ACCOUNTS IN MYOB

Being a genius Accountant are admired
Being a wealth Accountant are envied
Being An Accountant with power are feared...... But......

Only Being An Accountant with Character are TRUSTED.......

Today my sharing will be around the "Accounts" Module in MYOB

The first question will be what is an "Account"? So accounts basically is how you do classifying on your business report. It's like how you make a classifying on type of a vehicle (car, motorcycle, train etc). What I mean is... you will not say in the first time like " I will buy a Van rather than buy Harley Davidson" but you will first say " I will buy car rather than motorcycle". So accounts basically is to classifying all kind of transaction when you do a recording, this way only you can make a summation for making financial statement. These accounts are the "tools" to communicate the report (Financial Statement) to the users.
In MYOB you will be able to make full customization as well as to make addition, erase or edit all the accounts, except for some accounts that all companies/organization will always has on their chart of accounts (cash, A/R, A/P, etc).
Start from MYOB Premier Version 9, you have to make a classification for each account it self like show in this figure below:



With this method start from MYOB Premier Version 9 the system can generate Cash flow Statement Report rather than just Cash Flow Analysis Report like in previous version.

UTILIZING ENERGY

CONCEPT OF UTILIZING ENERGY

FROM YOUR

NEGATIVE MIND

Today I want to share with you about something that have nothing do with an accounting or MYOB, but this story will put your understanding about later discussion in Accounting Concept, Convention and Principal.

Just a couple days back something terrible happened to my cute little son (he is 10 month old), he fell off from his baby box (approx. 1 meter height) his forehead hit directly to the floor, his left eye & forehead got swallowed real bad, I was really piss off that time to my wife and very disappointed why she cannot taking care the kid which is it’s her responsibility of being a mother, so what is in my mind that time was:

“The Worst Thing In This World Is When We Have A Very Cute Little Baby That You Really Love And Unfortunately You Also Married An Irresponsibility Wife Who Only Think For Herself”.

This negative mind turn out to a very big energy of irritate feeling which I have to utilize it in a right way so it will give some additional value to my family especially my wife afterward, otherwise it will just come out with some bad word from my mouth and it will only hurt my wife’s feeling nothing more. So I try to openly talk to her that time (of course not nicely) what is really in my mind, that she only thinks for herself, not having that much of responsibility for the baby and so on… see what happened to our baby now. I know this is the right time because mostly in some normal circumstances we don’t have this kind of energy to talk openly and straight even though it’s already in our mind I’m sure some obstacle will be there.

Now after that accident happened I can see that my wife taking care my baby with more careful and it seems that she try to not being selfish anymore, I know it will needs so more effort for her, certainly it’s not easy, at least she is start to step up another level. It works isn’t it….!!!

After All your mind will think this way:

“The Worst Thing In This World Is When We Have A Very Cute Little Baby That You Really Love And Unfortunately You Also Married An Irresponsibility Wife Who Only Think For Herself. But fortunately you are a Her Husband who has more responsibility compare to your wife so you can turn the Worst Things to a Good Things instead, with your leadership capabilities of being a Husband”.

HOW ABOUT THAT…?!!! FAIR ENOUGH HUH….?

“IT NEEDS A LOT OF AN EFFORT TO ALWAYS THINK POSITIVE… BEFORE OR AFTER”

BABY ALWAYS HAS A POSITIVE MIND, JUST STARE AT HIS EYES AND TELL YOURSELF WHAT YOU FEEL

accounting report profit loss

TODAY.... ICE BREAKER....

Sometime you can get mentally really strong or stronger just when things get worst, you are in deep trouble but you still believe what you believe, than you realize that you achieving starts with believing.

Start to always thing positively, once you have negative mind and than you will start think;

"Even ambulance try to take advantages from me by wrote it in reverse way on the hood of the ambulance. And You thought, "Well,I can only read it by look in the rear-view mirror the word "ambulance" behind me and while I'm reading it , I cannot see where I'm going, I'm crash, I need an ambulance and they will get pay"

Ok than....lets think positively and lets continue with the second principle financial report called PROFIT LOSS Statement.

As I mention on the previous post we are on the "KNOWING EACH OTHER"phase. Not like Balance Sheet this Profit Loss Statement will give you information only about:

1. How much is your Income
2. How much is your Expenses


You will do the deduction between this Income & Expenses and finaly you end up with Net Profit or Net Loss. As simple as that.....

In MYOB you just have to identifying the transaction whether its sales (cash inflow) or expenses (cash outflow), get the information of the customer or supplier, find the item you sell or buy, verify the amount and quantity of transaction as known a measuring process in accounting and hit the record button , Thats it..... You can see the report (Profit Loss Statement)
in REALTIME........

Here is the snap shot












Check it out below the information (Profit Loss Statement)MYOB can provide on this stage:




Profit Loss Statement Graphic:

MYOB Result (How Beautifull....)

Hi....., it is my pleasure to adding this blog & share again with you guys... Lets start from the phase of "KNOWING EACH OTHER" between you & MYOB.
We start with "KNOWING THE UNKNOWN". I'll start from the output of this MYOB system with the accounting procedure approach (I know most of you are "allergic" to the word "accounting" but don't worry I'll give you "HYPOALLERGENIC ACCOUNTING" one and you'll start to like it instead) . Lets check it out !!!!

The main objective of this MYOB system is to generate the the reports and provide AN UPDATE & ACCURATE INFORMATION. Certainly there are 3 main reports that what the company usually use to take a decision out of more than 200 type of reports, there are:

- BALANCE SHEET REPORT; You'll get information about how much is your:

1) Assets (like; cash, account receivable or debtor, inventory, land building, machine, vehicle etc.)

2) Liabilities (loans, bank loans, trade creditor etc.)

3) Equities/Capital (is your own money which is you put in your company)



AND ALWAYS REMEMBER!!!


" ASSETS = LIABILITIES + EQUITIES"



This is what we call ACCOUNTING EQUATION (and you'll goes like... What the Hell is that !!??? Start feel itchy, sniffing, breathing problem?) No You Don't!! Remember I give you the "HYPOALLERGENIC ACCOUNTING" read this:


Says you just win a lottery and got money of U$ 5,000,000.00 (that makes your ex wife or husband regret for her or his entire life and certainly you'll not take her or him back since you'll be able to get a better one, two or three or more) and you want to start your own business with buying one big rundown steel factory (building) for a book value U$ 4,000,000.00 plus you need to buy some new machinery cost U$ 2,000,000.00 since you only have money of U$ 5,000,000.00 (we call it EQUITY OR CAPITAL) you need to borrow some money at least U$ 1,000,000.00 to covering your defisit (we call this LIABILITIES) so the figure will be like this:


YOUR MONEY (EQUITY/CAPITAL) U$ 5,000,000.00
BORROW MONEY (LIABILITIES) U$ 1,000,000.00
TOTAL EQUITY + LIABILITIES U$ 6,000,000.00


FACTORY/BUILDING (ASSET) U$ 4,000,000.00
MACHINERY (ASSET) U$ 2,000,000.00
TOTAL ASSETS U$ 6,0000,000.00


SO WE CAN SAY THAT YOU HAVE FACTORY & MACHINERY WITH THE VALUE OF U$ 6,000,000.00 FROM YOUR OWN MONEY WITH THE AMOUNT OF U$ 5,000,000.00 PLUS YOU BORROWED SOME MONEY WITH THE AMOUNT OF U$ 1,000,000.00.


" ASSETS = LIABILITIES + EQUITIES"


Below is how MYOB can shows the Balance Sheet report:








MYOB also provide & can display a respective graphic (see below):




THIS REPORT WILL BE DISPLAY ON REAL TIME AS SOON AS YOU ENTERED THE TRANSACTION, ISN'T BEAUTIFUL!!!

WE WILL CONTINUE WITH OTHER MAIN REPORT IN THE NEXT POST.

MYOB Accounting Software an Introduction

MYOB, Mind Your Own Business

Is the name of an Australian multinational corporation with operations in seven countries. The company provides software and services to small and medium businesses, and is particularly well-known in Australia and New Zealand. MYOB's product and services for businesses range from entry level accounting software through to multi user enterprise software (MYOB Exonet and MYOB PayrollEnterprise). Other products include retail point of sale software, asset management, payroll, payment services, practice and tax software and E-commerce solutions. Software products are provided for both Microsoft Windows and Apple Inc. Mac OS X operating systems.

For accounting practices, MYOB offers firm-wide operations systems incorporating client management, document and workflow management and tax and compliance processing systems. MYOB also offers outsourced compliance processing services for accounting practices in Australia, New Zealand and the United Kingdom under the service brand of MYOB Accountants Resourcing.

MYOB has over 700,000 client businesses including over 10,000 accounting practices in Australia, New Zealand, Hong Kong, China, Malaysia, Singapore, United Kingdom, Ireland and United States.

The MYOB small business accounting range has at its core a DBMS. Data input is stored in form of database. The database is separate from the DBMS and easy to backup and restore in way of father and son method. For external audit purpose, you may define 13 months or 12 months a year. Also you can define preview of the real time financial statements statue after data input without posting. The administrator has the absolute authority to define the setting to control users' human errors. The MYOB small business accounting software has audit function to trace and report who has done and what has changed the database before.

Please continue with the next post to know better about its performance.

(with courtesy to www.wikipedia.com)

ABOUT MYOB

Story About Me & MYOB

A place to share knowledge with unintentionaly profit oriented

Beauty of skill & knowledge "The More You Share It, The More You'll Get It"

This blog was made for the people who concern with good information related to their business particularly for the information has connected with accounting (financial & operational information). Hence they can take right decision for their oranization going concern aspect.

• Do you know how Sir William Gates III (Bill Gates) can earned 13 million US Dollar per day and keep him on the 1st rank of the richest people in the world?


• Do you know how Lakshmi Mittal can be the 4th rank of the richest people in the world even though he start his business from the round down company in Indonesia?

How Forbes magazine can put these people in ranking among any other richest people in the world?

Its all just because of the INFORMATION.......!!!

Yes...!!! Information means a lot for a person who really have their business vision one steps ahead, information is the main key to support their natural intuitive power.

They can take right decision with free from error and defect based on the information.

Nowadays there is no limit in time and place, information can spread in a count of minutes even in seconds.

FAST AND ACCURATE INFORMATION MEANS MORE RAPIDLY SUCCESS !!!!

How to generate this fast and accurate information? Definitely you need a tools and I want to share a "story" with you about this tool. I've been trying so many accounting sofware but I can say that this tool will give you faster and more accurate information while you run your small to medium enterprises because it has more "user friendly" features compare with any other tools, the tools called MYOB, this is a mass production accounting software from Australia but with the flexibilities in customization capabilities, and its very user friendly, even a person without any accounting background can generate their own financial statement.

I have experience once, when I was helping my friend to build up his small business in new concept of barbershop & cofee bar. One time he ask me how he can run his business as well as maintaning his bookeeping in a proper way. So since I have experience using MYOB in almost 9 years (I remember I was introduced the first time to MYOB Premier 3) I sugested him to use MYOB as a tool for solving His Issue. Finally he bought the basic MYOB software, and I help one of his employee to learn this MYOB (which is only a person with high school graduated background and never experience with any accounting software as a matter of fact he was only a cleaning service) . You can't never imagine how this MYOB is very user friendly !!! After 3 days he learned and 1 week for implementation my friend can have his own complete financial statement and any other business analysis information plus charts, with just a help of one high school graduated employee. Amazing !!! This MYOB can be one that is regarded as a possible danger for accountants isn't it ? I tell you what.....These people can be jobless.....!!!

Its only one of my story with MYOB I can share alot more story latter, but the main idea is " We should optimizing technology improvement particularly in Information Technology area if We want to always one step ahead from our business competitors", and according to me MYOB is one of the best software that can fullfill that needs.

This Blog is either for the people who not having knowledge about MYOB or people who already have a skill in MYOB but needs some improvement.

You can Frequently Ask Questions about your problems in using MYOB by sending me email at bratainti@yahoo.com I'll try to help as hard as I can to solve your problem start from basic to advance problems, related to MYOB or anything about Accounting itself. I will reply to you and attach a file that will guide you to solve the problem visually (usualy in Powerpoint Presentation) so it'll be more easier for you to understand. In the meantime I will also put some information regarding anything about MYOB and accounting.


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