The Chart of Accounts in MYOB
Customising the Accounts List in MYOB
Deleting Accounts in MYOB
- A good starting point is the existing Profit and Loss and Balance Sheet prepared by the Accountant. Match the categories as per the Financial Statements prepared by the Accountant with the Accounts List in MYOB. Match up the descriptions so that the Accounts in MYOB agree with the names of the accounts in the Financial Statements.
- Next focus on the income and expense accounts in MYOB for relevant information needs. e.g. You may need to itemise different types of sales. In this case, you may need to create new accounts:
- Go to the Accounts List in the Accounts command centre
- See the MYOB Chart of Accounts to work out where the account will go.
- Click New, type in the Account Number and enter the Account Name. For the latest versions of MYOB, select the Account Type making sure to select Bank or Credit Card where appropriate.
- For earlier versions of MYOB, if the account is a bank account click the Detail Cheque Account button. If the account is an overdraft of credit card, then click the Detail Credit Card Account button. Otherwise, click the Detail Account button.
- Specify the Tax Code under the Details tab. See GST Codes for a few basic codes.
- To refer to accounts by name rather than by number, go to Preferences in the Setup menu and select the Windows tab. Click the option Select and Display Account Name, not Account Number
Accounts with a current balance or transaction in the current year or previous year can't be deleted for another year. Otherwise, go to the Accounts List double-click on the account to be deleted, go to Edit and select Delete Account
Linked Accounts in MYOB
Header and Detail Accounts
- Linked Accounts specify where the other side of the transaction goes. The linked accounts are created automatically when MYOB is set up.
- Linked accounts for Trade Debtors or Trade Creditors shouldn't be changed.
- To delete a linked account go to the Accounts List and double-click the account to be deleted. Zoom in on the white arrow next to the words Linked Account or click the Details tab and then the white arrow next to Linked Account
- A list of linked accounts will appear. Remove the tick from the account you want to delete.
- Click OK
- Go to the Edit menu and click Delete Account
- To customise a Linked Account, go to Setup, Linked Account.
Headers are used when grouping a number of accounts together under the one heading. e.g. in the sample MYOB Chart of Accounts Credit Card accounts are grouped together under the header account 2-1100 Credit Cards .
To create Header and Detail accounts in the Accounts List:
Changing the Order of Accounts
- Go to Accounts list in the Accounts command centre and click on the zoom arrow beside an income or expense account in the list.
- The Edit Window will appear. Either of the radio buttons Header Account or Detail Account can be selected.
- To indent the detail accounts under a header account, select the Header account and click the down arrow tab at the bottom. Click the up arrow tab for the opposite effect.
- To generate a subtotal in the financial report, click on the Details tab of the Edit Accounts window and click next to When reporting, generate a Subtotal for This Section
If for example, an expense account is not in alphabetical order,
click the Account in the Accounts List and change the numbering.
Setting up Accounts for GST
- MYOB advise setting up two GST accounts: one called "GST Collected" and the other called "GST Paid".
- GST Collected is the GST charged to Customers and GST Paid is the GST that has been paid to Suppliers
- In MYOB there may be existing accounts that are no longer required or are misnamed. These accounts may be named: "Input Tax Credit Control" - rename this account to GST Paid; " GST Payable Control" - rename this account to GST Collected; "GST Payable Adjustment Control" and " Input Tax Credit Adjustment Control". These last two accounts are no longer required, and can be deleted.
- To create the two GST accounts: Go to the Accounts List and click the Liability tab. Find a free number in Current Liabilities and click New.
- Create a header account called GST Liabilities and click OK and then New.
- Create two new detail accounts that are immediately following the GST header account for "Gst Collected" and "GST Paid".
- Tax Codes will have to be linked to these accounts.