I work with several different clients each week and the time I spend on each project varies. Some clients are great payers while others need me to wait until the end of the month to fit in with their accounting system. How can I keep track of my trade debtors easily?
I realised that I can start to use MYOB AccountRight today. I can set up a simple chart of accounts, customise an invoice form, enter client details and start invoicing with professional-looking invoices. Now when a client asks how much they own me, I click a few buttons and they have the exact answer.
MYOB is a quick and easy way – Â not only look professional but to be professional. Even better, you don’t need to know anything about accounting.
When you have completed setting up or entering data into MYOB, you can exit by either clicking on the âxâ or go to File and Exit MYOB.
MYOB will give you a warning to back up your file. You can also check the company file for errors. Just click the appropriate box and you will be taken to a Backup File that MYOB has made for you. However, you should not use this file going forwards – if anything were to happen to your computer, you would lose all data.
Always backup your files on to a USB, separate hard drive or disc. MYOB will automatically title the Backup by date casino online but you can change this to whatever you like.
To see the items that your company has click on the Inventory Icon and click on Items List in the command centre. You will see the item, click on the white arrow beside the item and you will see the details. On the profile page you will see the name of the item and all the accounts for buying, selling and inventory.
Click on the Buying Tab and you can enter the cost of purchasing the item, the unit measure and the number of items per unit measure. If your company purchases these items for one supplier, these details can be entered on this page as well as the minimum level needed for restocking.
In the Selling Tab, you would enter the cost of selling the item, unit measure and number of items per selling measure. Make sure that the correct tax code is entered as well as ticking if you want to note the cost is GST inclusive. Click record when all details entered.
To enter the number of the items go to Count Inventory and go to the item, in the counted column enter the number then click adjust inventory. MYOB will give you a warning to be sure to enter the unit cost.
Important note: You must have a separate account for inventory adjustments â this is an asset account. Go to Accounts list and add a new account in the assets list as you will not be able to make a new account from Count Inventory.
To see where you would enter a sale using existing information, click on the âSaleâ Icon and then click on âEnter Salesâ.
The Invoice window will now be on your screen. The cursor automatically defaults to the Customer Fields.
[Hint: Use your âTABâ key to go to the different fields on the invoice.]
Click on the drop down box next to Customer; all the customers that have been entered will be shown. Select the correct customer and click on the Use Customer button at the bottom of the customer screen.
Notice now that the shipping details, terms and tax have automatically been entered.
In the Invoice Number field, MYOB defaults to a numbered invoice. This can be changed to reflect your invoice keeping.
If your customer has given you a Purchase Order Number, MYOB has a field in which you can enter that number so that your customer can online slots keep track on their own accounts.
Note that there is a field where you can enter a salesperson – this is handy, particularly if you have staff members who are paid on a commission basis.
The Comments field defaults to âThank Youâ but MYOB does give you other options – or you can add your own.
If this is an invoice which was paid on the day, there is a field for both this and the Payment Method.
The âItemâ invoice layout is on your screen. If you use your Tab Key you will note that MYOB allows you to jump to the next field. This is extremely handy when you have a number of invoices to do because it saves lots of time!
To enter, firstly type in the number of the items sold, tab to Item Number then tab again and you’ll see a List of Items on your screen.
Important: You MUST enter an Item Number when using an Item Layout for your invoices.
Your Items list will have the Item number, description of Item and the Number of Items in stock. Select the Item and click on the button âUse this Itemâ. Tab and the description of that Item is in the Description field; tab again and the price of each Item will be shown. Tab again and the full price will be in the Total field.
If you have more items to enter for this sale, simply click Enter and you will be on the next line of your invoice.
MYOB allows you to change the look of your invoice even though you may already have entered the type of invoice in Setup.
At the bottom of your invoice is a layout icon. Click on the icon and the List of Layouts will now show. When you click on the different layouts, MYOB gives a brief description of each option.
Selecting the âItemâ invoice, you will notice that the layout has changed and there are more fields to enter information than was on the âServiceâ layout.
The description field is where you enter the items sold and you can type anything that is appropriate to that item.
The Account number field gives you the Income Account and this is from the Chart of Accounts.
The Tax field gives you the tax amount, whether it is GST or GST free.
You will notice that there is a âJobâ Column; it is here you can add a sale to a Job Number. This is used so that you can keep a track of income and expenses for a particular job.
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