Certificate in Bookkeeping using MYOB AccountRight Training Course 503: Bank Reconciliation

MYOB Beginners Certificate Training Course

Bank Reconciliation & Journal Entries

MYOB Bank Reconciliation Course Topics

Bank Reconciliation

A bank reconciliation is performed once all of the day-to-day transactions have been entered into your software. The purpose of the bank reconciliation is to ensure that your software data matches the information in the real world (ie. your bank account). It is at this stage that you will enter:

the direct debits that come out of your account automatically
interest charges or payments
merchant and bank charges

You’ll also find duplicates or omissions and need to correct the data that you have previously entered.

MYOB Bank Reconciliation — Loan Account

Creating a loan account
transfer loan funds
transaction details and accounts payable
setup accounts payable linked account
editing or deleting a transaction entry

MYOB Bank Reconciliation — Entering Transactions

Creating customer cards
creating inventory items
entering a sale and payment
spend money
receive money from a client
reconcile your cheque account to your bank statement

Bank Reconciliation — International credit card payments

Often the services in overseas countries is cheaper or better or there simply isn’t an available comparative product in Australia so we pay for overseas services. When we do we don’t pay GST and we incur credit card charges. We’ll show you how to

manage the journal entry point of view
GST and tax coding
reconciling

Handling Basic Payroll Transactions

If you are a small business you may pay yourself, your partners or even casual workers adhoc amounts each week or month. These transactions need to capture the right codes and also be included in your bank recs. As long the correct amount of tax is paid and the employers obligations are met then the business owner is doing everything right. We’ll show you how some small companies manage these transactions.

Purchasing Assets — Company Vehicle

There will be times when larger equipment is purchased and it’s paid for from your operating cash flow. In this situation the asset isn’t written off as an immediate expense but depreciated every year for a certain number of years. You’ll learn how to code this type of transaction correctly.

This MYOB course is included with all our MYOB training courses for one low price and either 12 month’s or Lifetime Course Access. Check out our specials page to see if you are eligible for a discounted price!

Who should do this MYOB course?

The MYOB Bank Reconciliation course is best completed after the MYOB Day-to-Day Transactions Course because it progresses nicely from the daily transactions course. However, the training workbook that is included with this course is fully self contained, so any student can perform the tasks in this workbook without having completed the MYOB Day-to-Day transactions course first.

BUT!

Although not crucial, the experience of working with banking transactions that are both cash based (using the banking module) and accruals based (using the sales and purchases modules), as well as receiving these payments and having the ability to go back and edit them if mistakes are made, is important and very beneficial for doing this course.

You’ll learn:

How to enter loan account entries and repayments
how to enter end of month payments like direct debits
How to create journal entries

How long does this MYOB course take to complete?

When we operated face-to-face training centres in Sydney this course would generally take a day. This MYOB course involves creating the cashbook, invoicing and payment entries and then performing a bank reconciliation with a sample bank statement.

Online you can take as long as you need and progress at your own pace. Read more about the MYOB Course Frequently Asked Questions (FAQ)

MYOB COMPLETE Training Course give you other courses for FREE!

If you enrol into the MYOB AccountRight Complete training course, you receive this Course. You also receive access to other courses as part of our FREE student inclusions.

The MYOB AccountRight Complete course give you all the AccountRight training courses we have available. MYOB have another popular accounting program for small business called MYOB Business (Essentials) which is an online accounting program that competes directly with Xero.

Bookkeeping Beginners Certificate in MYOB, Xero & QuickBooks Online

Want to get some basic skills and confidence using MYOB as well as Xero and QuickBooks Online? Explore the Certificate in Bookkeeping Basics Course.

Most job seekers now need to know several accounting programs to be confident applying for accounts jobs and the Certificate in Bookkeeping Basics gives you experience using all the major programs as well as some fundamental tasks, including:

Invoicing and Accounts Receivable
Purchases and Accounts Payable
End of Month Bank Reconciliation
Business Reports
Payroll Introduction

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