Detailed Report: MYOB Accounting Software and Session Report

This report provides a comprehensive overview of the MYOB accounting software, a popular online tool used for accounting purposes. It details the initial steps of creating a company within MYOB, emphasizing the importance of accuracy in setting up financial year and conversion month. The report then explains how to enter accounting entries, including the setup of opening and historical balances for suppliers and customers. A session report is included, offering a detailed breakdown of various transactions, including debits, credits, and memo entries, which enhances the understanding of the software's practical application. The report covers various aspects such as Petty Cash, Undeposited Funds, Trade Debtors, Inventory, and different sales categories, along with expenses. The report analyzes the working of the software, by providing a session report which gives better understanding of accounting entries.

MYOB ACCOUNTING SOFTWARE- REPORT
MYOB ACCOUNTING SOFTWARE-REPORT

Contents
Executive Summary:....................................................................................................................................2
SESSION REPORT.........................................................................................................................................3
Learning from the assignment...................................................................................................................13
Conclusion:................................................................................................................................................13
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Executive Summary: MYOB is an online accounting software
which is used for accounting purposes. In MYOB, first we have to create
a company. One should keep one thing in mind that once company is
created, it cannot be changed like financial year, conversion month etc.
So, one should be very careful in that. After creating the company, one
can start up with entering the entries in the software. Before starting
with the accounting entries, one has to enter opening balances and
historical balances of suppliers and customers. After all the set up, one
can start up with the accounting entries. Below is the detailed method
to start up in MYOB. Also produced is the session report which gives us
better understanding of the working in the software.
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c
SESSION REPORT
08-05-18
ID# Src Date Memo/Payee Debit Credit Job No.
1-1110 Cheque
Account
1222 CD 03-08-13 South Face $1,540.00
CR000001 CR 05-08-13 Payment; Mountain lake resort $7,649.40
1223 CD 09-08-13 Cash $3,260.00
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CR000004 CR 09-08-13 Bank Deposit $4,738.00
1224 CD 11-08-13 Australian Super $369.00
1225 CD 12-08-13 $1,624.25
1227 CD 15-08-13 Spida Headgear $2,431.00
1229 CD 19-08-13 Snow sports pty ltd $5,005.00
1230 CD 22-08-13 Cleaning the store $165.00
1231 CD 23-08-13 Wages & salaries paid $2,120.00
CR000009 CR 23-08-13 Bank Deposit $8,991.40
CR000010 CR 23-08-13 Cash Sales for 00003374 $600.00
1232 CD 26-08-13 Drwings $1,500.00
1233 CD 28-08-13 Michael Jordan $1,210.00
1234 CD 28-08-13 Telstra $427.30
1235 CD 28-08-13 South Face $5,000.00
1236 CD 31-08-13 paid rates second instalment $536.70
$21,978.80 $25,188.25
1-1170 Petty Cash
1 CD 06-08-13 Falls Creek Deli $19.85
1225 CD 12-08-13 $124.25
2 CD 18-08-13 Fuel Expenses $80.00
3 CD 26-08-13 $64.80
$124.25 $164.65
1-1180 Undeposited
Funds
CR000002 CR 06-08-13 Cash Sales for 00003380 $1,738.00
CR000003 CR 08-08-13 Payment; SNow Ski Towers $3,000.00
CR000004 CR 09-08-13 Bank Deposit $1,738.00
CR000004 CR 09-08-13 Bank Deposit $3,000.00
CR000005 CR 12-08-13 Payment; Alpine Inn $3,323.10
CR000006 CR 12-08-13 Cash Sales for 00003370 $990.00
CR000007 CR 20-08-13 Payment; SNow Ski Towers $4,678.30
CR000008 CR 21-08-13 Cash Sales for 00003372 $3,872.00
CR000009 CR 23-08-13 Bank Deposit $3,323.10
CR000009 CR 23-08-13 Bank Deposit $990.00
CR000009 CR 23-08-13 Bank Deposit $4,678.30
$17,601.40 $13,729.40
1-1200 Trade Debtors
00003378 SJ 01-08-13 Pre-conversion sale $9,157.27
00003378 SJ 01-08-13 Pre-conversion sale $915.73
00003378 SJ 01-08-13 Pre-conversion sale $10,073.00
00003377 SJ 03-08-13 Sale; Alpine Inn $3,160.00
00003377 SJ 03-08-13 Sale; Alpine Inn $318.00
00003377 SJ 03-08-13 Sale; Alpine Inn $20.00
00003379 SJ 05-08-13 Mountain lake resort: Discounts on 00003378 $2,203.27
00003379 SJ 05-08-13 Mountain lake resort: Discounts on 00003378 $220.33
SJ000001 SJ 05-08-13 Mountain lake resort: Credit from
00003379
$2,423.60
SJ000001 SJ 05-08-13 Mountain lake resort: Credit from 00003379 $2,423.60
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CR000001 CR 05-08-13 Payment; Mountain lake resort $7,649.40
00003380 SJ 06-08-13 Sale; Cash Sales $1,580.00
00003380 SJ 06-08-13 Sale; Cash Sales $158.00
CR000002 CR 06-08-13 Cash Sales for 00003380 $1,738.00
CR000003 CR 08-08-13 Payment; SNow Ski Towers $3,000.00
00003369 SJ 12-08-13 Alpine Inn: Discounts on 00003377 $159.00
00003369 SJ 12-08-13 Alpine Inn: Discounts on 00003377 $15.90
00003370 SJ 12-08-13 Sale; Cash Sales $900.00
00003370 SJ 12-08-13 Sale; Cash Sales $90.00
SJ000002 SJ 12-08-13 Alpine Inn: Credit from 00003369 $174.90
SJ000002 SJ 12-08-13 Alpine Inn: Credit from 00003369 $174.90
CR000005 CR 12-08-13 Payment; Alpine Inn $3,323.10
CR000006 CR 12-08-13 Cash Sales for 00003370 $990.00
00003371 SJ 14-08-13 Sale; SNow Ski Towers $2,860.00
00003371 SJ 14-08-13 Sale; SNow Ski Towers $286.00
00003372 SJ 20-08-13 Sale; Ski Holidays $6,800.00
00003372 SJ 20-08-13 Sale; Ski Holidays $688.00
00003372 SJ 20-08-13 Sale; Ski Holidays $80.00
CR000007 CR 20-08-13 Payment; SNow Ski Towers $3,699.00
CR000007 CR 20-08-13 Payment; SNow Ski Towers $979.30
00003372 SJ 21-08-13 Sale; Cash Sales $90.00
00003372 SJ 21-08-13 Sale; Cash Sales $9.00
CR000008 CR 21-08-13 Cash Sales for 00003372 $3,872.00
00003373 SJ 23-08-13 Sale; Alpine Inn $10,370.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,040.00
00003373 SJ 23-08-13 Sale; Alpine Inn $30.00
00003374 SJ 23-08-13 Sale; Cash Sales $545.45
00003374 SJ 23-08-13 Sale; Cash Sales $54.55
CR000010 CR 23-08-13 Cash Sales for 00003374 $600.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $1,860.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $188.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $20.00
GJ000007 GJ 31-08-13 $1.00
GJ000007 GJ 31-08-13 $1.00
$43,819.50 $41,121.80
1-1300 Inventory
IJ000001 IJ 01-08-13 Opening Balance $0.00
IJ000001 IJ 01-08-13 Opening Balance $0.00
IJ000001 IJ 01-08-13 Opening Balance $0.00
IJ000001 IJ 01-08-13 Opening Balance $0.00
IJ000001 IJ 01-08-13 Opening Balance $0.00
IJ000002 IJ 01-08-13 Opening Balances $0.00
IJ000002 IJ 01-08-13 Opening Balances $0.00
IJ000002 IJ 01-08-13 Opening Balances $0.00
00003377 SJ 03-08-13 Sale; Alpine Inn $0.00
00003377 SJ 03-08-13 Sale; Alpine Inn $0.00
00003377 SJ 03-08-13 Sale; Alpine Inn $0.00
00003377 SJ 03-08-13 Sale; Alpine Inn $0.00
00003377 SJ 03-08-13 Sale; Alpine Inn $0.00
00003380 SJ 06-08-13 Sale; Cash Sales $0.00
00003380 SJ 06-08-13 Sale; Cash Sales $0.00
00003380 SJ 06-08-13 Sale; Cash Sales $0.00
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00001012 PJ 06-08-13 Purchase; Spida Headgear $2,250.00
00001014 PJ 09-08-13 Purchase; Spida Headgear $90.00
00003370 SJ 12-08-13 Sale; Cash Sales $0.00
00003370 SJ 12-08-13 Sale; Cash Sales $0.00
00001015 PJ 15-08-13 Purchase; South Face $8,250.00
00001015 PJ 15-08-13 Purchase; South Face $5,000.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $4,500.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $3,000.00
00003372 SJ 20-08-13 Sale; Ski Holidays $1,422.41
00003372 SJ 20-08-13 Sale; Ski Holidays $943.40
00003372 SJ 20-08-13 Sale; Ski Holidays $900.00
00003372 SJ 21-08-13 Sale; Cash Sales $0.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,588.24
00003373 SJ 23-08-13 Sale; Alpine Inn $818.18
00003373 SJ 23-08-13 Sale; Alpine Inn $1,422.41
00003373 SJ 23-08-13 Sale; Alpine Inn $943.40
00003373 SJ 23-08-13 Sale; Alpine Inn $900.00
00003374 SJ 23-08-13 Sale; Cash Sales $142.24
00003374 SJ 23-08-13 Sale; Cash Sales $94.34
00003374 SJ 23-08-13 Sale; Cash Sales $60.00
00001019 PJ 27-08-13 Purchase; South Face $3,000.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $426.72
00003375 SJ 29-08-13 Sale; Mountain lake resort $283.02
00003375 SJ 29-08-13 Sale; Mountain lake resort $180.00
$26,000.00 $10,214.36
1-2200 Prepaid
Insurance
GJ000003 GJ 31-08-13 $389.58
$0.00 $389.58
1-2210 Prepaid Rent &
rates
GJ000003 GJ 31-08-13 $178.90
$0.00 $178.90
1-3110 Office
Equipment at
Cost
1 CD 26-08-13 Computer purchsed $900.00
$900.00 $0.00
1-3120 Office
Equipment
Accum Dep
GJ000005 GJ 31-08-13 Depreciation $186.00
$0.00 $186.00
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1-3220 Motor Vehicles
Accum Dep
GJ000005 GJ 31-08-13 Depreciation $600.00
$0.00 $600.00
1-3320 Improvements
Amortisation
GJ000005 GJ 31-08-13 Depreciation $729.00
$0.00 $729.00
2-1140 Visa
1 CD 26-08-13 Computer purchsed $990.00
$0.00 $990.00
2-1200 Trade Creditors
1222 CD 03-08-13 South Face $1,540.00
00001012 PJ 06-08-13 Purchase; Spida Headgear $2,250.00
00001012 PJ 06-08-13 Purchase; Spida Headgear $230.00
00001012 PJ 06-08-13 Purchase; Spida Headgear $50.00
00001013 PJ 07-08-13 Purchase; Telstra $388.45
00001013 PJ 07-08-13 Purchase; Telstra $38.85
00001014 PJ 09-08-13 Purchase; Spida Headgear $90.00
00001014 PJ 09-08-13 Purchase; Spida Headgear $9.00
PJ000001 PJ 09-08-13 Spida Headgear: Debit from 00001014 $99.00
PJ000001 PJ 09-08-13 Spida Headgear: Debit from 00001014 $99.00
00001016 PJ 13-08-13 Purchase; Dandenong Power $452.32
00001016 PJ 13-08-13 Purchase; Dandenong Power $45.23
00001015 PJ 15-08-13 Purchase; South Face $13,250.00
00001015 PJ 15-08-13 Purchase; South Face $1,327.00
00001015 PJ 15-08-13 Purchase; South Face $20.00
1227 CD 15-08-13 Spida Headgear $2,431.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $7,500.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $755.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $50.00
00001018 PJ 19-08-13 Purchase; Michael Jordan $1,100.00
00001018 PJ 19-08-13 Purchase; Michael Jordan $110.00
1229 CD 19-08-13 Snow sports pty ltd $5,005.00
00001019 PJ 27-08-13 Purchase; South Face $3,000.00
00001019 PJ 27-08-13 Purchase; South Face $300.00
00001020 PJ 28-08-13 Purchase; Michael Jordan $700.00
00001020 PJ 28-08-13 Purchase; Michael Jordan $70.00
1233 CD 28-08-13 Michael Jordan $1,210.00
1234 CD 28-08-13 Telstra $427.30
1235 CD 28-08-13 South Face $1,672.00
1235 CD 28-08-13 South Face $28.00
1235 CD 28-08-13 South Face $3,300.00
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$15,811.30 $31,735.85
2-1310 GST Collected
00003377 SJ 03-08-13 Sale; Alpine Inn $318.00
00003379 SJ 05-08-13 Mountain lake resort: Discounts on
00003378
$220.33
00003380 SJ 06-08-13 Sale; Cash Sales $158.00
00003369 SJ 12-08-13 Alpine Inn: Discounts on 00003377 $15.90
00003370 SJ 12-08-13 Sale; Cash Sales $90.00
00003371 SJ 14-08-13 Sale; SNow Ski Towers $286.00
00003372 SJ 20-08-13 Sale; Ski Holidays $688.00
00003372 SJ 21-08-13 Sale; Cash Sales $9.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,040.00
00003374 SJ 23-08-13 Sale; Cash Sales $54.55
00003375 SJ 29-08-13 Sale; Mountain lake resort $188.00
$236.23 $2,831.55
2-1330 GST Paid
00001012 PJ 06-08-13 Purchase; Spida Headgear $230.00
1 CD 06-08-13 Falls Creek Deli $0.54
00001013 PJ 07-08-13 Purchase; Telstra $38.85
00001014 PJ 09-08-13 Purchase; Spida Headgear $9.00
00001016 PJ 13-08-13 Purchase; Dandenong Power $45.23
00001015 PJ 15-08-13 Purchase; South Face $1,327.00
2 CD 18-08-13 Fuel Expenses $7.27
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $755.00
00001018 PJ 19-08-13 Purchase; Michael Jordan $110.00
1230 CD 22-08-13 Cleaning the store $15.00
1 CD 26-08-13 Computer purchsed $90.00
00001019 PJ 27-08-13 Purchase; South Face $300.00
00001020 PJ 28-08-13 Purchase; Michael Jordan $70.00
$2,988.89 $9.00
2-1410 Payroll
Accruals
Payable
1224 CD 11-08-13 Australian Super $369.00
$369.00 $0.00
2-1420 PAYG
Withholding
Payable
1223 CD 09-08-13 Cash $660.00
1231 CD 23-08-13 Wages & salaries paid $280.00
$0.00 $940.00
2-1440 Wages &
Salaries
Payable
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GJ000001 GJ 01-08-13 Reversal of accrued Wages & Salaries $1,400.00
GJ000002 GJ 31-08-13 Wages payable $900.00
$1,400.00 $900.00
2-1700 Other Current
Liabilities
1236 CD 31-08-13 paid rates second instalment $536.70
$536.70 $0.00
2-1710 Superannuation
payable
GJ000004 GJ 31-08-13 Superanuuation payable $484.20
$0.00 $484.20
2-1720 Interest
payable
GJ000006 GJ 31-08-13 Interest charged $1,393.21
$0.00 $1,393.21
3-1120 Partner A
Drawings
1225 CD 12-08-13 $1,500.00
1232 CD 26-08-13 Drwings $1,500.00
$3,000.00 $0.00
4-1000 Sales Goggles
00003372 SJ 20-08-13 Sale; Ski Holidays $1,800.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,530.00
$0.00 $3,330.00
4-2000 Sales
Snowboards
00003377 SJ 03-08-13 Sale; Alpine Inn $1,200.00
00003370 SJ 12-08-13 Sale; Cash Sales $600.00
00003373 SJ 23-08-13 Sale; Alpine Inn $3,060.00
$0.00 $4,860.00
4-3000 Sales
SNowboards
boats
00003377 SJ 03-08-13 Sale; Alpine Inn $600.00
00003370 SJ 12-08-13 Sale; Cash Sales $300.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,530.00
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$0.00 $2,430.00
4-3100 jackets
00003377 SJ 03-08-13 Sale; Alpine Inn $600.00
00003372 SJ 20-08-13 Sale; Ski Holidays $3,000.00
00003373 SJ 23-08-13 Sale; Alpine Inn $2,550.00
00003374 SJ 23-08-13 Sale; Cash Sales $268.18
00003375 SJ 29-08-13 Sale; Mountain lake resort $900.00
$0.00 $7,318.18
4-3300 Gloves
00003377 SJ 03-08-13 Sale; Alpine Inn $760.00
00003372 SJ 20-08-13 Sale; Ski Holidays $2,000.00
00003373 SJ 23-08-13 Sale; Alpine Inn $1,700.00
00003374 SJ 23-08-13 Sale; Cash Sales $277.27
00003375 SJ 29-08-13 Sale; Mountain lake resort $960.00
$0.00 $5,697.27
4-3400 skis
00003380 SJ 06-08-13 Sale; Cash Sales $900.00
$0.00 $900.00
4-3500 Ski boots
00003380 SJ 06-08-13 Sale; Cash Sales $500.00
$0.00 $500.00
4-3600 ski poles
00003380 SJ 06-08-13 Sale; Cash Sales $180.00
00003372 SJ 21-08-13 Sale; Cash Sales $90.00
$0.00 $270.00
4-3700 Other sales
00003371 SJ 14-08-13 Sale; SNow Ski Towers $2,860.00
$0.00 $2,860.00
4-4000 Shipping Fees
Collected
00003377 SJ 03-08-13 Sale; Alpine Inn $20.00
00003372 SJ 20-08-13 Sale; Ski Holidays $80.00
00003373 SJ 23-08-13 Sale; Alpine Inn $30.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $20.00
$0.00 $150.00
5-1000 Purchase
00001012 PJ 06-08-13 Purchase; Spida Headgear $50.00
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00001015 PJ 15-08-13 Purchase; South Face $20.00
00001017 PJ 19-08-13 Purchase; Snow sports pty ltd $50.00
00001018 PJ 19-08-13 Purchase; Michael Jordan $1,100.00
00003372 SJ 20-08-13 Sale; Ski Holidays $3,265.81
00003373 SJ 23-08-13 Sale; Alpine Inn $5,672.23
00003374 SJ 23-08-13 Sale; Cash Sales $296.58
00001020 PJ 28-08-13 Purchase; Michael Jordan $700.00
00003375 SJ 29-08-13 Sale; Mountain lake resort $889.74
$12,044.36 $0.00
6-1200 Depreciation
Expense
GJ000005 GJ 31-08-13 Depreciation $1,515.00
$1,515.00 $0.00
6-1310 Discounts
Given
00003379 SJ 05-08-13 Mountain lake resort: Discounts on
00003378
$2,203.27
00003369 SJ 12-08-13 Alpine Inn: Discounts on 00003377 $159.00
$2,362.27 $0.00
6-1500 Insurance
GJ000003 GJ 31-08-13 $389.58
$389.58 $0.00
6-1910 Fuel Expenses
2 CD 18-08-13 Fuel Expenses $72.73
$72.73 $0.00
6-2000 Maintenance &
Repairs
1230 CD 22-08-13 Cleaning the store $150.00
$150.00 $0.00
6-2020 New Account
GJ000003 GJ 31-08-13 $178.90
$178.90 $0.00
6-2100 Office Supplies
3 CD 26-08-13 $52.80
$52.80 $0.00
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6-2220 Superannuation
GJ000004 GJ 31-08-13 Superanuuation payable $484.20
$484.20 $0.00
6-2230 Wages &
Salaries
1231 CD 23-08-13 Wages & salaries paid $2,400.00
GJ000002 GJ 31-08-13 Wages payable $900.00
$3,300.00 $0.00
6-2300 Postage
3 CD 26-08-13 $12.00
$12.00 $0.00
6-2720 Electricity
00001016 PJ 13-08-13 Purchase; Dandenong Power $452.32
$452.32 $0.00
6-4600 Telephone
expenses
00001013 PJ 07-08-13 Purchase; Telstra $388.45
$388.45 $0.00
6-5110 Staff amenities
1 CD 06-08-13 Falls Creek Deli $13.90
1 CD 06-08-13 Falls Creek Deli $5.41
$19.31 $0.00
6-5130 Wages &
Salaries
GJ000001 GJ 01-08-13 Reversal of accrued Wages & Salaries $1,400.00
1223 CD 09-08-13 Cash $3,920.00
$3,920.00 $1,400.00
9-1000 Interest
Expense
GJ000006 GJ 31-08-13 Interest charged $1,393.21
$1,393.21 $0.00
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Learning from the assignment
In this assignment we have learned the method of punching accounting entries into the MYOB software.
We have learned the procedure to do accounting in the MYOB. Following is the procedure.
1. Firstly we have to create the company
2. Then select the year and the conversion month. Conversion means the month in which we have
to do the entries. Once the conversion month is selected it cannot be changed. So one should be
very particular about this.
3. Then we have to create account list. MYOB is having its default account list. We can modify/edit
according to our requirements.
4. Then we have to enter the suppliers/ customers name by selecting command center command.
With this we can enter the opening balances of customers and suppliers. Once we have entered
up all the opening balances of assets and liabilities, we are ready to enter the transactions of the
current month.
5. For entering purchase enter, go to purchase command center, then click enter purchase. From
there we can enter purchase entry. If we want to record purchase return, then we have to enter
figures in negative.
6. For entering sales transactions, go to sales command center, then click enter sales. From there
we can enter sales. Please fill all the field correctly like tax code, bill no etc.
7. For entering expense entry, go to banking command center, then click spend money. After that
enter expense entry. All the payments entry will be entered under spend money head whether
it is revenue expense or capital expense.
8. For journal entry, go to accounts command center, then click enter journal entry, then we can
enter journal entry under this.
At last after entering all the entries for the period, we can generate many reports like Balance sheet,
profit & loss account.
Conclusion: MYOB is very userfriendly software which is very easy to handle. Once we go
through the procedure for the use of MYOB software, one can easily use the same.
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