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Accounting with MYOB Accounting Plus v18
Chapter Four
Accounts Payable
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 101 2
Recording a PurchaseImportant Points
A Purchase is obtaining goods for re-sale.
Purchases are obtained from Suppliers.
Amounts owed to these suppliers are called Accounts Payable.
Accounts Payable are Liabilities.
Purchases are credited to the creditor’s account (the Account Payable).
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 101 3
Recording a PurchaseAccounting Background - The Debits
The value of the goods purchased increases the Inventory account.– This is an Asset, so it will be debited.
The GST Paid and Freight on the goods are business expenses.– Expenses are debit entries.
– GST Paid can also be viewed as an asset (also a debit) as it will be reclaimed from the ATO.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 101 4
Recording a PurchaseAccounting Background - The Credits
Cheque Account.
– If the goods are paid for now.
– An asset account being reduced is a Credit.
Trade Creditors (Accounts Payable).
– If the goods will be paid for later.
– This will increase the debt (liability).
– An increase in a liability is a Credit.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 103 5
The Invoice TypesUsed for different purposes.
Used to record non-
inventory purchases.Used to record
things purchased.
Used to record
professional
services.
Used to record
adjustments.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 104 6
The Card File
Used to store details about suppliers.
– The Profile contains name, address and contact details.
– Buying Details has other information:
Usual invoice type.
Credit limit.
Payment and discount terms.
– Payment Details contains bank information.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 104 7
The Card FileThe Supplier’s Profile
Insert the given supplier information.
Then click the Buying Details tab.
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 105 8
The Card FileThe Buying Details
Insert the given buying information.
Then click OK.Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 106 9
Placing an OrderProcedure
1. Display a Service invoice.
2. Select Order (top left of the window).
3. Select the Supplier from the cards list.
4. Insert your requirements. You may or may not know the price.
You may or may not know the freight cost.
5. Record the order.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 108 10
Placing an Order
Insert the given order information.
Then click Record.
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 109 11
Your Order is Delivered
An Order is not a Financial Transaction.
– No debt is assumed until delivery.
Orders are kept in the Purchases Register where they can be edited.
When the order is delivered it is changed to a Bill.
– A Bill records a Financial Transaction.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 110 12
Locate your Order
Orders are kept in the Purchases Register.
Click on the Orders tab.
Change the Dates.
Click Change to
Bill.
Click
Dates
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 110 13
Update the Bill
Insert the new date
and invoice number.Insert
Check the price and insert the Freight charge.
Insert
Then click Record.
Click
This is now a debt (a liability) that must be paid by the due date.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 112 14
Paying the BillDiscounts – Accounting Background
A discount allows a debt to be settled without the full amount being paid.
Discounts are offered by suppliers:
– To encourage prompt or early payment of their accounts.
– To improve the supplier’s cash flow.
Suppliers specify a date by which the debt must be paid to get the discount.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 112 15
Paying the BillDiscounts – The debits and credits
The creditor is debited (reduced) with the full amount of the discount.
Discounts Taken (revenue) is credited (increased) with 10/11ths of the discount.
GST Paid (asset) is credited (reduced) with 1/11th of the discount.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 112 16
Paying the BillProcedure
Click Pay Bills in the Command Centre.
Select the Supplier.
Insert the date and amount details.
Locate the bill being paid.
Insert the discount amount.
Press Tab twice.
Record.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 113 17
Paying the Bill
Insert the Date and Cheque Amount.
Insert
Insert the Discount amount.
Insert
Then click Record.
Click
Click in Amount Applied.
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 135 18
Historical PurchasesBackground.
Purchases that took place before the start of this set of books are known as Historical Purchases.
Each bill is entered separately.
The sum total of these bills must equal the balance of the Accounts Payable control account in the General Ledger.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 135 19
Historical PurchasesProcedure.
1. Setup (in the top menu bar).
2. Balances (in the drop-down menu).
3. Supplier Balances (in then next menu).
4. Add Purchase (button at base).
5. Select the supplier (from the list).
6. Insert the details.
7. Record.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 137 20
Historical Purchases
Insert the details.
Then click Record.
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 141 21
Returns and DebitsAccounting background.
Faulty stock returned to the supplier reduces the quantity on hand.
– This is a credit to the Purchasesaccount.
– It is a credit to the GST Paid account.
Returns to a supplier reduce the debt owed for the goods.
– This is a debit to the Account Payable.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 142 22
Returns and DebitsProcedure
1. Create a Negative bill (where all costs are entered as Minus amounts). Record.
2. Go to the Purchases Register.
3. Locate your negative bill in Returns and Debits.
4. Reduce the original bill by this debit amount. Record.
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 142 23
Returns and DebitsThe Negative Invoice
Insert the amounts as Negatives.
Minus
Then click Record.Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 143 24
Go to the Purchases Journal
Select Returns & Debits
Returns and DebitsThe Purchases Register
Click
If nothing appears, you
forgot the minus signs.
In that case, make the
correction in the Journal.
Then click Apply to
Purchase.
Click
Sutherland - MYOB Accounting Plus v18 - Accounts Payable - Page 143 25
Returns and DebitsSettle against the original bill.
Insert the details.Insert
Delete any discount.
Click in Amount Applied.
Click
Then click Record.
Click