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MYOB – Tips on Setting Up Company – Part 2
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Published on Thursday, 31 January 2013 13:35
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What options do I select when setting up a new data file?
The New Company File Assistant window is automatically displayed when creating a new company data file. This function provides a convenient means of entering the basic data file setup information.
The main sections that need to be completed are as follows:
Company Information
Enter your company information in the relevant fields. By default, MYOB will use the Company Name when naming the data file. This can be changed when the file is actually saved to the computer’s hard drive.
Accounting Information
- Current Financial Year - This is the financial year in which you want to enter your initial transactions. MYOB will not accept transactions dated in a financial year that is prior to the Current Financial Year.
- Last Month of Financial Year - Generally, the financial year runs from July to June and therefore June would be selected as the Last Month of Financial Year. However, another month can be selected if necessary.
- Conversion Month - This option works in conjunction with the Current Financial Year. Initial transactions cannot be dated prior to the Conversion Month of the Current Financial Year, for example: If 2005 is selected as the Current Financial Year and December is selected as the Conversion Month, MYOB will not permit transactions to be dated prior to 1/12/2004.
- Number of Accounting Periods - MYOB provides for either 12 or 13 accounting periods per year, with each month being counted as one period. By selecting 13 periods, MYOB will provide you with an artificial period, which is ideal for entering end of year adjustments which would otherwise affect the June/July reporting period. For more information on using the 13th period, please refer to the support note titled Answer ID 9073: 13th Period Transactions
After making your selections, click Next. Carefully read the confirmation window as once the setup is accepted, you will not be able to go back and change any of the Accounting Information settings.
- Accounts List - MYOB provides you with three options of setting up your chart of accounts. The first option allows you to select a chart of accounts tailored to your business type. If your accountant has prepared a Trial Balance or Balance Sheet report for you, then select the third option - I Would Like to Build My Own Accounts List Once I Begin Using MYOB. Regardless of which option you select, your chart of accounts can be customised at anytime.
Company File
Click Change if you want to change the name or destination of your new company data file. Otherwise, click Next.
Also see Part 1
