| Frequently Asked Questions - Chart of Accounts | | | | Sales code 4-0000 this automatically links to a |
| Q. I seem to have a lot of Expense codes that | | | | Balance Sheet code in Assets 1-0000 normally |
| are very similar like postage, stamps and | | | | called Trade Debtors. The Balance Sheet refers |
| stationery that I don't need to account separately | | | | to the ongoing financial status of a company or |
| for - can I group them together without having to | | | | business including liabilities such as loans, current |
| change each ones code? | | | | assets like a vehicle purchase and equity maybe |
| A. Yes you can if you have MYOB Premier V 10 | | | | introduced from shareholders. I would caution you |
| or Accounting V16 or later. Open up your | | | | in using any Balance Sheet codes for general |
| Accounts List and at the bottom you will see an | | | | business transactions as all transactions should be |
| option to "Combine Accounts". None of your | | | | entered using the Profit and Loss codes. Should |
| transactions will be lost just transferred. Click on | | | | you need to add an Asset, Liability or Equity code |
| the primary account code you wish to transfer | | | | to a transaction, it would be pertinent to contact |
| the transactions to and then "Combine Accounts". | | | | your Accountant first to see if this is correct. |
| When you remove the transactions from the | | | | Q. I have customers and suppliers that I use the |
| secondary account to the primary account, the | | | | same account code for every transaction but I |
| secondary account will be deleted. | | | | still have to scroll down my chart of accounts list |
| Q. I don't really understand my Chart of | | | | to find their code every time. Is there a way that |
| Accounts. Why are there so many and how do I | | | | MYOB will recognize the code I need to use |
| know if I'm using the correct ones? | | | | without me having to scroll down to find it? |
| A. O.K. this is more of an Accounting question | | | | A. Yes there is. If you go to your Suppliers Card |
| than a MYOB question but I will try and explain it | | | | File Profile and click on the tab "Buying Details" you |
| simply. MYOB is a fully integrated accounting | | | | have the option to enter an "Expense Code" that |
| program which has linked accounts that you | | | | will default to that code when you enter their |
| would of seen when looking at your Accounts List. | | | | details in the Purchase window of MYOB. The |
| There are Balance Sheet account codes and | | | | same applies to your Customers Card File Profile |
| Profit and Loss account codes. The Balance Sheet | | | | where you click on the tab "Selling Details" and |
| codes include Assets 1-0000, Liabilities 2-0000 and | | | | enter the "Income Account" code that applies to |
| Equity 3-0000 account codes. The Profit and Loss | | | | their reoccurring Sales code. If occasionally your |
| codes include Sales 4-0000, Cost of Sales 5-0000 | | | | Supplier or Customer offers a different service |
| and Expense 6-0000 codes. Primarily you should | | | | and therefore requires a different code, you |
| be entering transactions using the Profit and Loss | | | | simply type over the default Account Code in |
| codes as they link to the Balance Sheet codes | | | | your transaction window. |
| automatically. For example, when you enter a | | | | |