SETTING LINKED ACCOUNT | PD MITRA

Summary

The video provides a detailed guide on setting up and managing account links in MYOB Accounting Plus Version 18. It covers the key steps of linking accounts to various categories such as banking, sales, purchases, and payroll. The process includes selecting the appropriate setup menu, linking accounts to track various financial transactions like accounts receivable, payable, and payroll, as well as adjusting settings for electronic payments, cash transactions, and sales/purchase discounts. The guide ensures that users can seamlessly integrate accounts for efficient financial management.

Takeaways

• 😀 The witness should ensure that the count from the 'Link account' is checked to ensure proper transaction evidence in MYOB Accounting Plus version 18.
• 😀 MYOB Accounting Plus version 18 includes four types of account links: Account and banking, Sales account, Purchase account, and Payroll account.
• 😀 The 'Account and banking link' is used for linking various financial accounts, such as equity and banking accounts, with automatic settings for certain accounts.
• 😀 The equity account for 'retained earnings' and 'profit and loss summary' in the system should be set up for accurate financial reporting.
• 😀 For payments made electronically, the system allows integration with various types of bank accounts like 'Cashing Bank' and 'Petty Cash'.
• 😀 Sales-related accounts such as 'Sales Freight Costs' and 'Sales Discounts' are crucial for organizing revenue streams in MYOB Accounting Plus.
• 😀 The 'Receivables' and 'Customer Receipts' accounts must be linked to track payments received from clients and settlements of outstanding receivables.
• 😀 The system offers specific accounts for managing liabilities, including accounts payable and related payments to suppliers.
• 😀 A key setting includes managing various payment methods, such as cash, checks, and electronic payments, and linking them to appropriate bank accounts.
• 😀 The system allows tracking of payroll-related expenses by linking specific accounts for wage and tax payments, ensuring proper handling of employee-related expenses.

Q & A

What is the purpose of the 'link account' function in MYOB Accounting Plus version 18?

The 'link account' function in MYOB Accounting Plus version 18 is used to organize the accounting system by linking transaction evidence to specific accounts that have been imported from Microsoft Excel. This ensures proper categorization and consistency in the financial records.

What are the four types of account links in MYOB Accounting Plus version 18?

The four types of account links are: 1) Account and Banking link, 2) Sales link, 3) Purchase link, and 4) Payroll link. Each link is related to different categories of transactions such as income, expenses, purchases, or payroll.

Which accounts in the Account and Banking link cannot be changed?

In the Account and Banking link, the 'equity account for retained earnings' and the 'historical balancing account' cannot be changed. These accounts are set automatically by the system.

What is the function of the equity account for historical balancing?

The equity account for historical balancing is used to balance the account balances when they are not in sync. If the balances do not match, this account is automatically filled to adjust and balance the records.

How does the system handle changes to the banking link accounts?

The banking link accounts, such as those used for electronic payments or petty cash, can be modified by selecting the appropriate account for various transactions (e.g., bank accounts for payments or receipts). Changes are made by clicking on the account and selecting the correct option.

What is the role of the Sales link in the setup?

The Sales link is used to configure accounts related to sales transactions, including receivables, freight costs, discounts, and late payment fines. It allows companies to track sales-related activities efficiently.

Which accounts are commonly used in the Sales link in the PD Mitra case study?

In the PD Mitra case study, the commonly used accounts in the Sales link are sales freight charges and sales discounts. These are configured with specific account numbers to ensure proper tracking of sales-related transactions.

What types of accounts are configured in the Purchase link?

The Purchase link is used to configure accounts related to purchases, including liabilities such as accounts payable, purchase freight loads, purchase discounts, and down payments for suppliers.

Why is it important to accurately set up the Payroll link accounts?

Accurate setup of Payroll link accounts is crucial because it ensures that salary expenses and tax liabilities are correctly tracked and reported. It includes setting up accounts for wages, salary expenses, and tax debts.

What account is used for tax debt in the Payroll link for the PD Mitra case study?

In the PD Mitra case study, the account used for tax debt in the Payroll link is 'income tax payable' with account number 21300. This account tracks the company's tax liabilities.