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To get to your reports menu click on the reports drop down on the top menu bar and select Index To Reports. This will bring up a window with 9 different tabs, one for each type of report.
Here is a list of reports that your accountant would be most likely to need. I suggest you discuss with your Accountant what information he would like to see. If your accountant talks to you about “general ledger” type reports, myob groups these under the “Accounts” tab. We have included these reports below.
Note : All reports will display only transactions that were entered in windows to which your user ID and Password allows access. So it is advised that accountant reports be generated from the Administrator level of access (top level).
Coordinating Year-End With Your Accountant:
Tip for year-end: It is recommended you coordinate your MYOB bookkeeping cutoff with your accountant. He needs reports only after you have entered everything you know for the period completed. And while he works with this information, you don’t want it to change without informing him of the specific changes. This becomes essential at year-end. Once this is done, and you send reports to him, please lock the file up through the end of the period so no further changes can be made while he drafts the tax returns and or issues reports and comes back to you with adjustments. To lock the file, see the next topic. This will NOT keep you from working in the subsequent year.
Locking is not the same as "closing the books". Closing the books can be done later. Otherwise locking is done via the "Setup Menu", Preferences, Security. See the 2nd toggle box and the pull-down menu right beside. EG: for year end make sure you select 12/200X or 13th period/200X. PLEASE DON'T UNLOCK UNTIL YOU GET YOU YOUR ADJUSTMENTS FROM THE ACCOUNTANT. Once you do, you can unlock and enter them backdated to your period or year-end.
Standard Balance Sheet
This report displays the balances for your assets (company resources), liabilities (obligations to creditors), and your equity in the business as of the end of a selected period.
This report can be displayed using the cash basis or accrual basis accounting method. Further you can generate the report in excel and or PDF format for the accountant (you can do these formats for all of the following reports too).
Standard Profit & Loss
This is a report of your income, cost of sales, expenses, other income, other expenses for the selected period.
This report can be displayed using the cash basis or accrual basis accounting method.
Detail Trial Balance
Within the period, for each account, this report displays the beginning balance, a line for each transaction the total debits and credits and the ending balance. If the accountant asks for a “general ledger” report (or a detail general ledger report) this is what you use. Please do not allow for any omissions by being sure to select the Include $0.00 Balances option in the Report Customization window.
Summary Trial Balance
For each account, this report displays the account balance at the beginning of a date range, the total debits and credits within the date range, the net activity, and the balance at the end of the date range.
This report calculates the changes in your account balances for the month. To check for omissions, be sure to select the Include $0.00 Balances option in the Report Customization window.
The summary report displays beginning balance, total debits, total credits, net activity, and ending balance per account. If needed, you can generate a Trial Balance [Detail] report for the month, which will generate a line for every transaction entered during the month.
Tip : To ensure full information in the report, enter the first day and last day of the month in the Date Range fields and run the report for all account
Tip: If you have NOT closed the prior year and you generate either a summary or detail trial balance for the current year, the beginning balances will include the totals for the prior year as well. It is important to inform your accountant if this is so. To determine your current fiscal year may go to the Setup menu, Company Information submenu. If you need to close last year make a backup first. You close a year from the File menu, Start a New Year submenu, Start a new Fiscal Year submenu. Tip: It is recommended you coordinate this procedure with your accountant and include all of the prior year’s adjustments before closing. Keep the back up permanently with your files. Place it in a year end archives file so that you don’t lose track of this important backup.
General Journal report
This report displays all transactions entered via the Record Journal Entry window and all imported transactions. From this report customization (filter) you may select each source journal and your accountant will get a date chronology of all your transactions for the period by source. Consult with your accountant to see if these journal reports are necessary. Usually they are not if he gets the detail trial balance.
This report displays all checks, withdrawals and deposits made using the selected checking account within a specified period. A running account balance is displayed.
This report displays a reconciliation summary and a list of outstanding checks and deposits for the selected checking accounts.
You can display and print a reconciliation report for any account that has been reconciled using the Reconcile Accounts window.
Receivables Reconciliation [Summary]
This report displays a list of receivables as of a specific date presented in a one line per customer format. The report includes a comparison of the total due to the balance sheet receivables amount with the difference, if any. So it is important that you date this report the same date as the balance sheet. You can also generate the Reconciliation Detail too. With the detail, all individual invoices will list along with the credits too. Ask your accountant which he prefers.
If it shows that the receivables are out of balance go back to the Accounts Tab and run the Receivables Reconciliation Exceptions. This report displays all entries to the linked receivables account that have been generated by a General Journal entry or a Receive Money transaction.
Sales Tax [Detail] report
This report provides a listing of invoices, bills (charged, but not necessarily collected or paid), checks and deposits with the tax amounts for the selected date range sorted by tax code.
Sales Tax [Detail - Cash] report
This report provides a listing of customer payments, vendor payments, checks and deposits, with the tax collected or paid, for the selected payment period, sorted by tax code.
Payables Reconciliation [Summary]
This report displays a list of Payables as of a specific date presented in a one line per vendor format. The report includes a comparison of the total due to the balance sheet payables amount with the difference, if any. So it is important that you date this report the same date as the balance sheet. You can also generate the Reconciliation Detail too. With the detail, all individual bills will list along with the debits too. Ask your accountant which he prefers.
If it shows that the payables are out of balance go back to the Accounts Tab and run the Payables Reconciliation Exceptions. This report displays all entries to the linked payables account that have been generated by a General Journal entry or a Spend Money transaction.
Payments, Vendor Payments
This is important information for 1099 purposes. This report summarizes the total of all cash disbursements made by vendors within a date range. It also highlights what tax id numbers and addresses you have and don’t have. Use this report to determine who gets1099s.
There is a print 1099s & 1096 feature in the purchases portion of MYOB.
Payroll Activity [Detail]
For the selected date range, this report lists the detail of the wages, taxes, deductions, and employer expenses for each selected employee.
Payroll Liabilities by Category
This report displays a list of any payroll liabilities that have been accrued for a specified date range for a selected payroll category type. You can print three separate reports, one for each of the liability types: deductions, expenses and taxes. The report includes the amounts that have been accrued and any payments that have made for each category.
This report contains information required to fill out the Federal 940 (FUTA) report. The Box numbers indicate the box locations on the actual 940 Form; simply re-enter the balances in the report in the corresponding boxes on the form.
This report contains information required to fill out Federal IRS Form 941.
Quarterly Tax Totals
This report contains information required to fill out State quarterly reporting.
Employees – Register Summary (for the quarter)
This report also contains information required to fill out State quarterly reporting.
MYOB can prepare payroll tax forms and print W-2s and form W-3 as well. You can share drafts with your accountant prior to issuing these forms. It is recommended that you have your accountant reconcile the W-2 & W-3 forms to you 941 reports for the year.
This report displays federal tax liabilities for the selected period.
Inventory Value Reconciliation
This report reconciles the balances of your inventory asset accounts on the balance sheet with the costs of the associated detail inventoried items as of the same date. So it is important that you date this the same as your balance sheet report.
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