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									 MYOB Checklist – Information for the Accountant

 This checklist is aimed to assist you in providing information to us for users of MYOB. It is a good
 idea to carry out this prior to year end of accounts time. Bring in the Accounts Preparation - Year
 End Checklist complete with the MYOB checklist and copies of relevant source documents and
 reconciliations.

 OK - no issue  Q – Query  N/A – Not applicable

                                                                                                   OK   Q    N/A

 Obtain

 User Id:
 Password:

 Version No.:

 Opening balances
 Compare June 30 Last year or 1/7 opening balances of balance sheet items to
 Accountants reports for last year – adjust if needed

 Bank Reconciliations
    Review all bank accounts, Ensure reconciled to at least 30 June
     Cheque Accounts
     Credit Cards
     Provide printouts of 30 June Reconciliations and also Statements

     Clear:
     Petty Cash
     Undeposited Funds
     Electronic Payments
     Cash Drawers
     Other

    Note old unreconciled amounts (should be no outstanding direct debits or bank
     charges etc, No cheques too old)
     Reasons for unpresented amounts may include:
     - may have entered a cheque twice
     - may have tried to remove an outstanding debtor by recording a customer payment,
       may have credited the transaction instead

     Once you have established a reason for the unpresented transaction you should fix it
     or note it for fixing by the accountant. Note the transactions should not be deleted
     but reversed in the current BAS reporting period.

    Would bank reconciliations be easier if you were using the undeposited funds
     accounts to simplify reconciliations?

    Should we be using auto import statements?




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 Debtors Reconciliation
 Review Receivables Reconciliation [Summary] report and ensure out of balance amount
 is nil
  Review any old/bad debts, check whether write offs are required
  Review Returns & Credits, should credits be applied to current sales or cleared as
     they are incorrect?
  Provide a copy to accountant

 Creditors Reconciliation
 Display Payables Reconciliation [Summary] report and ensure out of balance amount is
 nil
  Review any old amounts; check whether any outstanding amounts should be credited
  Review Returns Debits, should debits be applied to current purchases or cleared as
     they are incorrect?
  Provide a copy to accountant

 Finance Contracts
    Provide copies of all new finance contracts
    Provide copies of any invoices related to sale of assets or trade-ins
    Provide details of where periodic payments are being posted – find and possible
     reallocate all payments to a consistent account
    Check to see whether 12 payments have been made throughout the year for chattel
     mortgages/Hire Purchases and leases

 Loans
    Provide statements for any bank loans?
    Recommend the loan account be set up as a detail credit card account to enable it to
     be reconciled
    Record interest and bank charges to the account
    Reconcile to at least 30 June

 Check Accounts List
    Display the Account List Summary Report. Customise the report to include the tax
     code field
    Export the report to Excel using Office Link
    Next add a column next to existing tax codes and type correct code where applicable.
    Print the excel report

 Display GST Summary Cash or Accrual Report
    Note codes to be initially reviewed QUE/NT
    Note any anomalies eg negative FRE sales, no use of CAP code

 GST Tax Codes Review
    Review the default tax codes attached to each Account (export to excel for effective
     review)
    Review the GST Detail reports

 Tax Code Exceptions Report (Cash Transactions)
    Display it
    Print Report
    Note all processing issues

 Tax Code Exceptions Report (Invoice Transactions)
    Display it
    Print Report
    Note all processing issues

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 Tax Amount Variance
    Display the Tax Amount Variance report to determine whether any transaction has an
     edited tax amount so there is a difference between posted and calculated

 BAS Payments
    Check BAS payments postings are correct i.e. offsetting GST control accounts/PAYG
     Withholding account/PAYG instalment accounts.

 BAS Review or Copies
    Recommend re-prepare each BAS for the year and compare to the originals – note
     changes that require adjustments
    Provide copies to the accountant

 Tax Information Reconciliation Report
    Display the Tax Information Reconciliation Report for year to date. This report
     checks that the activity of your tax codes and linked accounts reconcile. Ideally the
     „Expected Account Balance‟ should equal the „Actual Account Balance‟ for the period.
    Generally speaking if you have posted the ATO payment/refund transaction in MYOB
     at the due date each quarter or month, the report should balance.
    Care must be taken when using this report. Due to timing differences concerning
     transactions dates recorded for ATO payments and cash versus accruals payers this
     report may appear to be out of balance
     Example
     GST Collected 2-1310 01/10/XXo 31/12/XX
     Expected Account Balance on 31/12/XX                   $227.28
     Actual Account Balance on 31/12/XX                     $359.10
     Out of balance amount                                  $ 81.82
    When “cash” basis for GST and has entered the ATO payment for the September
     quarter activity statement on the 28/10/XX. The receivables balance was $900 on
     the 30/09/XX which included $81.82 GST ($900/11). If we now adjust the “Actual
     Account Balance” by this amount we reconcile the two amounts ($359.10 less
     debtors at the beginning of the period $81.82 = $227.28*)
     *Note: If “accruals” basis for GST the above report would have balanced as the GST
     collected balance on the 30/09/XX would have been fully offset by the ATO payment
     on the 28/10/XX.

 If the report still shows an out of balance amount this may be due to:
  Not splitting the posting of the BAS payment correctly
  Timing difference between when the GST is remitted to the ATO and the BAS
      reporting period selected
  Prior year out of balance amount
  Transactions allocated directly to the GST paid and GST collected accounts instead
      of using tax codes (exception is posting of BAS payment)
  A tax codes linked account was changed part way through the reporting period


 Private Expenses to Loan Accounts
    Review any loan accounts/drawings accounts and sample transactions to make sure
     the GST tax code has not been used

 Private Portion Expenses
    Check for any home office type expenses that include both a private and business
     portion
    Have you apportioned the amount of GST you can claim?



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 PAYG Withholding
    If payment more that $25,000 PAYG from wages (per year) should be paying monthly
     not quarterly
    Ensure that the PAYG Withholding at 30 June matches what was recorded on the
     June BAS


 CAP Capital Acquisitions
    Do an account inquiry on asset accounts to ensure that capital purchases have been
     put to the CAP code
    Also check various expense accounts that you may have used for capital purchases
    Provide detailed information on these purchases via a GL Detail printout for
     depreciation purposes
    Review prior year Depreciation Schedule for any items that are obsolete or have
     been disposed of in prior years
    Provide a copy to accountant


 Payroll Information
    Provide copy of Payroll reconciliation for the full year i.e. Payment summaries
     matches the P&L statements (See wages – next item)
    Provide evidence that the quarterly superannuation payments were made in time and
     also June Quarters were made before 30 June.

 Wages
    Compare Payroll Register report for year to date with total wages and salaries
     expense in the profit and loss. Do they agree? If not determine reason for
     differences.
    Do an account inquiry on the wages and salaries account. Generally there should be
     no general journals or spend money transactions.
    Check for any wages accounts set up that override the wages and salaries accounts
     to another account – these accounts may need to be added to reconcile total wages
     and salaries at the end of year.
    Check that tax payments to ATO in relation to PAYG withholding have not been
     posted to the wages and salaries account.
    Separate from the employees wages and superannuation any Directors‟ Salaries and
     Directors‟ Superannuation to there respective accounts.
 Deductions
    Review expenses and query or raise issues with the accountant about any tax
     treatment you are unsure of
    Entertainment expenses – advise the accountant specifically what they are and for
     who

 Directors Loan Accounts/Drawings/Funds Loaned to Trust
    Printout a GL Detail report on these loans and ensure posting are correct or
     information provided to accountant as required

 Report to Accountant
    Prepare a note to the accountant about things you would like them to look at and
     things you are unsure about.
    Print out a P&L and a Balance Sheet and write notes all over them explaining or
     querying

 Check periodic payments
    Ensure that accounts such as business insurance, rent/lease payments have at least
     12 payments for the year.

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 Summary Checklist of what needs to be provided to the Accountant

          Provide a copy of the MYOB file with username and passwords
          Provide a copy of the Trial Balance/Profit & Loss and Balance sheet of 30 June
          Provide printouts of 30 June Reconciliations and also Statements
          Copies of Statements for any bank loans
          Provide copies of all new finance contracts
          Provide copies of any invoices related to sale of assets or trade-ins
          Provide details of where periodic payments are being posted – find and possible reallocate
          all payments to a consistent account
          Provide a list of Plant & Equipment purchased throughout the year and any obsolete items
          that should or should not be on the Balance Sheet
          Provide copies of the BAS and IAS for the year
          Print out a detailed report of the “Loans to Directors” Account
          Provide evidence of amounts remitted to super funds on behalf of employees. Check the
          correct amounts have been provided (9% of OTE)
          Provide a copy of work cover payment details
          Provide copy of PAYG summaries and PAYG Summary Statement
          Provide a copy of any FBT workings along with FBT return
     For information regarding the way in which certain transaction are recorded in MYOB
            please visit the MYOB website at http://support.myob.com.au/snote.cfm


 REQUEST INFORMATION BACK FROM ACCOUNTANT

 Request all Adjustments the accountant has made
 Instructions to the accountant
 Print a user report which from the day you received the file (this will ensure that we know all adjustments
 made to the file since receiving it)

 Print general journal report filtered as follows:

 Source Journal: All Journals
 Transactions dated from 30/06/XX to 01/07/XX
 Session dated from „date disk received‟ to „current date‟

 (note by entering in the last day of the financial year to the first date of the next year it will ensure you pick
 any opening balance adjustments and reversals posted on the first day of the next year)


 Provide MYOB Reports
 Provide copies of final balance sheet and profit and loss from Accountants copy


 Request Feedback
 Request feedback from accountant about any things being incorrectly posted so that your processing can
 be corrected for next year




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