MYOB Accounting Plus v18 Chapter Four Accounts Payable Recording a - - PowerPoint PPT Presentation

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MYOB Accounting Plus v18 Chapter Four Accounts Payable Recording a - - PowerPoint PPT Presentation

Dec 31, 2023 622 likes •899 views

Accounting with MYOB Accounting Plus v18 Chapter Four Accounts Payable Recording a Purchase Important Points A Purchase is obtaining goods for re-sale. Purchases are obtained from Suppliers . Amounts owed to these suppliers are

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Accounting with MYOB Accounting Plus v18

Chapter Four Accounts Payable

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Recording a Purchase

Important Points

 A Purchase is obtaining goods for re-sale.  Purchases are obtained from Suppliers.  Amounts owed to these suppliers are called

Accounts Payable.

 Accounts Payable are Liabilities.  Purchases are credited to the creditor’s

account (the Account Payable).

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Recording a Purchase

Accounting Background - The Debits

 The value of the goods purchased

increases the Inventory account.

– This is an Asset, so it will be debited.

 The GST Paid and Freight on the

goods are business expenses.

– Expenses are debit entries. – GST Paid can also be viewed as an asset (also a debit) as it will be reclaimed from the ATO.

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Recording a Purchase

Accounting Background - The Credits

 Cheque Account.

– If the goods are paid for now. – An asset account being reduced is a Credit.

 Trade Creditors (Accounts Payable).

– If the goods will be paid for later. – This will increase the debt (liability). – An increase in a liability is a Credit.

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The Invoice Types

Used for different purposes.

Used to record non- inventory purchases. Used to record things purchased. Used to record professional services. Used to record adjustments.

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The Card File

 Used to store details about suppliers.

– The Profile contains name, address and contact details. – Buying Details has other information:

 Usual invoice type.  Credit limit.  Payment and discount terms.

– Payment Details contains bank information.

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The Card File

The Supplier’s Profile

Insert the given supplier information. Then click the Buying Details tab. Click

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The Card File

The Buying Details

Insert the given buying information. Then click OK. Click

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Placing an Order

Procedure

1.

Display a Service invoice.

2.

Select Order (top left of the window).

3.

Select the Supplier from the cards list.

4.

Insert your requirements.

 You may or may not know the price.  You may or may not know the freight cost.

5.

Record the order.

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Placing an Order

Insert the given order information. Then click Record. Click

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Your Order is Delivered

 An Order is not a Financial Transaction.

– No debt is assumed until delivery.

 Orders are kept in the Purchases

Register where they can be edited.

 When the order is delivered it is

changed to a Bill.

– A Bill records a Financial Transaction.

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Locate your Order

Orders are kept in the Purchases Register. Click on the Orders tab. Change the Dates. Click Change to Bill. Click Dates Click

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Update the Bill

Insert the new date and invoice number. Insert Check the price and insert the Freight charge. Insert Then click Record. Click This is now a debt (a liability) that must be paid by the due date.

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Paying the Bill

Discounts – Accounting Background

 A discount allows a debt to be settled

without the full amount being paid.

 Discounts are offered by suppliers:

– 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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Paying the Bill

Discounts – The debits and credits

 The creditor is debited (reduced) with

the full amount of the discount.

 Discounts Taken (revenue) is credited

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

 GST Paid (asset) is credited (reduced)

with 1/11th of the discount.

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Paying the Bill

Procedure

 Click Pay Bills in the Command Centre.  Select the Supplier.  Insert the date and amount details.  Locate the bill being paid.  Insert the discount amount.  Press Tab twice.  Record.

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Paying the Bill

Insert the Date and Cheque Amount. Insert Insert the Discount amount. Insert Then click Record. Click Click in Amount Applied. Click

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Historical Purchases

Background.

 Purchases that took place before the

start of this set of books are known as Historical Purchases.

 Each bill is entered separately.  The sum total of these bills must equal

the balance of the Accounts Payable control account in the General Ledger.

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Historical Purchases

Procedure.

1.

Setup (in the top menu bar).

2.

Balances (in the drop-down menu).

3.

Supplier Balances (in then next menu).

4.

Add Purchase (button at base).

5.

Select the supplier (from the list).

6.

Insert the details.

7.

Record.

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Historical Purchases

Insert the details. Then click Record. Click

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Returns and Debits

Accounting background.

 Faulty stock returned to the supplier

reduces the quantity on hand.

– This is a credit to the Purchases account. – It is a credit to the GST Paid account.

 Returns to a supplier reduce the debt

  • wed for the goods.

– This is a debit to the Account Payable.

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Returns and Debits

Procedure

1.

Create a Negative bill (where all costs are entered as Minus amounts). Record.

2.

Go to the Purchases Register.

3.

Locate your negative bill in Returns and Debits.

4.

Reduce the original bill by this debit

  • amount. Record.
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Returns and Debits

The Negative Invoice

Insert the amounts as Negatives. Minus Then click Record. Click

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Go to the Purchases Journal Select Returns & Debits

Returns and Debits

The Purchases Register

Click If nothing appears, you forgot the minus signs. In that case, make the correction in the Journal. Then click Apply to Purchase. Click

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Returns and Debits

Settle against the original bill.

Insert the details. Insert Delete any discount. Click in Amount Applied. Click Then click Record. Click