5 Advanced MYOB set up procedures to master
Everyone has to deal with the initial setup process whenever they purchase a new software. To accommodate the demand for their software program, MYOB has decided to simplify the setup procedures of their MYOB software so that users can perform the installation and setup themselves with little to no trouble. If you are setting up your MYOB software and have already done the basics, here are 5 advanced MYOB setup procedures to consider:
- Payroll Setup
The payroll feature in MYOB is designed to process employee pay, calculate superannuation, track entitlements for employees, payroll liabilities, and payment summaries. Before you are able to use the payroll feature in MYOB, you will have to set up your payroll first by loading tax tables. These tax tables are usually loaded inclusive of calculation rules and stored in the company file. In order to keep your data accurate, you can consider registering to receive tax table update, compliance update and version update alerts. Key in your payroll information and choose the current year, hours in a working week as well as superannuation for employees. You can also make sure to review payroll categories that are assigned to your employees and make sure they are accurate since this is what’s used to calculate standard pay. Make sure it matched your corporation’s method. Make sure also to create card records for your employees with their details, and pay history.
To do all this, make use of the payroll easy setup assistant located in the setup menu and choose payroll accordingly.
- Sales Setup
In MYOB, the sales features are used for sales quote/order/invoice preparation, general statements and also customer sales history reviewing. In order to begin using, you will be required to use the Sales easy setup assistant so that it can guide you in the process of setting up. You will need to key in the credit terms and limits extended to your customers, create records for customers and keep track of historical sales including the details. Specify your invoice layout and income amount to allocate as well as other settings that are prompted for you.
- Purchases Setup
One of the most essential features in MYOB- the purchases features are used to record purchase quotes/orders/bills as well as reviewing of purchase history to determine budgets. To do so, you need to set up purchases through the purchases easy setup assistant found under the setup menu. Make sure you have card records of your suppliers, details of historical purchases, outstanding bill amounts, credit terms and other relevant details. From here, choose your payment method and layout that can best benefit you.
- Electronic payments
If you intend to use electronic payments, make sure to check with your bank beforehand if this option is feasible and what format you will need to comply to since the electronic payment files are sent to your bank for processing. You will need to prepare electronic payment files, record your bank account details, set up a clearing account, record the bank details of your suppliers and also employees.
- Item Records
Store details on products, services and product quantity with item records. Item records are what allows you to see your sales/purchase history of the products/services you sell or use to product items. In order to do so, visit the inventory command center in your MYOB software and choose count inventory. MYOB will automatically do the rest by coming up with a count sheet report of your inventory- you can simply choose to print it. You can also choose to Adjust inventory if you have changes to make and click record when you are done with the changes.