Accounting with MYOB v18 Chapter Five Accounts Receivable - - PowerPoint PPT Presentation

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Accounting with MYOB v18 Chapter Five Accounts Receivable - - PowerPoint PPT Presentation

Apr 20, 2023 540 likes •801 views

Accounting with MYOB v18 Chapter Five Accounts Receivable Recording a Sale Important Points A Sale is the supply of goods or services to Customers in the normal course of business. Amounts owed by these customers are called Accounts

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Accounting with MYOB v18

Chapter Five Accounts Receivable

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 187 2

Recording a Sale

Important Points

 A Sale is the supply of goods or

services to Customers in the normal course of business.

 Amounts owed by these customers are

called Accounts Receivable.

 Accounts Receivable are Assets.  Sales are debited to the debtor’s

account (the Account Receivable).

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 187 3

Recording a Sale

The three levels of activity.

 A Quote is an Offer to a customer to

supply goods or services at a fixed price. It is not an accounting transaction.

 An Order is the Acceptance of a quote

by a customer. This is an accounting transaction only if a deposit is taken.

 An Invoice is created as the accounting

record of a completed transaction.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 188 4

Recording a Sale

The five invoice types.

Used for selling services to customers. Used for selling inventory items. Used for recording professional services. Used for selling activity items. Used for recording adjustments.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 189 5

Customer Cards

The Profile

Insert the given information. Then click Selling Details. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 189 6

Customer Cards

The Selling Details

Insert the given information. Then click Credit Limit. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 190 7

Customer Cards

The Credit Limit

Insert the given information. Then click OK. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 191 8

Receiving an Order

Procedure

1.

Display a Sales Invoice.

2.

Change to Order (top left).

3.

Select the Customer.

4.

Insert the details.

5.

Record.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 193 9

Recording an Order

Insert the given information. Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 194 10

Recording a Sale

Orders are kept in the Sales Register Click on Orders Change the Dates Click Change to Invoice Click Dates Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 195 11

Recording a Sale

Insert the new information. Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 197 12

Discounts

Accounting background.

 A discount allows a debt to be settled

without the full amount being paid.

 Discounts are offered to customers:

– To encourage prompt or early payment of their accounts. – To improve the supplier’s cash flow.

 Suppliers specify a date by which the

debt must be paid to get the discount.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 197 13

Discounts Given

The debits and credits.

 The debtor is credited (reduced)

with the full amount of the discount.

 Discounts Given (expense) is

debited (increased) with 10/11ths of the discount.

 GST Collected (liability) is debited

(reduced) with 1/11th of the discount.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 198 14

Receiving Payment

Insert the given information. Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 210 15

Adjustment Note

Accounting background

An Adjustment reduces the amount

  • wed on an invoice:

– For unsatisfactory work. – For a special price.

There are two steps in the adjustment:

  • 1. Create a negative invoice for the amount.
  • 2. Settle against the original invoice.
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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 210 16

Recording the Adjustment

The negative invoice.

Insert the given information. Minus Remember the minus! Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 211 17

Recording the Adjustment

Locate the negative invoice.

Credits are kept in the Sales Register Click Returns & Credits Click Then click Apply to Sale Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 211 18

Recording the Adjustment

Reduce the original invoice.

Insert the given information Insert Delete any discount Delete Click Amount Applied Click Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 217 19

Historical Sales

Background

 Sales that took place before the start

  • f this set of books that have not been

paid for are called Historical Sales.

 Each outstanding invoice must be

entered individually.

 The total of the outstanding invoices

must equal the opening balance of Accounts Receivable Control.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 218 20

Historical Sales

Procedure

1.

Setup (in the top menu bar).

2.

Balances (in the drop-down menu).

3.

Customer Balances (in then next menu).

4.

Add Sale (button at base).

5.

Select the customer (from the list).

6.

Insert the details.

7.

Record.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 219 21

Historical Sales

Insert the given information. Then click Record. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 220 22

Giving a Quote

Accounting background

 A Quote is an offer to supply goods or

services:

– At a specific price. – Within a specific period of time. – In writing.

 A Quote is a business activity that

does not create an accounting transaction.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 221 23

Giving a Quote

Procedure

1.

Display a Sales – New Service invoice.

2.

Change Invoice (top left) to Quote.

3.

Select the customer.

4.

Insert the details of the offer, including any discount.

5.

Click Save Quote.

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 221 24

Recording a Quote

Insert the given information. Then click Save Quote. Click

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Sutherland - MYOB Accounting Plus v18 - Accounts Receivable - Page 223 25

A Quote is Accepted

The customer gives an Order

Quotes are kept in the Sales Register Click Quotes Click Change the Dates Dates Then click Change to Order Click