You have just bought a business and have been given a copy of the business’ MYOB file. Where to start? What to do? OR you have started a new job and are expected to start using the MYOB data file right away with no handover.
MYOB has an inbuilt feature called Find Transactions. For the first few weeks of using an MYOB file, the best course of action is most likely “Monkey See, Monkey Do” – i.e. figure out what the last MYOB user was doing and copy!! Find Transactions is located on the bottom of the screen in any command centre and also by going to Command Centres in the menu bar | Accounts | Find Transactions. Or press Ctrl-Y.
Find Transactions is separated in to a number of different tabs, in reality you will use the first two – accounts and cards – the most often.
You want to start entering data but you are not sure where to start. When new to MYOB, we recommend that you enter data retrospectively (that is, in the past). Get a copy of your bank statement, work out when data was last entered (best way to do that is by looking at the bank register and putting in a large date range) and start entering data where the last user stopped.
Lets say the first transaction on the bank statement is a car lease payment to Westpac. The amount is $1,400. The date is 1/7/2014.
We know three things about this transaction:
1. The amount is $1,400 and this amount is likely to be fixed each month (as it is a lease payment).
2. The payment has been made to Westpac.
3. The lease payment most likely is debited the first day of the month.
You are not sure where to go in MYOB to enter this lease payment, and you are not sure once you find the right area what needs to be done.
This is where Find Transactions is so helpful. You can go to Find Transactions, and search on a number of criteria.
1. Let’s try searching on number 1 above. You know that there are most likely transactions entered in the past for an amount of $1,400. In Find Transactions go to the Account tab. Click on the Advanced button on the top right hand side. Then in the dropdown list on the top of the dialog box, select all accounts and change the to ad from date to a big date range such as 1/7/2013 to 30/06/2014. Finally, enter 1400 in the amount from and to boxes. Click on OK. This will return any other transactions that have been entered in the past for the amount of $1,400. You can then click on the white zoom arrow to the left of any transaction. You will then see that the spend money screen has been used and view the account code that was used.
2. Another way to search is on the card. Go to the Card tab. Drop down the blank box to the right of the search by card and choose Westpac. Change the date range to a longer period such as 1/7/2013 to 30/06/2014. All transactions that have been coded in the past to Westpac during this date range will display. Scroll down until you find the previous month’s lease payment and click on the white zoom arrow to view.
3. Finally, you can search by the date. Go to the account tab. Drop down the blank box to pick the 1-xxxx account code that is the bank account that made the lease payment. Search on the date 1/6/2014 to see if you can find the same transaction on that day of the previous month.
As you can see, there are lots of ways that you can retrieve historical transactions, and by doing so, teach yourself how to correctly code information into MYOB.