Business owners who need to learn how to use MYOB and Xero like the added support that is available if they have a question that relates to their own business.
Unlike Job Seekers who choose MYOB and Xero COMPLETE training courses to learn as much as they can about these bookkeeping programs, Business owners often have questions which relate to things they want to resolve in their business.
Most of the questions students have are solved as they progress through the logical order of the courses we’ve created but sometimes things get a little weird.
Journal Entries are the foundation building blocks that programs like MYOB and Xero are built on. Every transaction can be traced back to a journal entry and most problems can be solved with a journal entry (or reversing or deleting one).
A student recently wanted to enter journal entries for payments made to an Equity account (that is an owners account). These transactions are common with business owners who transfer money to and from their business, sometimes as equity and other times as directors loans. – so we created a case study on it in our bank reconciliation course, as well as introduce it in our daily transactions courses.
The moment you create an invoice you are creating a journal entry that says that you now have an asset (Accounts Receivable) and that you have made a sale (income). Creating an invoice or purchase order is covered in the Daily Transactions Course.
There is a case study about Journal Entries that relate to loans to and from directors in our End of Month, Bank Reconciliation course.
Once you understand the simple journal entries you might start to understand how a pay check transaction will start to affect a number of different journals relating to tax and superannuation.
In the past these payroll transactions where performed in the accounting software, but Single Touch Payroll (STP) Phase 2 introduces a tricky situation for the software companies where not only are the transactions being created with multiple journal entries but payments are also made into the various accounts too.
It is very hard these days to manage the payroll for staff using a ledger book or Microsoft Excel spreadsheet because of these obligations.
The MYOB & Xero Complete training courses are very comprehensive and include most of the topics that you would cover in a Cert IV in Bookkeeping. The difference is whether you need a Nationally Recognised Certificate (Statement of Attainment) or are happy with an Advanced Certificate in MYOB and Xero. There are times however when students have a question that is a little more complex.
We LOVE getting EzyLearn ANSWERS questions because it gives us a chance to continuously add new content to our online training courses if we don’t already cover the topic yet.
While I’m talking about our continuous updates you might like to know that all current students or ongoing access members get access to all the updates and additional training course content we create 🙂
The only time we can’t help business owners is if there is a transaction which relates just to their business or circumstances. Sometimes it may be too advanced (like International payments or detailed Inventory tracking and reporting). Even the accounting software company like MYOB and Xero leave that hard work to the Integrations!
If you are a business that needs help with rosters, timesheets and workforce planning we’d love to hear from you because we’re developing more detailed case studies for this topic. Let us know your challenge and we’ll see how we can help you using the major workforce management apps. We’re currently working on these apps:
In case you haven’t read the recent blog posts we offer FREE students inclusions for business owners to help them with other aspects of their businesses.
Jerry Lame is a serial entrepreneur and loves shiny new objects. He was a corporate…
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