MYOB

Question 1

Under purchases - purchase type, what is ‘receive items’ used for?

Answer 1

To record items received for which an invoice has not yet been issued

Question 2

In MYOB, ‘bills’ are what?

Answer 2

What is received from a supplier.

Question 3

In MYOB, what are invoices?

Answer 3

What is issued to a customer.

Question 4

How are group transactions typically used by businesses, in MYOB?

Answer 4

For employee pay.

Question 5

How else can group transactions be used in MYOB?

Answer 5

To pay suppliers?

Question 6

How do you select all deposits in MYOB?

Answer 6

Click the Deposit check box in the title row.

Question 7

What might it be a good idea to do to the bank statements in MYOB when reconciling them with actual bank statements?

Answer 7

Rearrange rows so that they look like what is on the bank statements.

Question 8

When are ‘Transaction Rules’ used in MYOB?

Answer 8

When applying rules which don’t need to be applied to an invoice or bill.

Question 9

What is the benefit of using Rules in MYOB?

Answer 9

They are a more efficient way of dealing with repeat transactions.

Question 10

How is the “Business Insights” tab used in MYOB?

Answer 10

To view a summary of the key financial areas of the business.

Question 11

How do you change a quote to an invoice in MYOB?

Answer 11

Go to the quote and click on the “Change to Invoice” or “Invoice” button.

Question 12

How do you delete transactions in MYOB?

Answer 12

The top line edit function has a delete option.

Question 13

If you wish to display account name rather than account number in MYOB, how do you do it?

Answer 13

In ‘Preferences’ under ‘Windows’ select ‘ Display Account not Account Number’.

Question 14

In MYOB does the ‘In Tray’ link to the Cloud?

Answer 14

Yes

Question 15

In MYOB, what is the benefit of storing invoices and other in the ‘In Tray’ feature?

Answer 15

Documents no longer need to be forwarded to a taxpayer’s accountant as the accountant already has access to them.

Question 16

Using the ‘In Tray’ in MYOB, what can your accountant see?

Answer 16

All relevant documents straight from the Account Right software.

Question 17

In MYOB, once documents such as invoices are uploaded into Account Right what can be done with them other than being used to create new bills?

Answer 17

They can be used to link to existing bills.

Question 18

In MYOB, once documents such as invoices are uploaded into Account Right what can be done with them other than being linked to existing bills?

Answer 18

They can be used to create new bills all together.

Question 19

What happens to documents in the In Tray in MYOB once they are linked to bills?

Answer 19

They disappear from the In Tray.

Question 20

What happens to a document if a document is unlinked from a bill in MYOB?

Answer 20

It is sent back to the In Tray.

Question 21

For invoices uploaded to the Account Right cloud, what can the MYOB Account Right software read?

Answer 21

Parts of the supplier invoice.

Question 22

For invoices uploaded to the Account Right cloud, what can the MYOB Account Right software prepopulate?

Answer 22

Purchase Orders.

Question 23

How do you make a payment to an account in MYOB ‘Account Right’?

Answer 23

Under the Accounts Row, record separate accounts for payment.Under the Accounts Row, record separate accounts for payment.

Question 24

How do you record multiple accounts in MYOB as part of the same deposit in MYOB ‘Account Right’?

Answer 24

Record separate accounts for payment

Question 25

What is an example of how the ‘Prepare Bank Deposit’ – ‘Deposit Adjustment’ might be used in MYOB Account Right with respect to payments received?

Answer 25

To retain some money received to be used as Petty Cash when the rest is being deposited into a bank account.

Question 27

When are Bank Recs usually done in MYOB?

Answer 27

When bank statements are received.

Question 28

What will appear in MYOB ‘Account Right’ when two payments are recorded as part of the same deposit?

Answer 28

Bank Deposit and the total of the two payments.

Question 29

$1,500 and $15,000 are two amounts recorded as being received on 2/9/2016. How will they appear on the bank rec for 2/9/2016.

Answer 29

As a Bank Deposit for $16,500.

Question 30

What is recorded in the MYOB ‘Account Right’ ‘Bank Feeds’ section?

Answer 30

Bank Statements imported into MYOB.

Question 31

Can bank statements be fed directly fed into MYOB ‘Account Right’ by the banks?

Answer 31

Yes.

Question 32

If MYOB ‘Account Right’ doesn’t recognise the details of a transaction in ‘Bank Feeds’ what should you do?

Answer 32

Enter the details manually.

Question 33

What should you do for recurring transactions such as bills or rent in MYOB ‘Account Right’ ‘Bank Feeds’?

Answer 33

Set up rules to get Account Right to do the data entry for you.

Question 34

What do you do to get started using ‘Bank Feeds’ when using the new MYOB ‘Account Right?

Answer 34

Push the button to turn it on.

Question 35

What do you need to do first with the classic MYOB Account Right if you wish to use Account Feeds?

Answer 35

Upgrade to the new MYOB Account Right.

Question 36

When preparing bank recs in MYOB, can the total from the bank statement be entered manually?

Answer 36

Yes

Question 37

What will the Calculated Statement Balance be when first starting a bank rec in MYOB?

Answer 37

The same as the bank balance in the balance last time it was reconciled.

Question 38

If the reconciled bank balance in MYOB for 1 April 2016 was $272,352.27 what will the opening Calculated Statement Balance be when a reconciliation is next performed at 30 April 2016?

Answer 38

$272,352.27