5 Essential MYOB purchase practices to keep updated
One of the greatest advantages the MYOB software gives to users is an ability to better manage their company cash flow and perform virtually all functions within a single source. When used well, MYOB allows you to manage practically all essential practices like payroll, accounting, invoicing and more, including the management of your purchases. If you are new to the software, there are 5 MYOB purchase practices to keep yourself updated on:
1. Supplier Cards
Before you can begin making records of your purchase orders, you are first required to create “cards” for your suppliers for future identification. In order to do so, you need to visit your MYOB software’s card file command center. From there, you will be able to select Cards List. This will open up a window where you can choose to enter a new card. Follow the prompt and choose the correct supplier from your card type list and pick the designation type for your card. Usually, you can choose between a corporation or individual. Type in the name of your supplier and hit on TAB so that additional fields are enabled.
Make sure you create an easily identifiable code for your supplier in the CARD ID section and fill in all required information in your window. You can even go ahead and add notes, pictures, and assign different attributes to the card so that you can sort better in the future. Now enter the buying details and in tax information as well as credit terms whenever applicable. After you are certain you have everything filled in, you can click OK to finish and close the window.
2. Entering Purchases
In MYOB, purchases can be entered in the forms of quotes, orders and received items/bills. Quotes are entered when you want to record estimates/quotes received from suppliers- this has no impact on inventory and can always be changed to orders/bills upon making purchases. Orders are made when a purchase is made but no service/item was received. These affect inventory but not finances unless deposits are made. Receive item purchases however, are used to record items that are ordered but not yet billed. Bills are the options that are created when items and services are received.
3. Sales Purchase Orders
You can enter the purchases through the purchase window in MYOB. For sales, you can enter purchase orders with sales quotes/sales orders that have been recorded. To make purchase orders for sales, use the Sales command center and choose the sales register. You can either choose a quote or order here and choose Create PO to activate the Purchases option window and display a new purchase order. Choose the right supplier in the option fields and enter the item cost. Finish the purchase order with the rest of the details and choose record.
4. Purchase Status Change
Purchase orders can be changed if they are quotes or orders. To change your quote to a purchase order, look for your Purchases command center in MYOB and choose Purchases register. Click on quote and choose the required one, once you have done so, the change to order button should be available for choosing. Select that and you will be led to the purchase window. You can also change to Bill and update relevant information before choosing record.
5. Bill Payment
To make bill payments, look once more for your purchases command center and choose the pay bills option. You will be prompted on how to select payment and the account you are paying from. You will need to choose the right supplier and change payment dates whenever applicable. Make sure to note down which purchase orders are covered with the payment through entering value in the amount applied section or select pay all, then hit record.
Author signature: Trainer Morris Edwards has rapidly established a strong reputation for himself by conducting special made level based MYOB training courses in Singapore. If you have questions on MYOB, he is the right person to be approaching for help!