MYOB Compnay Files: Activate, Backup, Deactivation, Reactivation

After creating a company file you will need to activate the file within 30 days or less. If you have not yet activated the company file, you will get a activation window which reads:

( )Activate online
( )Activate by phone
( )Activate later
( )Mark as Read Only

If you chose Activate later, you will get a Activation days remaining window telling you how many days you have left to activate the file.

On clicking OK exiting that window, you will get a file backup window which says

This company file has never been backed up.

If this file becomes damaged in some ways, everything you've entered will need to be re-entered. Re-entering data can take a considerable amount of time.

MYOB CANNOT guarantee that a damaged file can be repaired.

Do you wish to back up at this time?

[ ] In the future, do not show this message.

[Help] [No] [Yes]

Significance

Supposed Company A is closed, and you don't want it anymore, you can make it READ ONLY and delete the company file. But even if deleted from your computer, the file will still remain in MYOB systems and included in the quota of maximum 5 free company files and will be read-only.

Company B created

Maximum free 5 company files. However can buy more quota with each block of 5 files costing RM59 for Malaysia and S$61 for Singapore

How company files activation works
email
phone internet
letter

Activate file window

MYOB Activate Your Company File Window

MYOB Activate Company File Reminder Winow

Backup file Reminder
align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;">

MYOB company files backup reminder window

Setup Accounts List & Familiarization/Customization

When setting up Company Files, you would have opted for a preset Accounts List or built your own.

Now we want to familiarize ourselves with or customize the Accounts List. To get to the Accounts List, load MYOB, open a company file and thus get to the Command Centre where you see the Accounts tab. Click on Accounts and a cascading list appears. Click Accounts List and the Accounts List is displayed (Note that you can also get to the Accounts List by clicking LIST in the Menu Bar and selecting ACCOUNTS):

MYOB Company Accounts List

You will initially be in the ALL ACCOUNTS tab in the Accounts List Window resulting in the whole list of accounts to be displayed as shown in the screenshot above. Note that there are altogether 9 tabs in the Accounts List window:
All Accounts | Asset | Liabilit | Equity | Income | Cost of Sales | Expense | Other Income | Other Expenses

By clicking the appropriate tab the Accounts List will be filtered to show only accounts belonging to that tab. For example, you click on the INCOME tab. All the accounts belonging to the Income category will appear:

MYOB Accounts List filtered according to category

Note that those accounts are all placed at different levels, Level 1, Level 2, Level 3, Level 4
Example
1-0000 Level 1
1-1000 Level 2
1-1100 Level 3
1-1110 Level 4

The account can either be a Header account or a Detailed account
Bold: header account
not bold: Detailed

You can see the Profile and edit the account by clicking the arrow to the left
You can also delete the account by clicking the arrow then in the Menu bar at the top, click
Edit > Delete Account

At the bottom, there will be 4 tabs:
Help F1 | Print | New | Budgets

If you want to create a new Account or recreate one you deleted earlier by clicking the NEW tab.
Reporting: generate a sub-total
Details: see linked accounts. If linked to many other accounts, difficult to delete

Edit Accounts window—Profile view

The Edit Accounts window allows you to add new accounts and make changes to existing accounts in your accounts list.

In the Profile view, you can choose whether the account is a header or detail account, select the type of account (asset, liability, equity, income, etc.), and assign it a unique number and name.

Field Descriptions

Account Number and Name

This field appears only when you edit an existing account or enter an account number for a new account; when you first open this window to enter a new account, this field is blank.
This field displays the number and name of the account.

Current Balance

This field displays the current balance of this account. If this is a header account, this field displays the sum of all the detail accounts assigned to it.
If this is an asset, liability or equity account, the amount shown here is the value of the account. If this is an income, expense, cost of sales, other income or other expense account, the amount shown here is the total of all activity with the account since the beginning of the current financial year.
If this is a detail account and you want to view more information about the account balance, click the zoom arrow. The Find Transactions window will appear, listing the transactions that make up the current balance.
If you’re viewing the equity account named Current Year Earnings, the current balance displayed is your company’s year-to-date profit or loss amount.

Inactive Account

Select this option if you want to deactivate the account—for example, if you rarely use the account or you don't want it to appear in selection lists. If you make the account inactive, existing transactions are not affected and you can still enter new transactions for the account by manually selecting it in an account field.

Only detail accounts can be marked as inactive.

When you print the Accounts List [Summary] report or Accounts List [Detail] report, you have the option to omit inactive accounts.

Header or Detail Account

Specify the account as a Header Account or a Detail Account.

Header: Header accounts are used as titles of groups of accounts. They are used only for grouping accounts of a similar purpose and appear in this list for display and organisational purposes only. You can not create a budget for a header account.

Detail: Detail accounts are the Premier accounts that have transactions assigned to them. Each one is assigned to the header account that appears directly above it in the list. Detail accounts appear in plain type, and header accounts appear in bold type.

Account Classification

If you’re viewing an existing account’s information, the account’s classification appears here and is view-only. If you’re creating a new account, this field is blank until you select the Account Type; then the classification that corresponds to the selected type appears.

Account Type
If you’re viewing an existing account’s information, the account’s type appears here. If the account is a detail asset or liability account, all the account types for its classification appear in a list. You can change the type to another in the list.

Account Number

Account prefixes are not editable, but you can change the other four digits in an account number, provided the account number you choose is not already in use.
Any four digits except 0000 can be used in the account number. If you enter fewer than four digits, zeros will be added to the end of the number. When you enter an account number, the number will be automatically placed in the accounts list list in numerical order.

Account Name

Enter up to 30 characters to describe this account.

Opening Balance

Enter the balance of this account as of the first day of your conversion month. If an amount already appears in this field, you may have already entered an opening balance for this account in the Easy Setup Assistant or the Account Opening Balances window.

New

Click create a new account.

Budgets

Click to open the Prepare Budgets window where you can create monthly budgets for Detail accounts.

OK

Click to save your changes and close the window

MYOB Opening Company FIle Run Through

Let's run through what happens when we open a MYOB Company File.

1. Open MYOB > Select company file from Windows Explorer > Open
2. A MYOB Sign On Window will appear requiring you to enter your username and password
3. On signing in, an Company File Activation window will appear asking if you want to activate the company file
4. If you select "Activate Later" a Reminder Window will popup telling you that you have 30 days (less if you had created the file earlier)
5. If you select "OK" a Backup company file window"

MYOB Activate Your Company File Window

MYOB Activate Company File Reminder Winow

MYOB Company File Backup Window

MYOB: Setup: Tax Codes

To setup or access the Tax Code list, go to the menu bar at the top and click LISTS

Drop down menu will have the following choices
Accounts | Cards | Items | Jobs | Categories | Tax Codes | Recurring Transactions | Custom List & Field Names | Custom Lists | Sales & Purchases Information | Identifier

Click TAX CODES and the Tax Codes window revealing the whole Tax Code List pre-loaded by MYOB as per Royal Malaysian Customs.

I have copied the whole list for your reference at MYOB Tax Codes List. It is accurate as of 3rd December 2014.

If you click on the arrow on the left of any code, a TAX CODE INFORMATION window will open showing various properties of that tax code (See screenshot below). Here various properties of that tax code will be display including what accounts the tax code is linked to. In this window too you can edit the tax code properties if you have information from the Royal Malaysian Customs and you know what you are doing or you didn't subscribe to MYOB 1 year support, you can edit it yourself if Royal Malaysian Custom make changes. Otherwise leave it alone and let MYOB update it for you.

For example, you click the arrow to the left of SR (Standard Rated Supplies), the properties window for SR will pop up:

MYOB tax code list as per Royal Malaysian Customs

MYOB Malaysia has already prepared and included in MYOB software all the Tax Code as per Royal Malaysian Customs (Jabatan Kastam Diraja Malaysia). As of 3rd December 2014, the whole tax code list in MYOB Malaysia is reproduced below:.

If Custom changes anything, MYOB will update the list for you if you are subscribed for their year support. Otherwise, subscribe to update from Royal Malaysian Custom for GST and if there are changes, you can edit the list yourself.

	Code	Description	Tax Type	Rate
1	AJP	Adjustment to Input Tax	GST	6%
2	AJS	Adjustment to Output Tax	GST	6%
3	BL	Purchases (GST not claimable)	GST	6%
4	DS	Deemed Supplies	GST	6%
5	E43	Incidental exempt supp (TX-E43)	GST	6%
6	EP	Purchases exempted from GST	GST	0%
7	ES	Except Supplies under GST	GST	0%
8	ESI	Incidental exempt supp (ES43)	GST	0%
9	ESN	Non-inc exempt (ESN43)	GST	0%
10	GP	Disregarded Purchases	GST	0%
11	GS	Disregarded Supplies under GST	GST	0%
12	IM	GST for import of goods	GST	6%
13	IMO	GST for import of goods at 0%	GST	0%
14	IS	Import under special scheme	GST	0%
15	IS6	Import under special scheme at	GST	6%
16	N-T	Non Taxable	Sales Tax	0%
17	N43	Non-inc exempt supp (TX-N43)	GST	6%
18	NR	Non GST registered supplier	GST	0%
19	OP	Purchase (Out of Scope)	GST	0%
20	OS	Supplies (Out of Scope)	GST	0%
21	RE	Taxable or Except supplies	GST	6%
22	RS	Relief Supplies under GST	GST	0%
23	SR	Standard-rated supplies (GST 6%)	GST	6%
24	T	Taxable	Sales Tax	5%
25	TX	Purchases with GST at 6%	GST	6%
26	ZP	Purchases with no GST incurred	GST	0%
27	ZER	Export zero rated supplies	GST	0%
28	ZRL	Zero rated supplies	GST	0%

MYOB: How to Edit Company Information

When you first setup a Company File, only field is compulsory - the company registration number. Perhaps you did not fill in the other fields company name, address, contact details, etc.

Note that most of those details are linked, for example the fields in the sales invoice template. Now what if we want to input the missing details?

Open MYOB and your company file, then in the top horizontal menu bar, click SETUP > Company Information

and the Company Information Window will open:

MYOB Company Information Window

And there you can add/edit the following:

Company Name:
Address:
Phone number:
Fax number:
Email address:
IRD (Inland Revenue Department) No.:
Service Tax No.:
BR (Business Registration) No.:
GST/Sales Tax No.:
GST Registration Date:
GST Deregistration Date:

TAB key: MYOB Magic Key

With many instances with MYOB where you need to key in the details for various items, after keying in the detail for 1 field, you may noticed that the fields for other items are grayed out and don't allow you to click in it in order to type in the details. Here is where MYOB Magic Key comes in:

MYOB Magic Key, the TAB key

 To get to the next field to enter details, click the TAB key and the next field together with other fields which previously were grayed out now opens for you to type in the details.

Take for example, when we want to add a new account code, say, under OTHER LIABILITIES, the account code 2-2380 Bad Debt Recovered, after typing 2380, note in the screenshot below that other fields are grayed out and not open to entering new details.

MYOB Adding new account code, fields grayed out

Now click the magic TAB key, the cursor moves to the next field ready for you to enter Account Name:

MYOB adding new account code after click TAB fields open to enter details

Getting business ready for GST

Malaysia will start imposing GST (Goods & Service Tax or VAT for Value Added Tax in some other countries) on certain goods and services starting 1st April 2015. For companies registered with the Royal Malaysian Custom, they will need to start preparing for the start of GST now.

Here are a few things to consider when managing GST for your SME business:

1. Knowing when to register and what documentation to prepare for GST
2. Setting up internal systems and processes to monitor GST collection and payment
3. Maintaining proper accounting records to fulfill tax obligations, claiming tax credits and tax audit requirements
4. Get to know how to submit regular GST returns either monthly (turnover > 5million RM) or quarterly (turnover > RM 500,000)
5. Continuous education around GST requirements and exemptions e.g. business expenses, tax invoices, zero rated items
6. Contingency plans & resourcing in place to manage a potential tax audit process
7. Update your internal systems and processes and inventory items to remain compliant with any updates from the Royal Malaysian Custom.

MYOB claims to be able to help you with all the above if you subscribe to their Business Support

Accounts list imported from Accountant file. Reconciliation

Case study. A company has imported Company File from its accountant. Its latest balance sheet is till end of 2013. Examination of, say, the bank account balance in above Balance Sheet did not tally with the bank account in the Accounts List. Reason: The balance in the Balance Sheet is till 31 December 2013 The balance in the Accounts List is up to date till a specific day in 2014, that is why the 2 figures do not tally. What to do? Answer: Get the Accounts Transaction (Accural) Report. There you will see all the transactions for 2014 up to date of the Accounts List given by the Accountant. How: Command Center > Accounts > Reports > Account Transaction [Accural] > Display (see screenshot below)

MYOB Account Transactions Accural Report

MYOB Accounts List Choices

With MYOB you can either create your own Accounting List, import, or select from lists preloaded by MYOB according to these choices
Agriculture | Manufacturing | Retail | Service | Others | All

Selecting All will reveal a long list of business as follows (use ctrl+F to quickly find):
Advertising Agency
Advocate & Solicitor
Agricultural Business
Air Conditioning Contractor
Architect
Art Gallery
Associations & Clubs
Audio-Visual Equipment Rental
Bakery Banquet Facility
Beauty Salon
Bicycle Dealer
Boat Dealer
Book Store
Bridal Shop
Building Contractor
Cafe
Car Dealership
Cemetery
Chiropractor
Cleaning Service
Clinic
Clothing - Retail
Computer Dealer
Computer Consultant
Computer Service Bureau
Construction Company
Consulting Firm
Copy Centre
Craft Business
Dance Studio
Day Care Center
Decorator
Delicatessen
Dental Surgery
Designer
Developer
Distributor
D.I.Y Shop
Dry Cleaner
Educational Fund Tracking
Educational Institution
Electrical Contractor
Entertainer
xercise Equipment Dealer
Farm
Financial Services F
itness Center
Florist
Food Service
Formal Wear Rental & Sales
Freelance Writer
Funeral Palour
Furniture Dealer
Garden Centre/Nursery
Gift Shop
Graphic Artist
Gymnasium
Hairdresser
Hardware Store
Health Club
Health Food Store
Heating Contractor
Hobby Shop
Home Appliance Dealer
Home Business
Home Product Sales
Instructional Lessons
Insurance Agency
IT Consultant
Jewellery Store
Landscape
Legal Firm
Limousine Service
Liquor Store
Manufacturing
Mechanic
Medical Office
Motel/Hotel
Moving & Storage Company
Night Club
on-Profit Organisation
Optician/Optometrist
Partnership, Other
Pest Control Service
Pet Shop
Pharmacy
Photographer
Printer P
roperty Management
Publishing Company
Real Estate Agency
Religious Organisation
Restaurant
Retail Business, Other
Shoe Store
Sole Proprietorship
Sporting Goods Dealer
Travel Agency
Veterinarian
Video Store
Web Designer
Wholesale Business

MYOB Setup - Create new company file

Here is how to create a new company file. Open MYOB. This will open the MYOB Welcome window.

Click the CREATE tab, and the MYOB File Assistant window/wizard will open

The Introduction screen will first and will tell you that to create a company file, just tell MYOB about your company, answer a few questions about accounting year, choose accounting list.

You can click NEXT to continue or click on the grayed out options on the left (at any time you want to edit, just click the relevant tab):
Company Information
Accounting Information
Accounts List
Company File
Conclusion

Company Information: you must enter the MYOB serial number, Business Registration Number (required) and the rest like Company Name, GST Number, Phone Number, Fax Number, Email Address are optional.
Account Information:
Current Financial Year,
Last Month of Financial Year,
Conversion Month (beginning month of a Financial Year),
Number of Accounting Periods: 12 or 13. If you choose 13 Accounting Periods, MYOB will add an extra column for you to do adjustments, but the number of months remain 12 months.

Accounting List: You can Start with MYOB provided list, Import, Build Own List. Whichever selected, it is possible to add or delete later. Selecting MYOB List and Clicking NEXT will allow you to choose your Industrial Classification (Agriculture, Manufacturing, Retail, Service, Others, All).

Clicking any of the first 6 will reveal all the items preloaded by MYOB for that particular industry. If you select ALL, there will be a further drop down menu to select a long list of business ranging from Advertising Business to Wholesale Business.

To view the wholes list of businesses you can select for ALL to to MYOB Accounting List Choices.

From Help
Company file setup
…The last month of your financial year. This is the month in which your financial year ends. For most businesses the last month is June. * Your conversion month. This is the earliest month for which you…

Related Products: Chart Of Accounts List | Chart Of Accounts Set Up | Change Conversion Month

Setting up MYOB accounting software mid-year
…balances will be reported at the date of your conversion month. Task 4 [Optional] - Assign opening balances to historical months If you need to obtain monthly Profit & Loss and Balance Sheet reports, rather…

Related Products: Setting Up Company File | Payroll Opening Balances | Historical Balancing

Networking 101: Where to go, tools to use and why you should care | MYOB Blog
There's an old adage: It's not what you know €”it's who you know. But when we are starting out in business, our networks are often limited, consisting of former colleagues, friends and family. And while these people will help get you on your way, very few of us can rely entirely on them for business success. That's where networking comes in.

Related Products: Mobile App

Glossary of accounting terms
…accrued depreciation account. Contra accounts can also be used as suspense accounts. Conversion Month - The month in which you start entering transactions in MYOB. Cost: Item - The cost of an inventory…

Related Products: Retained Earnings | Current Year Earnings | Cost Of Sales

3 ways to simplify your payroll process this month | MYOB Blog
The big race to provide your employees their PAYG Payment Summaries is about to begin. Here are three ways you can simply your payroll process this month to ensure you provide the PAYG Payment Summaries to your employees by the 14 July deadline and the PAYG Payment Summary Statement to the tax office by 14 August.

Related Products: Reconcile Payroll | Month End Reports | Payg Payment Summary

Entering pre-conversion deposits
…10:02 AM How do I enter pre-conversion deposits? It is common for businesses to receive a partial payment as a deposit against an order placed by a customer. Conversely, orders placed with a supplier…

Related Products: Conversion Date | Supplier Deposits | Sales Deposit

Setting up MYOB accounting software mid-year
…balances will be reported at the date of your conversion month. Task 4 [Optional] - Assign opening balances to historical months If you need to obtain monthly Profit & Loss and Balance Sheet reports, rather…

Related Products: Change Conversion Month | Set Up Payroll Mid Year | Allowances Set Up

Consignment stock - as consignee
…a computer software store. You hold a number of lines on a consignment basis. At the end of each month you notify the consignor of consignment sales. The consignor then invoices you for the stock sold…

Related Products: Consignment Stock Gst | Consignment | Sales Commissions

Setting up MYOB accounting software mid-year
…balances will be reported at the date of your conversion month. Task 4 [Optional] - Assign opening balances to historical months If you need to obtain monthly Profit & Loss and Balance Sheet reports, rather…

Related Products: Set Up Payroll Mid Year | Trade Creditors List | Accounting Basics

Hello? Is this my insurance company? Is anyone there? | MYOB Blog
…- One Resolution. Without breaking your spirit, dear reader, by going into the details of my two-month long baptism of fire in Crisis Negotiation, let me tell you that if I was the writer of that tagline…

Related Products: Commission | Not Responding | Insurance Claim

Receivables reconciliation out of balance
…Account Opening Balances you will see the following window. The amounts shown here relate to the conversion month or time at which you began using this particular company file to track your balances and transactions…

Related Products: Out Of Balance Receivables | Trade Debtors | Receivables Reconciliation

Setting up MYOB accounting software mid-year
…balances will be reported at the date of your conversion month. Task 4 [Optional] - Assign opening balances to historical months If you need to obtain monthly Profit & Loss and Balance Sheet reports, rather…

Related Products: Balance Sheet | Entering Opening Balances | Opening Balances

MYOB: Customizing Company Accounts List

Previously we have discussed Creating a New Company File, choosing the industry sector and type of business to load the accounts list provided by MYOB which is the easiest option. Now it is unlikely you will be able to find a accounts list to suit exactly the requirements of your company.

But MYOB have provided ways for you to delete accounts, create new accounts, edit account, make inactive an account. So now we will run through the process to customize a company in the Service Industry, type of business Electrical Contractor.

You would be wise to first print out the full accounts list for reference and record any additions, deletions, alterations that you have done so that in case you want to undo the changes, you have the information to guide you.

The first few lines of the newly created accounts list are:
1-10000 Assets
< >1-1000 Fixed Assets
< >< >1-1200 Leasehold Improvements
< >< >< >1-1210 Improvements at costs
< >< >< >1-1220 New Account

Note that the bolded accounts are Header accounts and cannot be deleted or make inactive.

Say you are unlikely to have any Leasehold Improvements at Cost and we want to delete that account. Click the arrow on the left and the Edit Account Window pops up. Now click EDIT at the top menu bar and select DELETE ACCOUNT and that selected account is now deleted from the accounts list.

Say you changed your mind and now wants to add the above account back. Click on the NEW button .

The Add New Account Window will pop and there you can select the Account Type, add the account number, click OK and the new account will be added. The name of the account will be New Account and we will need to edit it to the desired name. Click the left arrow and the Edit Account Window will pop again and here you can now type in the desired account name.

Edit Account Window

MYOB Edit Account Window

Add New Account Window

MYOB Add New Account window

MYOB Company File Activation Window

After creating a Company File with MYOB, you will have 30 days to activate it. If after 30 days it is still not activated, the company file will become READ ONLY and you will not be able to activate it. Note that you can activate a total of 5 company files for free. If you want to activate more than 5 files, you can buy extra quota in block of 5 files. Cost in Malaysia will be RM59 per block, and in Singapore will be SGD$61.

Each time you open a yet to be activated company file, a MYOB Activate Your Company File Window will open.

What is Activation?
Activation gives you full access to your company file. Without activation, your company file becomes read-only (after 30 days)

Activation also register your MYOB software, if it's not already registered.

Using a Trial Version?
You can use your trial version for a limited time without activation.

If you have an Internet connection, you can purchase your MYOB software now.

Purchase MYOB software online.

Company File Activation Options
( ) I want to activate my company file online. (You must be connected to the Internet)
( ) I want to activate my company file by phone. This is an automated phone service
( ) I want to activate my company file later. Trial version users should also choose this option (30 days remaining)
( ) I want to mark this file as Read Only. For company files you no longer need to add data into.

Please note
If the file you have just opened is a backup file, a file from a previous financial year that has been closed, or a file you no longer need to add data to, you do not need to activate it. Jus select "I want to mark this company file as Read Only"

If you chose the first option to activate online, you will get a Activate Online Window (click to see screenshot) where you will need to enter your MYOB Serial Number (already filled in if you have registered your software) and a field where the Company File Code, generated by MYOB, is already filled in for you. It would be wise to both take a screenshot and save the image as well as record the company file code somewhere for reference.

On activation, you will receive a Company File Activated window informing you that the file is now activated

[Cancel] [Continue]

MYOB Company File Activation Window

MYOB Activate Your Company File Window

Activate Company File Online

MYOB Company File Activate Online Window

Company File Activate Window

MYOB Company File Activated Message