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Frequently asked questions about MYOB

 

Is MYOB a double-entry accounting system?

Yes, most definitely.

While you enter transactions on invoice, purchase and cheque screens which look just like their real world equivalents, MYOB is keeping a balanced set of double-entry books at all times.

Because MYOB is designed to be used by people who don't necessarily understand the world of double-entry accounting, we've ensured that the debits and credits take place automatically behind the scenes.

There is no need to 'post' transactions as this happens automatically when the user presses record.

All reports are therefore always completely up-to-date no matter where they were entered. This includes the General Ledger reports.

If at any time you wish to see the debits and credits, simply begin entering a new transaction, or call up a previously entered one, and before clicking OK or Record, select Recap Transaction from the Edit menu.

There is one particular transaction type which does require an understanding of debits and credits and is accordingly usually reserved for you to make special entries such as accruals and depreciation provisions.

It's called the General Journal and it's found in the General Ledger command centre.

When is the right time during the year to start using MYOB?
Can you start using just one section of MYOB and introduce the others at a later stage?
Do you have to close the year on the last day of the financial year?
What type of business is MYOB suited to?
Does MYOB necessitate complex reversing entries to make amendments?
Can I export MYOB data to Excel?
Does MYOB allow the entry of general journals?
Does MYOB allow reports to be customised?
Does MYOB have a flexible password system?
What is company file activation in MYOB?
What is the difference between MYOB single user and MYOB multi user?
What is the difference between MYOB Accounting and MYOB Premier?

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