enter your name, and designation before it can be sent to Microsoft Word as a mail merge document. You can create your own standard letters which you can use to send to your contacts.
MYOB Accounting software brings all your basic business functions (quotation, purchasing, delivery order, invoicing, issuing offciial receipts to customer, and writing cheques to supplier) together in one easy to use and easy to understand application.
It is especially designed for small business owners that are looking for a program that is simple to use even by those who do not know accounting terms.
MYOB Accounting software is developed by the Australian software development company called MYOB Pte Ltd. It is customised for local use in some countries like Malaysia, Singapore, Hong Kong, USA and New Zealand.
If you find the MYOB Accounting software to be 'out of the norm', it's because MYOB is not only an accounting software, it is also a business management software. This software will help you Manage Your Own Business. Smarter.
For more details, contact
phone : +6 016- 212 0476 (Elaine)