Your accountant is likely to provide you with a number of adjustments that will need to be entered in your company file as journal transactions. If the adjustments have been provided on paper, you can manually enter them in the Record Journal Entry window. To record adjustments manually 1. Go to the Accounts and click Record Journal Entry. The Record Journal Entry window appears. 2. The general journal number and transaction date appear by default. You can change these if necessary. 3. [Optional] In the Memo field, enter a comment to describe the transaction, for example, ‘Year End adjustment from accountant’. 4. Each row of information entered in the scrolling list is a line item. The line item details are identified in the journal adjustments provided by your accountant. For each line item: Type the account number (or name), or select it from the account list. In the Debit and Credit fields, enter the debit or credit amount for the line item. If necessary, change the default code in the Tax column by typing the required tax code or selecting it from the list. *Journal entry must be balanced The journal entry cannot be recorded until the Out of Balance field is zero. 5. Click Record to record the journal entry.

Deleting a recurring transaction only removes it from your list of recurring transactions. Transactions recorded previously, using this recurring transaction as a template, are not affected. 1. Go to the “LISTS” menu and choose “RECURRING TRANSACTIONS”. The Recurring Transactions List window appears. 2. Select the recurring transaction you want to delete and click “DELETE”. An information message appears explaining that this action will not delete any recorded transactions based on this transaction template. 3. Click OK to delete the recurring transaction.

1. Go to the Sales command centre and click Enter Sales. In ABSS MYOB Premier and Accounting click the Enter Sales button. 2. Select the required customer. Click Layout and select Service, or item layout and click OK. 3. i) For Credit Note issue that doesnt involve the goods. (to refund/ deduct money of next sales) Enter a description for the credit for service layout. Enter the account number to be credited in the Acct# field or select it from the list. This account should be the income account that the original sale was allocated to. Alternatively you could have an income account called 'Sales returns/Credits' for service layout. (remember key as negative amount Eg. -$1000.00) ii) For Credit Note issue to return goods, Use the Item layout to enter the Credit Note. Select the item that want to refund or select a service item for credit note for item layout and need to key negative sign at the quantity at ship column. 4. After press Record button . Go to Sales register under sales module and click the “RETURNS & CREDITS” tab. You will find your credit note inside the list. Select the credit note that you would like to apply for pay refund or apply to sale. Click “PAY REFUND” if you want to return the money to the customer. Click “ APPLY TO SALE” if you want to offset other invoice for the customer. 5. If you select “PAY REFUND” you will come to this screen. Enter the cheque number and select bank account, you can press “RECORD” to save it. 6. If you click “APPLY TO SALE” you will come to this screen. Select which invoice and how much you would like to offset. Click on the Amount Applied column to apply the then click on “RECORD” to save it.

If you have a customer who is also a supplier, you can set them up as a supplier and customer, and record payments and receipts as you usually do. However, another way you can manage your payments is to offset your outstanding customer and supplier invoices by recording a contra payment. You will need to create a contra bank account to offset. 1. Open the Accounts List window (Lists > Accounts) and click New. The Account information window appears. 2. Select Bank from the Account Type list. Enter an account number and also account type must choose “BANK”. Account name can be “CONTRA BANK PAYMENT” Record a payment for your purchase. 1. In the Pay Bill window, select the Contra Payment account in the Deposit to Account field. 2. In the Supplier field, enter the supplier’s name. 3. Enter the amount that you need to offset against your outstanding invoices. Record a payment for your sales. 1. In the Receive Payments window, enter the Contra Payment account in the Deposit to Account field. 2. In the Customer field, enter the customer’s name. 3. Enter the amount that you need to offset against your outstanding invoices. After recording these payments, your bank accounts are not affected; but your receivable and payable accounts have been reduced. Also, the Contra Payment account balance will be zero.

Bad debts are a reversal of the original sale, where the transaction gets allocated to a bad debts expense account. Setting up your Accounts List to record a bad debt Creating a Bad Debts expense account is the only preparation needed for recording bad debts. Or, if your account for bad debts by posting a provision to an asset account, create a 'Provision for Bad Debts' asset account instead. Check with your accountant if you're unsure. Applying bad debt to a customer A bad debt is applied to a customer's account by first creating a credit note (Adjustment Note). This bad debt Adjustment Note is then applied to the customer's outstanding invoice(s). 1. Go to the Sales module and click Enter Sales. 2. Select the Customer and enter the transaction details including the Invoice Number and Date. 3. Click the Layout button and choose the Service layout, then click OK. - Enter an appropriate Description such as "Write off bad debt". - Select the Bad Debts account in the Acct# field. When you do, you will receive a warning message that says that the account used to allocate a sale is usually an income account. Disregard this message and, if applicable, click OK. - In the Amount field, enter a negative value equal to the bad debt amount. - Apply the relevant tax/GSTcode. You may need to reference the original invoice(s) to determine which tax/GST code to use. - Click Record. To apply the bad debt to the Sales, you can refer to our earlier post How to Apply Credit Note to Sales.

1. Go To Report -> Purchases Tab and under Supplier -> Purchases Detail double click in 2.Click “FINISHING “ and under “DISPLAY IN “ choose “ LOCAL CURRENCY” and click “DISPLAY 3. You will see the GRAND TOTAL at bottom.

1. Go to the Sales module and click Sales Register. 2. Locate and Select a quote—click the Quotes tab and select the required quote an order—click the Orders tab and select the required order Click Create PO. 3. The Purchases window appears with the new purchase order displayed. The items you entered for the sale automatically appear as line items on the purchase order. - Select a supplier in the Supplier field. Note, if you have nominated a supplier for these items in the item setup, this supplier will appear by default. - Enter the cost of the items in the Price column. Complete the purchase order as you normally would. For example, you may want to change the transaction date to today’s date, or add items to the order.

There are several purchase reports that can help you track your purchase activity. For example, you can run a Payables Reconciliation Summary report if you want to analyse your payables at a given date. Go to the Reports menu and choose Index to Reports. The Index to Reports window appears. 2. Click the Purchases tab. A list of purchase reports appears. 3. You can select which report you would like to generate. For Aging report, you can select the Reconcilation Summary if you would like to have the summary format. If you want to have more details like aging for each invoice per supplier, you can select the Reconciliation Detail report. After you have selected the report type, click on the Customise button at the bottom. 4. Report Customisation Window appears. You can filter the report details, example: select only certain supplier if you would like to have report on specific supplier, change the report cut off date. After you have customise the report, click on Display.

1. Go to banking -> Spend Money 2. Select the bank for the payment 3. Make sure the “TAX INCLUSIVE” is untick 4. Memo column can put as description eg. Pay import GST 5. “AMOUNT” column is the GST amount that need to pay 6. Enter one + (positive) purchases and one – (negative) purchases and the amount will be the basic of the GST 7. Tax Code will be one IM for positive and NT for the negative Click Record once done

ABSS MYOB helps to ease the pain of preparing the GST report with few click. User can generate GST Return Report (Form 5) as below: 1. Go to *Menu Bar- Report- Index to Report 2. In Index to Report, under the GST/ Sales Tax tab select the GST Return (Detail), then click on Customise to select the date range. 3. At Report Customisation Window, after select the Frequency (Monthly/ Quarterly/ Half yearly) . Year and Period, click on Display.

1. Go to “SETUP-> PREFERENCES->INVENTORY 2. Tick “ALLOW THE SALE OF ITEMS WITH INSUFFICIENT ON-HAND QUANTITIES[SYSTEM-WIDE]” and system will pop up a warning screen just click “OK” will do. 3. Check if the box is ticked.

Many user confuse when trying to record the foreign currency expenses. They cannot find the foreign currency bank account from the bank account dropdown list although the account is created at account list. Below is the guide of record the foreign currency expenses: 1. Go to Banking- Spend Money 2. Before entering the transaction details, click on the Currency button to change the currency. 3. You can select the currency you would like to use from the drop down list. Then click on Use Currency. 4. After selected the currency, check if you need to change the currency rate. Then click on OK. 5. You can now find your USD bank account to show at the bank account drop down list. You will notice the transaction amount is now in USD. Enter the transaction details and click on Record.

ABSS MYOB Premier equipped with multi-currency function. However, this function is not activated by default. User need to activate this function when they decided they need to use it. 1. To activate the multi-currency function, you can go to (* Menu Bar) Setup- Preference 2. In the Preference window- System Tab, tick the box I Deal in Multi Currencies. This is a system wide option, it will apply to all user once activated. Then click on OK . 3. Once the Muti-currencies function is activated, system will create a new account at Income Category (Currency Gain Loss) to allocate the currency exchange gain loss for user. System will calculate the exchange gain/loss (realised) and auto post to this account for user. So user no need to calculate post the entry manually.

After the Trade Payable/ Receivable account is created, user need to link the foreign currency's Trade Payable and Receivable account in order to make them function. Below is the guide of linking the trade payable & receivable account for foreign currency. i. Go to LIST- CURRENCIES ii. In the CURRENCIES LIST, double click on currency you would like to link (Eg. Euro). iii. To link the Trade receivable account (Eg. Trade Receivable Euro) Go to RECEIVABLE ACCOUNTS, select the TRADE RECEIVABLE EURO from the dropdown list for the ASSETS ACCOUNTS FOR TRACKING RECEIVABLES IN THIS CURRENCY iiii. To link the Trade Payable account Go to PAYABLE ACCOUNTS, select the TRADE PAYABLE EURO from the dropdown list for the LIABILITY ACCOUNT FOR TRACKING PAYABLE IN THIS CURRENCY. Select OK after linking done. You can now record the Sale& Purchase transaction in the Euro, after you have created and linked the Payable and Receivable account to the currency.

Create TRADE PAYABLE account for foreign currency (Eg: Trade Payable Euro) 1. Go to ACCOUNT- ACCOUNT LIST to refer to your current account list, so you can decide which account code to create. Then click on New to create a new account. 2. To create a TRADE PAYABLE account for foreign currency (eg Trade Payable-Euro), account type select ACCOUNT PAYABLE, then enter the account number and account name. 3. At the account DETAILS, change the currency to respective currency. 4. Select OK when system asks permission to create and link the exchange account for user. 5. Select OK after exchange account is created and linked by the system.

If you are dealing with customer, you need to create and link the trade receivable (customer) of the respective currency as well. 1. First you have to create the account (Trade Payable or Trade Receivable) at Account Module- ACCOUNT LIST 2. Refer to your account list and decide next account number. Click on the NEW to create new account. 3. To create a TRADE RECEIVABLE account for foreign currency (Eg: Trade Receivable Euro), ACCOUNT TYPE select ACCOUNTS RECEIVABLE, then enter the account number and account name. 4. At the account DETAILS, change the currency to respective currency 5. Select OK when system asks permission to create and link the exchange account for user. 6. Select OK after exchange account is created and linked.

1. Go to the (*menu bar) Setup, choose Balances and then Account Opening Balances. 2. The Account Opening Balances window appears. Enter the balances in the Opening Balance column. NOTE : You should enter opening balances as positive numbers. Do not, for example, enter your liability account balances as negative numbers. Enter negative amounts only if accounts truly have negative balances (example: asset accounts that record accumulated depreciation). 3. Check that the amount in the Amount left to be allocated field at the bottom of the window shows $0.00. If this field displays an amount other than $0.00, check your opening balances again because they are either incomplete or incorrect. However, you can continue the setup process if there is an amount in the Amount left to be allocated field. The amount will be assigned to a special equity account called Historical Balancing. 4. Click OK.

You can record the transfer of money between bank accounts, including bank and credit card accounts, using the Transfer Money window. For example, if you have a petty cash account set up as a bank account, you can record a transfer that tops up the balance of your petty cash float 1. To record the fund transfer (same currency), you can go to Account module- Transfer Money. At the Tranfer Money window, enter the details: 2. Enter a date for the transfer. 3. In the Transfer Money From field, enter the account from which the funds will be paid. 4. In the Transfer Money To field, enter the account to which the funds will be paid. 5. In the Amount field, type the amount to be transferred. 6. If you want to record the purpose of the transaction, type a description in the Memo field. 7. [Optional] If you want to store the transaction as a recurring transaction, clickSave as Recurring. Enter details of the recurring transaction in the Recurring Schedule Information window and click OK. 8. Click Record.

1. Go to Banking -> Spend Money 2. Select the bank for the payment 3. Make sure the “TAX INCLUSIVE” is untick 4. Memo column can put as description eg. Pay import GST 5. “AMOUNT” column is the GST amount that need to pay 6. Enter one + (positive) purchases and one – (negative) purchases and the amount will be the basic of the GST 7. Tax Code will be one IM for positive and NT for the negative 8. Click Record once done

ABSS MYOB allows user to record a VOID cheque in the system. You can record the Void cheque the Cheque at Banking- Spend Money Choose the bank account, and enter the cheque number you would like to void. You can enter the Payee Name at Payee field if you would like to keep for reference, but it is not compulsory. Make sure the cheque amount is blank. Then click on Record. ABSS MYOB will prompt an warning window to remind you the cheque will be voided. Click on OK for confirm to Void the cheque. Your cheque is now voided.

The initial bank reconciliation procedure needs to be done for each bank account that had uncleared transactions as at the first day of your conversion month. Step 1. Identify uncleared withdrawals and deposits. Compare your banking source information (such as your chequebook and deposit book) with your bank statements for the period that includes your conversion date. If you find transactions that have not been cleared by your bank as at this date, you will need to record the details of these transactions in your company file. For example, in June, the month prior to your conversion month, you wrote a cheque for $1,000 and deposited $500 you received from a customer. If these transactions had not appeared on a bank statement by 30 June, you need to record both transactions in your company file. Step 2.​ Record uncleared withdrawals and deposits You need to record uncleared transactions in such a way that the opening bank account balance is not affected. To do this, you need to post a debit and a credit of equal amounts for each transaction against the applicable bank account. To enter uncleared withdrawals 1. Go to the Banking command centre and click Spend Money. The Spend Money window appears. 2. In the Pay from Account field, type or select the bank account you want to reconcile. 3. In the Cheque No. field, enter a reference number for the withdrawal. 4. In the Date field, type the first day of your conversion month. For example, if your conversion month is January 2015, enter 01/01/15. 5. In the Amount field, type the amount of the withdrawal. 6. In the Acct No. field, type or select the bank account you want to reconcile. This must be the account entered in step 2. 7. In the Tax field, select the N-T tax code. 8. Click Record.