Note: As I reviewed the Canadian version of MYOB, some of the terms will most likely be different than your country's version. Please visit the MYOB website for specific information on localized versions of MYOB.
Like most small business owners, I enjoy running my company. But despite the fact that our financial situation is relatively simple, the thought of accounting still makes me cringe. While many software accounting packages expect you to be an accountant, MYOB will help all you accounting novices, like myself, Mind Your Own Business.
Before you jump right into your own accounts you can learn how to use MYOB by experimenting with a sample company's data. By snooping through and changing Widgets & Co.'s financial records, you can check out all of MYOB's features without risking any of your own company's information.
Setting up your own data file is a snap with the Setup Wizard. It will walk you through all the necessary steps and prompt you for information about your company.
"Command Centers"
General Ledger - This is the area where you make entries to your Job list and general journal, and view a chart of accounts and a transaction journal.
Checkbook - Just as you'd expect, you can write and print checks, saving recurring ones, as well as make deposits and reconcile accounts. These checks can draw from any of your back accounts if you entered multiple ones during the setup process.
Sales - Print invoices and statements, apply customer payments, and settle returns and credits.
Time Billing - You can create a list of all the services your company provides, assign hourly or flat rate charges to it. Optionally, you can have a description of the service appear on the customers invoice. Also, this section can keep track of the employee who performed the service, when they did it, how long it took and any general notes about it.
Purchases - As we all know, this is the opposite of sales except it's money going out instead of coming in. In the section you deal with your bill payments.You can also account for payments made by American Express, Visa and MasterCard.
Payroll - With deductions, government tax tables and easy management of vacation pay, overtime and commissions, what is normally a real chore is made easy here. You can also print T4's, or income statements (which would be a little simpler if the government would stop changing the size of its forms).
Card File - Cards are records of all the people and companies you do business with. These include customers, suppliers, employees and personal (business contacts). With MYOB's multi-currency support, you can assign card files with other currencies. If you have a supplier in England (and have a checking account in pounds) you can make payments in their own currency. Cards can also contain terms of credit, tax exemption, sales and purchasing histories, etc. You can also print mailing labels and personalized letters from the data stored in the Card File.
Inventory - Built into MYOB is a powerful inventory management center. Not only can you keep track of what you have on hand, but you can incorporate graphics and a description in the database (very handy if you sell lots of widgets).
Complimenting these Command Centers is a To Do List, an Inquiry Register, the MYOB Analyst and a Report generator. The To Do List can warn you of inventory shortages, expiring discounts, and due receivable and payables.You can search through your datafile by using the Inquiry Register, have instant access to financial summaries through the Analyst and easily create reports from all aspects of your company.
While the PC version allows you to email reports, statements, etc. from within MYOB, the Mac version can only export to a file and the user must manually attach it. An internal emailing system for Mac should be coming in a later version. Other export functions include a direct link to MS Excel and Corel WordPerfect, as well as standard tab-separated text.
Additionally, the MYOB CD includes the option of installing Small Business Fundamentals, a collection of guidelines, tips, spreadsheets, checklists, worksheets, letters, and more geared towards hundreds of small business related topics. These topics, assembled by the American Express small business experts, spans more than 1500 pages and reads like a book in the ModelBrowser, with a convenient and well-organized index.
The Last Word
Particularly for today's small, global-minded companies, MYOB Accounting Plus version 9 is an excellent accounting solution. Its multi-currency support easily allows you to deal with customers and suppliers in other countries and its extensive Help Library and manual will aid you in making sense of all those debits and credits.
