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MYOB – Tips to set up your company Part 1


MYOB Setup tips: What should I be aware of when setting up an MYOB company file for the first time?
Setting up your MYOB company data file is a simple but important process. Working systematically through this process will ensure you have your MYOB program up and running in the shortest possible time.

What information do I need to setup up my MYOB data file?
Being prepared can greatly reduce the time and effort needed to setup a company data file. While preparing your accounting data, take time to explore the avenues of MYOB help that have been made readily available to you.
The list below will help you to gather some of the information you will need.
1. A Balance Sheet or Trial Balance report as at your conversion date which is the date you commenced using MYOB. These reports will provide you with your chart of accounts and your ledger account Opening Balances.
2. Customer’s and Supplier’s details and trading terms.
3. Outstanding invoices and purchases dated prior to your conversion date.
4. Your employees’ details and their individual payroll balances (MYOB Premier, Accounting Plus and AccountEdge).
5. Reconcile your cheque account(s) as at the conversion date. Doing this will provide you with your cashbook balance which is used for your cheque account Opening Balance. It will also provide you with a list of your unpresented deposits and withdrawals, which will also need to be entered.
For More, click on       “MYOB – Tips to set up your company”      at


Author: Account keeping plus (Business accounting software

Administration, Bookkeeping and Compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support 30 min call 0407 361 596 Australia (+61 drop 0 from overseas) MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

14 thoughts on “MYOB – Tips to set up your company Part 1

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