If you are either creating a new MYOB file or transferring over from another bookkeeping package, MYOB will take you through the steps required via it’s New Company File Assistant. If the setup is performed incorrectly it may require a lot of time to fix or you may even have to start again. Here’s some tips to make sure your setup is performed correctly:
- Financial Year- Make sure you use the Financial Year when your business started- this may not be the current Financial Year.
- Conversion Month- you won’t be able to enter any data prior to the conversion month you select.
- Financial Year End- some countries use a different Financial Year end to 30 June so make sure you have selected the correct period.
- Chart of Accounts- don’t just go with a default Chart of Accounts if you have an existing company- it may be difficult to match to a change of Account Structure
Please watch the following presentation for more detail or contact us at Bookkeeping Services.