We’ve recently updated our Xero Accounting software courses and have just published an updated to our QuickBooks Online Daily Transactions & End of Month training Courses. Continue reading ALERT: QuickBooks Online Training Courses Updated
Pardon the pun but it’s true, Sage One training course materials will now be included in the Bookkeeping Academy Training Course Package along with Xero Accounting, MYOB & QuickBooks.
Many bookkeepers use EzyLearn to keep up to date with the various accounting software programs now available and this latest announcement is for you. Training Course materials and support for Sage One and Reckon One.
I had a fantastic conversation with an EzyLearn student during the week. She enrolled into our Xero COMPLETE Training Course Package and love it so much she enrolled into MYOB, QuickBooks, Excel and more.
The course increased her confidence to apply for and get work after years of being out of the workforce and as a bookkeeper she now uses the courses as a resource for aspects of the software she needs to upskill on. The EzyLearn Affiliate Membership is designed for students like her.
Xero have been a looming threat for MYOB’s establised AccountRight accounting program for many years already and there is persistent reason for most people – it’s still an application that needs to be installed on your device – whatever that device is.
Xero, QuickBooks and even Sage have got around that with the fact that everyone can log into their software in the cloud from any device.
This screen shot was sent to us by a student who is completing the MYOB AccountRight COMPLETE training course package and it’s something that we see very often.
Another issue that businesses have is in the way that each user (who has access to the MYOB datafile) is managed and that it drops out some time.
Don’t worry though, plenty of businesses still use MYOB AccountRight because they are happy with the process they’ve managed for several years and sometimes because they don’t want to go through the tedious process of migrating away from MYOB AccountRight.
While I’m on that topic our new Migrating away from MYOB AccountRight Training Micro Course is being added to every week as we flesh it out. This week we are exploring the import templates provided by MYOB (to migrate to MYOB Essentials, Xero, QuickBooks and Sage).
Some people still using MYOB AccountRight version 19
On the flipside if you use an old version of MYOB AccountRight you don’t need to worry about paying a monthly fee or upgrading if the software (installed on your computer) is still doing what you need.
I spoke to an independent shoe shop owner who uses a POS System and MYOB AccountRight and because he’s a small business he doesn’t need to upgrade the software for STP or other integrations.
His current system works just fine and he doesn’t want to spend hundreds of dollars per year if he doesn’t need to.
I’ve even noticed some training course competitors promoting an MYOB training course that uses version 19 🙁 That’s a bit sad because that version is now almost 10 years old and we spend tens of thousands of dollars every year making sure all our courses are updated regularly!
If you are interested in seeing our currently discounted courses go here and if you need to do a course but can’t afford it right now, check out the accounting and office admin courses available now for $20 per week!
I love working inside new businesses and getting involved in setting up their processes – even accounting – and I recently had the chance to work in a marine business.
As with all startups they are setting up new processes and experience hiccups along the way like all businesses do.
The saddest part for me was when they sacked their office manager because she couldn’t nail the basic bookkeeping skills and attention to detail performing these tasks:
- Data entry
- Bank feeds
- Matching transactions
- Bank reconciliation
Accounting software companies make you believe that their software makes this all a breeze but in reality office admin and accounts staff must be persistent and diligent with these basics. Here’s what caused the issues: Continue reading Someone just got the sack because they didn’t know the bookkeeping basics
When bank feeds were first introduced they were lauded as a software feature that would save small businesses hundreds of hours of work per week and they have definitely saved time, despite the apparent risks that have been published about how they can compromise your internet banking security.
I’ve been working with a business which has a showroom and workshop and they take EFTPOS payments for cash sales as well as deposits for quotes using credit card payments and even though the business isn’t huge it is not as easy as clicking the MATCH button to match a bank feed record to it’s source documents. Continue reading Bank Feeds: Time Saver but NOT a Bookkeeper Replacer – FREE Training Course Material
I ran a CloudPBX Business Telephone System business several years ago that combined products and services just like most tradies – some of the items sold were in the technicians truck while others had to be ordered in for each new installation. It is the perfect case study for our Data Entry, A/R & A/P Courses for MYOB, Xero and QuickBooks courses because I knew about it intimately and it’s very similar to how most tradies operate.
When we design a course we follow these steps:
- come up with the scenario,
- create the data examples,
- run through the scenarios, and then
- create the training workbook (then the videos and assessments)
The Xero Data Entry and Credit Management Training Workbook – we call it “Daily Transactions” – is now available separately as an instant download!
THE DEFINITION OF a training course has changed a lot over the last 20 years. With new online internet technologies comes new ways of learning. The concept of the “micro course” is gaining momentum as students look for information when they need it, known in the industry as “just in time learning”.
There are lots of time and cost pressures for students as they juggle part-time work, kids and mortgage payments. As a result, we’re launching a brand new Online Training Service for past EzyLearn students AND new students — EzyLearn’s Video Training Library Membership.
The payment plan for the MYOB AccountRight COMPLETE Training Course package for $20 per week has proven to be popular and is still currently available. Better still we’ve just launched a payment plan for the Bookkeeping Academy COMPLETE COMBO – that means you can pay a low weekly fee of $20 and receive training on EVERY major accounting program in Australia, from Beginners’ to Advanced!
The dollar is tanking, trade is down, house prices are still going down, consumer spending is the lowest for a decade, wage growth is slow! It sounds pretty bad when you read the news and business articles isn’t it?
One thing I’ve noticed for sure is that course prices are going down and competition is increasing, not just from other physical training centres in Sydney, Melbourne and Perth but also larger US and overseas companies who will promise anything to make a sale!
We’ve always prided ourselves on offering low course prices direct to students and now we’ve gone a step further.
Many experienced BAS agents have told me that data entry, accounts receivable and accounts payable skills are the ones that they’re looking for in potential employees.
Many students who’ve completed a Cert IV in Bookkeeping and Accounting however think they’re above these skills and here’s how you can beat them in job interviews.
You really get to see the cut-throat side of business when you see all the entry level accounting solutions available today.
Not only does old incumbent MYOB need to worry about Xero, but now there is also Wiise and Biz Accounts from the BIG BANKS and software companies!
It seems that Westpac are doing this purely to sell more business transaction accounts — a key performance indicator.
We created a free educational guide, called Introduction to Bookkeeping Beginner Basics, which is available to download from the EzyLearn website, and to complement that guide, we’ve been publishing a series of blog posts, also titled Bookkeeping Basics. We’re now three posts in, and we’re going to be look at the chart of accounts, which is the foundational element of every business’s accounting system. The Bookkeeping Basics guide will take you through how to set up a chart of accounts in your accounting software, whether you’re using Xero, MYOB or QuickBooks, while this blog post is going to explain why it’s important.
What is a chart of accounts?
The chart of accounts (COA) is an organisational tool that lists every account in a business’s account system. In the context of bookkeeping, ‘account’ is used to refer to a unique record for each type of asset, liability, equity, revenue and expense. So a chart of accounts, then, is just a system that organises your finances so that your reports make more sense and you can easily see the financial health of your business.
A well-designed COA helps the business to comply with financial reporting standards, and should be flexible enough so that a business can tailor its chart of accounts to best suit its needs. Within the categories of operating revenues and operating expenses, for instance, the accounts might be further organised by business function or by company divisions. As such, a COA can be as large and as complex as the business itself.
Understanding your ‘accounts’
When you set up your chart of accounts, it will be organised the same way every other company does – your banks accounts come first, then all assets, liabilities, equity, income, and expenses in that order. Here’s what each of those accounts mean:
Your accounts receivables are considered an asset, as is your income, but the two are completely different things. Accounts receivables are business claims against the property of a customer that’s occurred following the sale of goods and/or services, and income is what you have collected from the sale of those goods or services.
In other words, if you invoice a customer and give them time to pay, then that’s ‘accounts receivable’. When you collect the money and deposit it into your account, it’s ‘income’.
Liabilities are notes owed by the business. If you lease anything or you’re buying anything on credit – this includes suppliers who extend a line of credit to you – then it’s considered a liability.
An equity account would be any equipment the company has paid for, or would receive money for if it is sold. Cars, machinery, and certain office equipment are all considered equity. If you had a loan on a business vehicle, the payments you make would be considered a liability, but the vehicle itself would be equity. Each time you make a payment, the liability goes down, while the amount of the equity account would increase. To keep your balance sheet accurate, you need to track both.
Finally, expenses are just that: the money paid by the business for the operation and production of goods and services that are paid for immediately. This includes things like stationery or fuel for a business vehicle, which are paid for at the point of sale, is an expense, where a telephone bill that allows you 14 days to pay, on the other hand, is a liability.
Why a chart of accounts is important
Whether you’re using an old fashioned pencil and paper, an excel spreadsheet, or more sophisticated accounting software, such as MYOB or Xero, it’s important to know where your money is coming from and where it’s going to. A chart of accounts is the organisational tool that allows you to do that. And it’s important to keep it up-to-date, so that, if for any reason, you want a picture of how your business is performing financially, your reports will be accurate.
This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Basics, which you can download for free from the EzyLearn website.