This post has been created to demonstrate simple accounting principles for our MYOB Training Course students. It demonstrates, visually, a very simple fact that is often sensationalised.
I’ve been to many presentations, seminars and watched hundreds of webinars run by people who describe themselves as gurus yet the secrets they reveal are actually just plain old good accounting principles.
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A common question we are asked about our MYOB courses is if you need to have the software on your computer to do the course. The good news is that MYOB offer a free version of their software for students and trials, it’s called the MYOB Test Drive.
You could do most of the MYOB courses without using the software because we have over 170 MYOB training videos (covering BOTH MYOB version 19 and earlier AND MYOB version 11 and newer – all for the one price). You can also test your skills using our MYOB course knowledge reviews, but there is no substitute for actually using the software as you learn. The biggest thing it will give you is the confidence to say “I’ve done that using the software”.
Our MYOB training workbooks include step-by-step exercises that enable you to perform most of the tasks that are performed at a business so you’ll definitely need to have the software for that. But many students like to replicate what they see in the training videos.
[quote]You can pause the MYOB videos and have a go at replicating it using the free student MYOB software.[/quote]
If you are looking for bookkeeping or accounting jobs you will almost always be asked about your MYOB skills and nothing gives you more confidence than actually using the software.
Our MYOB training courses come with LIFETIME student access and we are constantly adding new content to these courses.
When the ATO introduced changes to asset purchases we wrote a blog post about how the ATO brought in changes to the value of capital goods that had to be depreciated (raising the figure dramatically from $1000 to $6500). This content is particularly relevant at the end of each financial year so we put it into our MYOB Reporting Course.
The result is more content for you to sink your teeth into and really understand Assets, Expense, Depreciation and Accelerated Depreciation.
If you are an existing student of MYOB, you can access this new workbook free of charge within our 504 course material.
The Assets of a Business
First of all, what is an asset? When referring to the term “Asset” it is simply referring to what the business owns (ie. a car is an asset, or your computer desk is an asset).
There are two types of assets that we commonly refer to: Current Assets & Non-current Assets. A current asset generally means one that can easily be converted into ‘cash’ within the next 12 months. An example of current assets may be your business bank account balance, inventory and debtors (customers who owe you money).
Examples of non-current assets may be investments (shares or bonds), trademarks, copyrights, land, buildings and cars.
We know by now of the afore-mentioned changes that the ATO announced back on the 1st July 2012 that businesses with a turnover of less than $2M were know able to instantly write off assets of $6500 and below to an expense account —and this amount is exclusive of GST.
AN EXAMPLE: Accelerated Depreciation on a Motor Vehicle
A lot of people don’t quite get the Accelerated Depreciation side to purchasing a motor vehicle (new or secondhand) so we’ll try to explain this a little better. Let’s use the scenario of Jerry Lame:
Jerry has just purchased a new motor vehicle outright for a total of $25,999 including GST and this was obtained on 1 June 2013. As he is GST registered, he can receive an instant claim of the GST (2,363.55) component which will be applied in the 4th quarters BAS as GST paid; you may see this coding referred to as CAP on your reports, which merely represents it was a capital purchase.
Now what’s left is the remaining capital amount of 23,635.45 to purchase the asset. (This amount is the cost of the car excluding GST) and this will be seen in MYOB as an Asset At Cost. Now how do we work out the Accelerated Depreciation amount? It’s simple — we know that for the first year we can automatically receive $5000 and an additional 15% of the remaining price after the $5K. Here is how it is worked out:
When we enter this into MYOB as depreciation, we could enter a journal like:
Desc: First Year Accelerated Depreciation
CR 1-XXXX account (MV Accum Dep) $7795.32
DR 6-XXXX account (Depreciation) $7795.32
***
To find out more, enrol in our online MYOB course and have full access to this workbook — and many others that EzyLearn Online provides. Remember, if you are an existing lifetime student of MYOB, you can log into our training site and automatically get access to this new workbook, any new videos and our online helpdesk, all totally free of charge.
We’re augmenting our MYOB Training Courses as you may already be aware and that includes new training courses for cloud based accounting software like Reach Accounting.
Currently, the cheapest Australian cloud-based accounting software is Reach Accounting, provided by Australian domain registration and web hosting company, Net Registry.
Net Registry has been operating in Australia since 1997 and, over the years, has grown from a start-up business to the largest and most trusted provider of domain names and web hosting in the country.
Web hosting, as some of you probably already know, is another cloud-based service, so it seems only natural that Net Registry would eventually move into the cloud accounting space, which they have done with Reach.
While Reach is certainly the cheapest Australian-based cloud accounting software on the market, offering great benefits, such as, multiple user access (so everyone from owner, to staff, to bookkeeper, to accountant can have access at the same time from different offices), unlimited support and no hidden fees, it differs in functionality to MYOB AccountRight Live.
Over the years, MYOB AccountRight, has become a rather sophisticated piece of accounting software; its features include, access via the PC or the cloud, inventory, bill by time and more.
However, if your business model is relatively simple, Reach Accounting could prove a more economical option coming in at around $10 per month cheaper than the basic version of MYOB AccountRight Live, by far Australia’s cheapest cloud-based accounting software.
Although we do not provide training on MYOB AccountRight Live, we are exploring it along with Reach Accounting as part of the Bookkeeping Academy.
We have previously written blog posts about our Bookkeeping Academy and in particular, how students of our MYOB training courses can gain access to this for FREE. We are currently creating training materials on how to use Reach Accounting from NetRegistry.
We are currently creating new content for various cloud accounting software vendors, and in particular is the Reach Accounting package. This package is ideal for small serviced based businesses such as graphic designers, website designers and even bookkeepers . The Sales layout (Invoice) is more suited to small service based businesses’ as it does not allow you to manage items or inventory, but at only $14.95 per month it is extremely affordable while enabling you to remain compliant with your recording and reporting requirements.
Our Course Designer, Certified Bookkeeper and Registered BAS Agent had this to say about Reaching Accounting:
I love the report functionality and its ease of use, especially for people who are not familiar with bookkeeping or accounting reports. The BAS Calculation report is a prime example of this, whereby [quote]it gives us the information needed to simply transfer onto the BAS[/quote] . Another thing that really impressed me was the Thank Client Email functionality, this is received by the client in a professional look, displays the information needed and they can also see a list of their transactions regarding the invoice just by clicking a link in the email.
We are continually creating new content for our Bookkeeping Academy and if you have not already, sign up to one of our MYOB courses which include Lifetime Membership, and free 12 months access to all the content at the Bookkeeping Academy.
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I’ve written many articles about the building competition between cloud-based accounting services like Xero, SAASU and Reach Accounting and MYOB’s AccountRight Live, but I sought an opinion of someone with much more experience with the various bookkeeping programs. Margaret from BusinessEEz is an accounting software specialist and she will share her opinions about whether you should switch to Xero or remain with MYOB.
We’ve noticed some big changes in the most recent version of MYOB AccountRight version 2012 and these changes not only affect small business owners, but also bookkeepers who perform most of the day to day and month end tasks for these small businesses.
Here’s what Margaret had to say about Xero and MYOB.
By Margaret Carey
MYOB is about to launch AccountRightLive, the cloud-based version of AccountRight 2012 which is exciting news for business owners, bookkeepers and accountants as it means that you will have the ability to remain on MYOB and enjoy the flexibility that the cloud can offer. Xero has of course been in the cloud for some six years and has wooed many Australian small businesses with its ease of use, functionality and flexibility. However now AccountRight Live is becoming a reality, business owners and bookkeepers can more readily compare apples with apples when deciding whether to switch or remain with the familiar product.
There are a number of key points of difference.
Firstly with MYOB you can choose to switch between the cloud and the desktop at any time but Xero however is a cloud-only product, accessed via a web browser and an internet connection. Some people may like the flexibility of being able to switch between the two, taking offline backups etc. and others are happy with the restriction of internet–only access, no offline backups.
[quote]MYOB is also allowing for up to 5 concurrent users, a welcome addition for users on Plus and compares well with the unlimited users for Xero.[/quote]
However, I believe that functionality is a major driver in product decision and there is a lot to consider here.
MYOB has been around for many years and over time has built up some industrial strength functionality. Xero has only been around for 6 years (less in Australia) and whilst new releases with new features come out every couple of months, it still has a way to go to catch up with the in-depth functionality of MYOB. So if your business has some more sophisticated processes – eg Job Costing, Purchase Order tracking
If you hold inventory for buying and selling, then you need to remain on MYOB, Xero does not have an integrated inventory solution, there are plenty of add-ons available but why go for an add-on if you can have an integrated solution?
Xero does now have a reasonable integrated payroll solution but again, if you have some more sophisticated requirements such as TOIL, RESC etc, you should carefully review how well Xero will handle these.
The number one efficiency feature with Xero is its bank feeds. You can directly download transactions from your bank accounts into Xero and through some sophisticated but easy to set up rules, Xero will suggest the correct postings for the transactions – this is a powerful feature that can save several hours of data entry but is probably more suited to the micro business than the small business.
In summary,
When you enrol into our MYOB courses you receive free membership to the Bookkeeping Academy where we’ll show you how to use other accounting software programs like Xero, SAASU, Reach Accounting and more..
A short time after we opened our first training centre in Dee Why in 1999 we offered MYOB training courses and our trainers included some very talented ladies Maria Landrelli and Marie Di Blasio. We quickly discovered that business owners and job seekers alike wanted and needed to learn some key Day-to-Day skills so we set about creating the ideal MYOB training course for Day-to-Day Transactions.
Most of our training workbooks are based around case study examples of a practice company. This gives you a real world example of the types of processes that many businesses go through as you learn to perform the transactions using MYOB. We’ve written a detailed description of the journey we take you through in our Day-to-Day MYOB Training Course so check it out and see if it covers some skills you’d like to master.
The MYOB Day-to-Day Course uses a case study of a small business telephone system supplier as they go through the process of purchasing products, providing customer quotes, ordering and supplying products and services, accounts receivable, receiving payments and banking. It’s the perfect course for someone looking for a job where the use of MYOB is required for data entry, or a small business owner that wants to take the next step towards a computerised bookkeeping system.
We were reviewing the course outline for the MYOB Day-to-Day Transactions course because it covers most of the topics that someone would need if they are performing daily bookkeeping data entry tasks for a small to medium business.
The course provides the foundation skills that most of the other courses are built on. Once you have the day-to-day data entry skills you will be able to more confidently perform a bank reconciliation, generate reports and prepare BAS returns as well as enter the data and prepare reports for payroll.
The MYOB Day-to-Day course uses a very common case study of a company that provides products and services. We use an IT consultant that sells small business VoIP telephone systems and supports their customers with the initial setup as well as ongoing support.
Since January 2011 our full suit of 5 MYOB training courses comes with lifetime access so you can revisit the training videos, workbooks with step-by-step exercises and knowledge reviews as often as you want for the rest of your working life. Many students use the course as a resource for when they are using
Our MYOB training courses also come with EzyLearn ANSWERS, a service that we provide to create new course content based on questions from our students. It’s a way that we increase what is covered in our courses while providing students with an level of customisation and support.
Another great aspect of this course is that we go into the Inventory module of MYOB Accounting software to see how a company can sell products as well as services using the Inventory module of MYOB AccountRight Plus.
Our MYOB training courses are created using consultation with business owners and certified bookkeepers and registered BAS agents who perform bookkeeping tasks for their own customers.
We want to give free MYOB training away so you get a chance to learn more about us and see if we are the company you turn to for your MYOB training courses. Follow the link below and you will automatically receive our free MYOB training resources.
The free MYOB Training Course material is now available at our new MYOB Short Courses catalogue site. Access the FREE MYOB Training Now
We announce new course content, free tips and tricks, free training videos and much more via this blog so feel free to subscribe and be kept up-to-date and well informed about MYOB, bookkeeping, Office Administration and Website Design. Enter your email address below:
Up until now we have sold all our courses as one package because we felt that that is what everyone wants. Guess what? A lot of people did and still do love it, but we found that a lot of people just want enough skills to get then a job performing data entry tasks using MYOB. For this reason we’ve made that course available.
The MYOB Day-to-Day course is still a full days worth of training on the Sales, Purchases, Banking and Inventory modules. The workbook in that course takes you through the process of a company ordering products from the wholesaler, receiving the stock and then selling that stock combined with the services they provide to their customers. Along the way, there are part payments, full payments, Accounts Receivable reports, sending of statements and much more.
The new individual course is available with 12 months access so that we can provide a great resource with up to 12 months to access it when you need to. MYOB Day-to-Day training course includes all the topic in course 502. See what’s included in the MYOB Day-to-Day Course.
If you are interested in this new low cost online MYOB training course option, discover the price for this an our other online training courses at our enrolment page.
The EzyLearn Blog is where we officially release information about updates and additions to our existing training courses and today we announce new content for the Reporting Subject in our MYOB Training Course.
We are thrilled to announce the production and implementation of the Reporting module in the online MYOB Training Course. In the production of this course we will be including the learning outcomes for BSBFIA401A Prepare Financial Reports subject that forms part of the FNS40210 Cert IV in Bookkeeping course and certification.
Topics included in this course will include training on how to
We’ve modified each MYOB Training Course to clearly indicate where you can ask our resident MYOB expert a question specific to your needs and your circumstances. The MYOB Q&A Support service was announced back in May 2011 and it’s just one way that we try to give you the best MYOB Training experience for a fixed price and LIFETIME training access!
Does that sound familiar? It WAS also called the P&L Report, but as our country marches in time with new international accounting standards we join the rest of the world in calling it the Income Statement. An Income Statement tracks revenues and expenses during a given period. The difference between the revenues and expenses represents a net loss or gain and Income Statements provide business owners with an understanding of the health of their business.
We’ve included our introductory video here:
These courses are available at www.myobcourse.com.au, and if you want to take a brief tour about how EzyLearn online training courses work click here. Remember that although these courses are displayed as separate courses the enrolment price includes access to all courses for the one price!
Accounting basics, Starting MYOB, Navigating around the MYOB program, Creating a company file, Setting up accounts, Data Entry and Record selection options, Contact log, to-do list, Creating and deleting accounts, Opening balances, Sales & purchases layout options, Invoicing and Payment defaul settings, Linked accounts,
Creating Cusomter Cards, Historical sales, Security and Sales preferences in MYOB. Tax code intro, Edit and delete linked accounts, Extra card file details, Create items and extra item information, Inventory opening balances and adjusting inventory balances.
Closing and backing up your MYOB datafile, using multiple disks, opening a newly created file (Activating a company file), Restoring an MYOB backup datafile.
MYOB Invoice form layout options, tax inc versus tax ex, text fields and data fields, deleting, moving and resizing fields, customising toolbar, MYOB printed form properties, field text formatting, copy and paste logo into your MYOB form, inserting logo image, and performing an Initial Bank reconciliation in MYOB.
MYOB Day to Day (502)
Processing Sales using MYOB (entering items, editing item details, changing payment terms, time-billing and printing, creating a quote or sales order, converting quote to order and order to invoice, using the sales register for quick conversions, insert and delete lines and headings)
Finding transactions in MYOB (Sales register, transaction journal, To MYOB Do list, accounts payable and receivable, Intro to and finding statements, MYOB keyboard shortcuts, receiving payments and paying bills, custom lists in Sales and purchasing modules)
Printing MYOB receipts (also emailing MYOB forms instead, printing one at a time or in batches, printing statements, statement types, activity statements)
Recording a cash sale in MYOB, entering credits, settling credits and returns, bad debts, deleting payments and sales, reversing transactions, creating a card on the fly, creating an MYOB inventory item. Applying a payment while invoicing in the MYOB sales screen, undeposited funds account, receiving part payments, receiving over payments.
MYOB Bank Reconciliation (503)
Learn how to create a loan account, transfer money into it, setup the accounts payable linked account, editing and deleting transactions (important at reconciliation time), the difference between sales and purchases modules and entries in the banking module, reconciling bank account entries with your statement, opening balance, closing dates and more…
MYOB Payroll – beta (505)
This course shows you how to navigate around the Payroll and Card File command centres in MYOB for the purpose of viewing, creating and editing information and transactions regarding payroll for employees.
The course goes through various payroll categories like hourly and salary wages, allowances and re-imbursements, bonuses and commission, deductions, superannuation and tax.
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It’s ready! The workbook for the MYOB 502 (day to day transactions) training course is now ready. This workbook now has a better flow from navigating around the MYOB screen, creating inventory items, purchasing products from suppliers, setting inventory item properties, paying bills, creating quotes, orders and invoices to receiving payments and making bank deposits.
This workbook has larger screen shots, better practice tasks and references to our online training videos. You can even use the workbook by itself to learn how to use MYOB accounting software.
The workbook is now available in the contents section of the MYOB 502 course. If you are enrolled into the course, you can simply click this link to see the workbook: http://myobcourse.com/elearning/mod/resource/view.php?id=303
Announcing: EzyLearn and Maxis Solutions (RTO 91428) have just released the training schedule for courses in MYOB Accounting for Day to day transactions in both Chatswood and Burwood. These courses are scheduled conveniently during school hours of 9.30am to 3.30 so that mums can attend and get full value out of their day.
These courses cover the Sales, Purchases, Inventory and an introduction to the Banking modules of MYOB Accounting. If you don’t have the software there is a link to the freely downloadable Test Drive software that you can use to practise what you learn on your home or office computer.
The Topics in more detail are:
Creating quotes, orders and then invoices in the sales system, changing item information and credit terms “on the fly” while you are creating an invoice. Understand the different invoice formats, including time billing, how to create and delete text headings and more.
Finding historical transactions is a major part of accounting software. In this course you’ll learn about the Sales Register, Sales Journal, To Do list, Accounts Receivable and Payable reports and Custom lists, plus an introduction to Statements so that you can supply your clients with a summary of funds owing to you. You also learn about the two main type of statement so you can choose the one that suits your needs.
This course also includes recording cash sales, entering credits, settling credits, how to deal with bad debts, deleting sales payments, and reversing credits.
Payments: You’ll learn how to enter invoice and purchase payments including part payments and over payments.
Purchases: You’ll learn how to keep track of your purchases whether you pay for them straight away or receive an account. You will also learn how to create a purchase order, converting it to a bill, creating an item credit, settling and reversing credits, and analysing purchases.
Banking: If you make purchase or income transactions that have nothing to do with the sales or purchases modules, then you’ll learn how to make these entries using the banking module.
There is an early bird rate so visit the ordering site and book early to save money.
We closed our last training centre in 2006 and have taught thousands of students how to use MYOB accounting software since then because we offer
Discover more reasons to choose EzyLearn for your MYOB Training Courses.
Proof of training and evidence of completion of a course are two significant ways to prove that a person has the skills to perform selected tasks when they are in the workplace. How is this achieved with online training?
A certificate in the hand of a potential employee might seem like the answer to everyone’s hopes. Companies are looking for staff with the skills and prospective employees want to be employed. So, what does a certificate mean? The most structured form of vocational training is a Certificate or Diploma course, these courses are operated by RTO’s (Registered Training Organisations) who adhere to strict guidelines in assessing students skills level, running the courses and assessing the students skills at the end of the course. Under these strict guidelines you can be confident that if someone has a certificate that they have reached a certain level of competency.
EzyLearn is a computer training content provider, in other words, we create training videos, workbooks and exercise files that are used by private individuals, companies and training companies (including RTO’s). Some of these companies have qualified assessors who are able to provide a Nationally recognised Certificate, regardless of the training materials used.
At our www.myobcourse.com.au website we provide a Certificate of Completion. Our assessment of a students skills are based on their ability to take an MYOB data file, make changes to it like enter inventory items, create customer cards, create invoices, apply payments to those invoices and perform a bank reconciliation. If they can send the data file to us, there is good evidence that they have the skills required for most every bookkeeping tasks.
