MacFormat 1994 November/macformat-018.iso/Demos/M.Y.O.B. Accounting Demo/M.Y.O.B. Demo/M.Y.O.B. Demo.rsrc/STR#_10016.txt

Text File | 1994-08-31 | 6.9 KB | 277 lines

Chart of Accounts

Àá
Account TypeÀá


There are eight account types (see table).  Select an account’s type by clicking

the appropriate tab at the upper-left of the window.  Every account must have a

unique number.  All account numbers have a one-digit prefix followed by a four

digit number.  The one-digit prefix identifies the type.  The four digits identify

the account within that type.



Remember, M.Y.O.B. always keeps the accounts in account number order.



Àá
Account NumberÀá


Every account must have a unique number.  All account numbers have a one-

digit prefix followed by a four digit number.  The one-digit prefix identifies the

type.  See the preceding chart for a description of account types.  The last four

digits identify the account within that type.  You may use any four digits except

0000.



Remember, M.Y.O.B. keeps the accounts in account number order.  If you wish to

reorder your accounts, simply change the account numbers.



Àá
Note:Àá
  If you enter less than four digits, M.Y.O.B. fills in with zeros.



Àá
Account NameÀá


Enter up to 30 characters to describe the account.



Àá
Section HeadersÀá


Section headers are non-postable accounts that contain detail accounts.  They

serve no accounting purpose except to group and total detail accounts for

reporting clarity.  Section headers are displayed in bold type in the chart.



You are not required to use section headers—all of your accounts (except for the

level 1 accounts, see Levels) may be detail accounts.



For each section header, you may decide whether or not to generate a report total

of the accounts within the section.



You may create Section Headers at levels 2 or 3.



Àá
Detail AccountsÀá


Detail accounts are postable accounts that aggregate to a particular section

header.



If you note that an account has checking privileges, enter the last check number.

When M.Y.O.B. displays the Write Checks window, the next check number in the

sequence is the default.  If you change the check number on the Write Checks

screen, M.Y.O.B. changes the last check number field in the account record.



You may create Detail Accounts at levels 2, 3 or 4.



Àá
Note:Àá
  The equity account called Current Year Earnings behaves a bit differently.

It is a detail account, but you may not post to it.  It is reserved by M.Y.O.B. for

recording your monthly profit or loss.  The account has a current balance (your

year-to-date profit or loss), but does not have a transaction history.



Àá
The Current BalanceÀá


Accounts display their current balance.  For Asset, Liability and Equity accounts

(see Note) the current balance is the current valuation of the account.  For

Income, Expense, Cost of Sales, Other Income and Other Expense accounts the

current balance is the net activity in the account since the beginning of the fiscal

year.



The Current Balance of a section header is the sum of the detail accounts within

the section.



Detail accounts have an arrow next to Current Balance.  Click it to zoom to the

Account Transaction Detail display.



Àá
LevelsÀá


Levels allow you to maintain a very detailed chart of accounts without cluttering

up your financial reports.  M.Y.O.B. allows up to four levels of accounts.  You are

not required to use levels, but if you do you may choose the level of account detail

when reporting.



Level 1 is the highest level and is reserved by M.Y.O.B. for the account type

(asset, liability, etc.).  Level 4 is the lowest, most detailed level.  M.Y.O.B.

displays your chart of accounts as an outline, indenting two spaces for each level.



The distinction between section headers and detail accounts forms the basis for

levels.  Level 1 is reserved for the account type.  It is the only account at level 1

and it is a section header. You may change its name (if you want to change 'Assets'

to 'Stuff I own,' go ahead) and subtotal option.  You may not delete it, change its

number, or move it to another level.



You may create accounts at levels 2, 3 and 4.  Every account must aggregate to a

section header above it at the previous level.  A level 3 detail account, for

example, must aggregate to a level 2 section header which, in turn, must

aggregate to a level 1 section header.  You may create section headers at levels 2

and 3.  Detail accounts can be at 2, 3, or 4.



When you enter a new account, M.Y.O.B. takes its best guess as to which level

you want.  To change it, click the correct level on the level control.



Àá
Changing the Level of an AccountÀá


The level of an account is shown in the level control at the bottom right of the

window.  To move the account, simply click the desired level number.  If the level

number is grey, the account cannot be moved to that level.  Remember, before

you can move an account to another level, there must be a section header above it

at the previous level.



Àá
Note:Àá
   When creating your chart of accounts, enter all of your section headers

before entering your detail accounts.  It’s faster and more accurate at guessing

the proper account level.



See Chapter 2 of your User's Guide for a more complete description of levels.



Àá
Creating a New AccountÀá


Choose whether this new account is a section header or detail account.  Next type

a unique account number and press Tab.  The account appears in the list with the

name NEW ACCOUNT.  Type the account name (up to 30 characters) and press

Tab.  Make sure the account level is correct.  If it’s a section header, verify the

report subtotal checkbox.  If it’s a detail account, check whether it has checking

privileges.



When you’re ready, click OK or press Enter.  The Account Information box is

ready for the next account.



Àá
Editing an AccountÀá


There are two ways to select an account to edit.  Either click the account name in

the list or enter the account number in the Account Information box and press

Tab.  Either way, the Account Information appears.  You may change the account

number, account name, checkboxes and, if allowed, the account level.  A detail

account with transactions assigned to it may not be deleted or changed to a section

header.  A section header may be changed to a detail account.



When you change an account’s number, the account list is reordered (in account

number order).  If a section header is separated from its sub-accounts, they are

moved up one level.  If the section header is moved up or down a level, its sub-

accounts are moved with it.



Àá
Historical BalancesÀá


If you wish to compare this year’s balance sheet and income statement to last

year’s without waiting a year for M.Y.O.B. to collect the data, you need to enter

historical balances for your accounts.  Just click the Historical Balances

button.



Àá
BudgetsÀá


You may set monthly budgets for any detail account by clicking the Budgets

button.