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MYOB – Tips on Setting up your company - Part 1
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Published on Thursday, 20 December 2012 13:52
MYOB Setup: What should I be aware of when setting up a MYOB company file for my business?
Setting up your business data file is a straight forward but important process. Working through this process step by step will ensure you have your MYOB program up and running in the shortest possible time.
What information do I need to setup up my company file?
Being prepared before you start can greatly reduce the time and effort needed to setup. While preparing your accounting datafile, take time to explore the avenues of MYOB Help that have been made readily available to you.
Follow the list below to gather some of the information you will need.
- A Balance Sheet or Trial Balance report as at your conversion date, eg. 30 June to start 1 July, which is the date you will start using MYOB. These reports will provide you with your Chart of Accounts and your Ledger Account Opening Balances.
- Customer’s and Supplier’s details and trading terms. Gather recent invoices and/or contract agreements.
- Outstanding invoices and purchases dated prior to your conversion date.
- Your employees’ details and their individual payroll balances (if applicable and you have MYOB Premier, Accounting Plus or AccountEdge (MAC)).
- Reconciled cheque account(s) as at the conversion date. Doing this will provide you with your cashbook balance which is used for your cheque account Opening Balance. It will also provide you with a list of your unpresented deposits and withdrawals, which will also need to be entered. It will not necessarily be the bank statement balance.
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