Tips & Tricks

Welcome to our Tips and Tricks page. This page will be regularly updated with new Tips and tricks that will help you to use your Accounting Software better - help for QuickBooks, MYOB, Reckon Accounts and XERO...

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Reckon Accounts Premier 2013 box shotRECKON ACCOUNTS TIP - MEMORISED TRANSACTIONS IN Reckon Accounts

Using the Memorised Transaction feature in Reckon Accounts is the easiest way to significantly speed up your data entry process each month. I mean even if you are one of those rare people that love bookkeeping, do we really want to waste hours every year repetitively entering the same transactions over and over again?   Use the Memorised Transaction feature to memorise all the transactions that are repetitive. You can memorise them on a daily, weekly, fortnightly, monthly, annual basis and more.   The sort of transactions that you can memorise are loan repayments; Hire Purchase repayments; monthly insurance payments, monthly donations and any other direct debit; bank and credit card fees and interest; regular transfers between bank accounts (ie, putting $100 per week into your GST account from your main account); repetitive invoices (ie, a monthly Service fee invoice to a client); Adjustments, such as Depreciation journals and Accruals adjustments, etc; the list is endless.

To memorise the transaction simply record it in the usual way, then while it is open (and after it is completely and correctly entered as a transaction) go to the EDIT menu at the top left of the screen and choose MEMORISE… (ie. “Memorise Cheque”) The Memorise Transaction set up box will come up where you can choose the options for the transaction you are memorising.

  • Give the Memorised Transaction a recognisable name
  • Choose Standing Order if you would like the transaction to record by itself every month (the easiest and fastest option) or you can set it up to just remind you to record it when it is due, or as a “Don’t remind me” transaction if it is just some sort of transaction that is irregular but complicated so it is there, ready to use, when you need it.
  • Choose how often you would like to memorise the transaction.
  • Choose the next date (ie, if the transaction you are currently entering is dated the 1st of November, and if it is a monthly transaction, then the next transaction will be due to be recorded on the 1st December). If there is a limit to the number of transactions to record enter it here, (ie, if it is an Insurance direct debit to be paid over 12 monthly repayments, and you are in the process of recording the first one, then there will be 11 more to record, so record “11” in here.
  • You can choose to record it “x” amount of days in advance. This will record it into Reckon Accounts “x” amount of days ahead of its due date, but still recorded with it’s correct date. I usually choose to record my transactions 5 days in advance and then when I am reconciling my bank account I can see any direct debits that will be coming out over the next 5 days.
  • Once all is set up choose OK, your transaction is now memorised.

When you memorise a transaction remember you only have to do it once and it will record by itself every month (if you set it up as a Standing Order), so spend a little time making sure it is accurate (particularly things like the Tax Code and the account it is allocated to) and it might also be a good idea to write some detail in the Memo field.

A TIP - Memorised transactions are particulary handy if you are doing a catch up bookkeeping job (ie, catching up the last quarter, or last years’ worth of data-entry. When you are choosing the “Next Date”, you can use a backdated date (ie, from a year ago). Once you have set up all the memorised transactions you want to set up, simply close down your Reckon Accounts file and re-open it. When you re-open the file it will recognise that many of the dates of your memorised transactions have passed and it will record them all in one go. Within seconds a big chunk of your bookkeeping is done… voila…

ONE OTHER LITTLE TIP – when you are deciding whether to set a memorised transaction up as a Standing Order or not, remember, just because the amount might change each month, is no reason that it can’t be a Standing Order still (the fastest easiest method). I set up nearly all my Memorised Transactions as Standing Orders including all my bank fees (that vary from month to month) and my monthly payments that are for different amounts each month. Then when I reconcile my bank account the transaction is already entered for me, and I just click into it from the Reconciliation screen and correct the amount… easy…

AccountRight Plus boxMYOB TIP - RECURRING TRANSACTIONS IN MYOB

Using the Recurring Transactions feature in MYOB is a very easy way to significantly speed up your data entry process each month. I mean even if you are one of those rare people that love bookkeeping, do we really want to waste hours every year repetitively entering the same transactions over and over again?   Use the Recurring Transaction feature to save all the transactions that are repetitive as Recurring on a daily, weekly, fortnightly, monthly, or annual basis and more.   The sort of transactions that you can save as Recurring are loan repayments; Hire Purchase repayments; monthly insurance payments, monthly donations and any other direct debit; bank and credit card fees and interest; regular transfers between bank accounts (ie, putting $100 per week into your GST account from your main account); repetitive invoices (ie, a monthly Service fee invoice to a client); Adjustments, such as Depreciation journals and Accruals adjustments, etc; the list is endless.

MYOB Tip - Using Advanced Find

To save the transaction as Recurring, simply record it in the usual way, then while it is open (and once it is completely and correctly entered as a transaction) choose SAVE RECURRING from the bottom left of the transaction screen. The Edit Recurring Schedule box will come up where you can choose the options for the transaction you are saving as recurring.

  •  Give the Recurring Transaction a recognisable name.
  • Choose how often you would like to recur the transaction.
  • Choose the starting date (ie, if the transaction you are currently entering is dated the 1st of November and it is a monthly transaction, then the next transaction will be due to be recorded on the 1st December).
  • If there is a limit to the number of transactions to record then tell the system the number of times to continue recording it, or set the last date to record it, (ie, if it is an Insurance direct debit to be paid over 12 monthly repayments, and you are in the process of recording the first one, then there will be 11 more to record, so set it to record “11” more times.
  • Under “Alerts” choose to “Automatically record this transaction when due and notify…” if you would like the transaction to record by itself every month (the easiest and fastest option) or you can set it up to just remind you to record it on it’s due date (or a number of days prior to it’s due date), or to Never remind you if it is just some sort of transaction that is irregular but complicated so that it will be there, ready to use when you need it.
  • Set the transaction to either just use the next sequential number in the Cheque Number field when it records, or tell it to use a certain number or code, (ie. d/d, fee etc). Remember you don’t want it using a cheque number if you use cheques in your business as it will use cheque numbers that should be used for real cheques and make things confusing during the reconciliation process.
  • Once all is set up choose SAVE, your transaction is now saved to recur.

When you save a Recurring transaction remember you only have to do it once and it will record by itself every month (if you set it up to Automatically record the transaction), so spend a little time making sure it is accurate (particularly things like the Tax Code and the account it is allocated to) and it might also be a good idea to write some detail in the Memo field.

A TIP - Unfortunately Recurring transactions in MYOB can only set to record by themselves if they are in the future, so if you are doing a catch up bookkeeping job (ie, catching up the last quarter, or last years’ worth of data-entry, you will need to set them up as Reminder type recurring transactions rather than Automatic type ones. To use them just choose “Use Recurring” from either the transaction entry screen or from the Recurring Transactions list (which you will find in the LISTS menu) and record each one, one at a time, entering the correct date for each transaction as you go (still much quicker than manually entering them completely each time as most of the data-entry is already done). Once you have caught up to the current period you can EDIT the Recurring Transaction (from the Recurring Transactions in the LISTS menu) and change it to the option “Automatically record the transaction” so that it auto records from then on.

ONE OTHER LITTLE TIP – when you are deciding whether to set a Recurring Transaction to Automatically record by itself, or not, remember, just because the amount might change each month, is no reason that you shouldn't let it Auto Record (the fastest easiest method). When I am working in a regular client’s MYOB file, I set up nearly all the Recurring Transactions to Auto Record including all the bank fees (that vary from month to month) and any monthly payments that are for different amounts each month. Then when I reconcile the bank account the transaction is already entered for me, and I just click into it from the Reconciliation screen and correct the amount.. .easy…

Red Tick 2GENERAL TIP - Recording banking transactions

One of the regular mistakes that I find when I am looking at my clients accounting files is the incorrect usage of tax codes in banking transactions. So below is a list of the type of banking transactions you might come across and the correct tax code to use in your particular Accounting Software:

  • For Bank Interest earned (INCOME)
    • MYOB - ITS 
    • Reckon Accounts - INP
    • QuickBooks Online - Input Tax
    • XERO - Input Taxed.
  • For Bank Interest EXPENSE
    • MYOB - FRE 
    • Reckon Accounts - NCF
    • QuickBooks Online - GST Free Non-Capital
    • XERO - GST Free Expenses.
  • For Bank Fees charged to your account (other than Merchant type fees), such as Transaction fees and other account type fees
    • MYOB - FRE 
    • Reckon Accounts - NCF
    • QuickBooks Online - GST Free Non-Capital
    • XERO - GST Free Expenses.
  • For Merchant Fees
    • MYOB - GST 
    • Reckon Accounts - NCG
    • QuickBooks Online - GST on Non-Capital
    • XERO - GST on Expenses.
  • For International bank transaction fees
    • MYOB - FRE 
    • Reckon Accounts - NCF
    • QuickBooks Online - GST Free Non-Capital
    • XERO - GST Free Expenses.
  • And finally, make sure you record any interest expenses, ie, Credit Card interest, Debit interest charges on a bank account, to the Interest expense account and NOT to the Bank Fees Expense account

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