MYOB Chapter 4 Recording Journal Entries

1. Recording Journal entries Accounts Record Journal Entry

Enter the Date of the transaction, and give a brief description at the Memo field. At the Acct# field, select the account to debit or credit by clicking. . When the Debit and Credit amounts are balanced, the Out of Balance will show zero. Click Record to save this journal. Example: In JWS Stationery Company, the office equipment is purchased in July 2007, and has a value of $19,800. Assuming a straight-line depreciation method over 3 years (i.e. 36 months), the monthly depreciation charge should be $550. From an accounting point of view, the entry should be: Dr Depreciation $550 Cr Acc Dep - Office Equipment $550 (To record depreciation of Office Equipment for MONTH YEAR) (a) Check the Accounts List to see if the various asset and related accounts have been setup. You will require the following accounts: 1-3200 Office Equipment (Header account) 1-3210 Office Equipment at Cost (Detail account) : to record cost of purchase 1-3211 Acc Dep - Office Equipment (Detail account): to accumulate depreciation charges 6-6600 Depreciation (Detail account): to record depreciation charges
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Create the account(s) above if any is not found in the Accounts List. Click Record Journal Entry Enter the following information as shown below: Ensure, that the Out of Balance amount is zero. Click Record to record this transaction.

2. Saving Recurring Templates Accounts Record Journal entry Enter necessary details. Click Save Recurring. The Following screen will appear: Give a meaningful name, e.g. Depreciation of Office Equipment

Reminder? Specify under Frequency and Remind Every Month on this field. To see next due date, To Do List Recurring transactions Click Save Template
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3. Using Recurring Templates Accounts Record Journal entry Use Recurring Select and highlight the template that you require and then click OK The original template will be recalled and displayed for you to edit. Click Record when done

(Same can also be accessed from To Do List Recurring Templates)

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4. Generating General Journal Reports Reports Accounts Index to Reports

Select Transaction Journals - General Journal customise Enter date range from 1/7/2007 to 31/7/2007, Click Display and Print to generate the report to your printer

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Exercise 4 1. On 1/8/2007 the company purchased office furniture from Office Furnishing & Trading for $12,000. Cheque #330113 was issued for this purpose. Record this transaction 2. Depreciate assets in the Furniture & Fittings over 5 years on a straight-line basis. Compute the depreciation charges for August and record this for August 2007. Save this as a recurring template 3. Use the previously saved recurring template to record the journal entry for the depreciation of Office Equipment for August 2007/8/6 4. Generate the Transaction Journal Report for General Journal for the month of August 2007

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