5 MYOB Banking procedures to practise
The advantages of MYOB as a software are endless, especially when users put it to good use. If you are thinking about getting your own MYOB software and using it for your accounting purposes, there are certain functions you should begin experimenting with. One of these beneficial features MYOB has would be banking capabilities. Here are 5 MYOB banking procedures you should definitely put to good use when you can:
1. Receive Money
When it comes to MYOB softwares, ‘receiving money’ is often a term used to describe receipt recordings that do not fall under payment for invoices. For example- equity injections, adjustments, and interests. These recordings are often made through the Receive money option window and by choosing the transaction type under the Bank register window option. Locate the Banking command center in your MYOB software program and choose the Receive money option to open up the option window. You can now select either to ‘Deposit to Account’ option or the ‘Group with Undeposited funds’ option. The latter choice is better for deposits that have all been grouped for locating under one single bank deposit. Make sure to fill in the payer and amount received. If you have additional details, choose the details option to enable more elaboration. Once done, allocate payment to the right account. Choose Record to save.
Bonus tip: If your deposits involve tax, make sure to choose the Tax inclusive feature.
2. Bank Deposit
Bank deposits have to be created so that the user can record deposited payment receipts as single transactions to their bank account. To do all that, users should post their payments to the undeposited funds account first before they create their bank deposit. Choose the group with undeposited funds choice under the receive money window when recording payments. To create bank deposits, you will first need to make use of the banking command center in MYOB and choose prepare bank deposit as an option to open up the window. Once done, find the deposit to account section and type your account info. This will be the account your funds will be deposited into. Fill in the relevant details and select the payment receipt, then choose record.
3. Money spent
Spending Money in MYOB refers to payments for transaction that have not have their purchases created yet. For example, bank charges. These payment types can be entered in the spend money option window as long as you choose the relevant transaction type in the bank register window. Record the details and allocate to the relevant accounts by choosing the spend money category under the banking command center in MYOB. Choose the form of payment and choose the account that is being paid from. Fill in all the relevant information in the cheque section, enter all the details if applicable and choose the payee’s address in the Payee section. Allocate appropriately and choose record to finish the payment in MYOB.
4. Electronic Payment
You can set up electronic payment in MYOB by preparing the electronic payment files so that your bank can process them. Depending on the country you live in, the file format may differ. Once the files have been prepared, they are sent to the bank for processing so to ensure a smooth transfer, discuss with your bank to see the requirements. Make sure you have completed the set up for electronic payment in MYOB first before continuing. If you are looking to pay suppliers, make use of the Group with electronic payments choice to show that you wish to pay your suppliers electronically. Look for the prepare electronic payments option under your banking command center and select the bank account you intend to pay with. Choose the payment type and type in other details clearly before creating the bank file and saving it.
Make sure that the bank account balance in your company file matches the records with your bank for accuracy purposes. Once you are certain, proceed to the banking command center in your MYOB software and choose reconcile accounts to open up the window. Look for the account field and allocate the account you want reconciled. Type in the closing balance in the new statement balance section and type in the closing date in the bank statement date. Pressing TAB will reveal unreconciled transactions that are dated on/before the date you entered. Choose the corresponding transactions and match the entry of your bank statements. Manually enter those that do not appear and then choose the actions option. Select bank entry and fill in all the details before clicking on record and reconcile.