How to File MYOB in Accounting

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"MYOB" stands for "Mind your Own Business." File MYOB in accounting with help from a real estate and mortgage professional in this free video clip.

Part of the Video Series: Finance Tips
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Video Transcript

Hello. This is Sidney Potter with Potter Equities, Pasadena, California. Thank you for your time. I appreciate it. I've been asked to comment on MYOB in accounting. Now, MYOB stands for mind your own business in accounting. That is a particular software that is fashioned for small business owners and it's typically where you have confidential information, hence that's where you get the MYOB. So, I'm going to go through nine very quick steps right here that's going to be a very quick primer on how to set up your MOB in accounting. Well, first and foremost, rather I should say that the focus very quickly is going to be on how to company file. Because there's several different directions actually you can go in terms of menu selection on the MYOB. Step number one, click on the MYOB icon. That is going to be on your desktop and that's going to be in the right hand corner. And that's going to be where you create a new company file. You go to that point, you click, next. Step number two, look for the file, or rather the company file assistant, that's the company file assistant. You're going to move your cursor to that direction, you go to that window and you click, next. Once again, this is a very simple process here. Step number three, this is where you enter your twelve digit MYOB product serial number. That is going to be on the back of the box in which you got the software. It's going to be on the instruction sheet. So, you get twelve digits, you punch them in there, click, next. Field number four, fairly important here. This is a field that's going to have asterisks, in an open menu box. You're going to use that area to fill in pretty practical simplified information, such as company name, your address, even an address fax number, etcetera. We're going to move to step five and that's actually where you're going to put in your accounting year detail, that's the accounting year detail. That's going to include information such as your current financial year, your last month of your financial year, your conversion year, etcetera. Click, next after that. That's step five. Step six, now we're going into the number of accounting years. Typically most small practitioners set up will enter a twelve month based on the Roman calender because you have twelve months in a year. You'll have some practitioners and you'll have the option in your software to pick in a thirteenth period. A thirteenth period will be for adjustments that occur intermittently throughout the year in which you have to make a notation. Going on to.. and click, next. Going on to step seven, we're going to build the account list. Now, I always use, when you build the account list, is KISS rule, KISS rule for keep it simple Sidney. For you out there listening, keep it short and sweet. The account list will have default, certain accounts, either the assets, liabilities, equities, etcetera. Click, next after that field. Step eight, and we're almost there. We're going to nine steps, but keep up with me, I'm moving quick. We're going to go into the industry classification. This is step eight. Industry classification is going to be applicable to your industry, whether you're an insurance broker, a mortgage broker, a small dry cleaners, towing service, etcetera. When you're on step eight you're going to pick the box that fits in this drop down or rather this industry classification. It'll be fairly axiomatic. Step number nine, last step. We're going to go to another drop down box. This is for the type of business as opposed to the industry classification, the type of business in which you're in, either it be real estate, cosmetology, you own a small business that takes care of pets, etcetera. After you choose the type of business, you have the option of even getting more specific than that. But more than likely you're going to click, next. And voila, you're all finished. You've created what we call the MYOB for accounting. Typically most desk softwares will have the option of giving you a command center. In the command center option box, that's where you're going to put your vendors, your suppliers and those that you do business with, your customers, and you're absolutely done. Now, that' a nine step process. That's for MYOB accounting. User friendly accounting services include Account Edge, Net Suite, Quick Books, etcetera. Once again, I hope that was helpful. This is Sidney Potter, Potter Equities in Pasadena, California. Thank you for your time. As I always say, I'll see you at the finish line. Good day.


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