A professional accounting software can help your small business grow multifold. Out of the several parameters that indicate the growth of any business, net earnings from the pivotal center that ultimately decides whether a business is successfully recording positive growth. It is only after factoring in the several operating costs that we truly arrive at the magic number called ‘profit.’ A competent accounting management system tables down all the calculations and offers the
HR departments are facing new challenges this year. Millennials now comprise the majority of the workforce and keep re-defining the employment norms and company’s cultures. Standardized managerial practices are no longer working as good as they used to, especially with distributed teams. Annual evaluations are now ditched in favor of peer-to-peer reviews. Administering all those processes on paper or using multiple tools is no longer a viable option. To cope with organization
Your Business information is there in your accounting system but it's not accessible Accounting, Order Entry and Job Costing software automates many manual processes and keeps your business information in a central database. History of your clients' transactions, knowledge about your product sales, performance of your projects are all in this database and can be accessed with standard reporting. Standard reporting in your accounting package doesn't cut it These standard repor
SkillsFuture Singapore (SSG) and Workforce Singapore (WSG) are two new statutory boards that has been set up since 2016 to accommodate for better education, career guidance and training courses for all Singaporeans. The Singapore Workforce Development Agency (Amendment) Bill and the SkillsFuture Singapore Agency Bill were two bills passed in Parliament. SSG will be overseen by the Ministry of Education (MOE) while they work with WSG. The aim of the boards is to deepen the ski
WHAT IS IT? Cloud computing is the storage of servers and data in secure data centres that can be accessed by users through their internet browsers. This means there is no need for servers in businesses, with information easily accessed through PCs and mobile device, no matter where you are, so long as you have access to the internet. It allows for an unlimited number of computers to access the cloud, without impacting on its performance, meaning unlimited processing and stor
Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future. The potential of blockchain Blockchain is an accounting technology. It is concerned with the transfer of ownership of assets, and maintaining a ledger of accurate financial information. The accounting profession is broadly concerned with the measurement and communication of financial information, and the analysis of said
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 t
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
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. #abssmyob #promotionmyob #myobpromotion #b
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.
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
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.
4. To create a TRADE RECEIVABLE account for foreign currency (Eg: Trade Receivable Euro), ACCOUNT TYPE select ACCOUNTS RECEIVABLE, then e
If you are using Windows Vista or later Window Operating Systems, you may experience a Printer Error 5 when attempting to generate report or print from your MYOB software. This error can sometimes occur even when you're not trying to print, or if you don't have a printer installed.
To overcome this issue, the first thing to check is to make sure you have the latest printer driver installed for your printer. Refer to the printer manufacturer's website to download the current
Create User Id, Password & Set Access Right for User
1. Go to SETUP- PREFERENCES
2. At the PREFERENCES- Go to SECURITY option- then USER IDs
3. Select NEW to create new ID
4. Enter the new user ID and PASSWORD, then select OK
5. After created the new user, you can edit the access right of the user. To set the access right, you can select the user ID then tick the cross mark to the module or function which this user not allowed to use. #abssmyob #promotionmyob #myobpromo
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 nec
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
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. #abssmyob #promotionmyob #myobpromotion #bestaccountingsoftware #myob #myobsg #abss
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 #abssmyob #promotionmyob #myobpromotion #bestaccounting
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. 1. 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 y
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