Bank Reconciliation & Journal Entries
MYOB Bank Reconciliation Course Topics
A bank reconciliation is performed once all of the day-to-day transactions have been entered into your software. The purpose of this 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
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.
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.
- 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)
Our other online training courses
Enrol into this course and you’ll automatically get free access to the first course for several of our other online courses. Click the image to see the other courses we offer.
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