MYOB Processes Essay Example
Explain how the Transaction Journal function is used to open a previously recorded General Journal entry.
To open a previously recorded General Journal entry using the Transaction Journal function, one clicks on the Transaction Journal function in the ’Accounts’ command centre. Then in the Transaction Journal window that opens, one clicks on the General tab to display the journal and specifies an appropriate date range using the “From” and “To” fields. Finally, presses the tab key or clicks on the arrow close to a transaction to display the journal entry.
How would such a journal entry be deleted?
To delete such a journal entry, you first find the entry and if the arrow beside the transaction is white, you chose the ‘Delete Transaction’ option from the ‘Edit’ menu. Otherwise, if the arrow is grey, you first have to reverse the General Journal Entry.
When preparing an initial bank reconciliation, why do the outstanding cheques and deposits use the Cheque Account as the ‘allocation’ account.
When preparing initial bank reconciliation, the outstanding cheques and deposits use the Cheque Account as the ‘allocation’ account so not to affect the bank account balance of the cashbook.
What is meant by ‘recapping’ a transaction before it is recorded?
Recapping a transaction before it is recorded is simply checking a journal entry stemming from a transaction before that transaction is recorded.
Explain what is meant by an ‘historical purchase’.
An historical purchase is a buying transaction that was done in the past.
What advantage is obtained by the use of MYOB if typical customer terms are specified before customer cards are created?
The advantage of using MYOB if typical customer terms are specified before customer cards are created is saving on time and allowing faster creation of the cards.
If a sales invoice is recorded with an amount in the Backorder column, what subsequent document will be automatically created by MYOB?
The subsequent document automatically created by MYOB is a sales order. A Stock Alert transaction is also created in the To Do List window.
In the context of entering employee leave entitlement data, what is the difference between an employee’s Entitlement Balance and their Pay History?
The Entitlement Balance is the amount of payment that the employee is yet to receive, while Pay History is the amount of payment already received.
When an employee is paid to take Annual Leave, will the amount of PAYG Withholding Payable automatically calculated by MYOB be correct? Explain.
No. The amount of PAYG Withholding Payable automatically calculated by MYOB will not be correct because the taxation differs for such pays and the amount of PAYG needs some adjustments.
Explain what is meant by an auto-build inventory item.
An auto-build inventory item is the finished inventory item that can be built using the MYOB auto-build function and involves specifying sub-components (items) that make up the finished item.
What is the purpose of the ‘Lock Periods’ function?
The purpose of the ‘Lock Periods’ function is to lock or rather prevent recording of transactions in the period that has been completed.
What major advantage is obtained by creating a report batch?
One major advantage of a report batch is saving time and human resources since it allows automatic processing without human intervention.
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