In MYOB AccountEdge, you can use Spend Money to record transactions that affect your company’s checking accounts, credit card accounts, petty cash accounts and other cash accounts.
For information about reconciling accounts see Reconciling checking accounts located in Month-end Procedures.
The list in the upper left corner of the Spend Money window displays all the Detail Checking and Detail Credit Card accounts you’ve set up. Remember that these accounts can be used for any cash disbursement method. Credit cards, petty cash, money market accounts and other methods for making payments may be displayed in this list.
Only accounts you’ve specifically designated as Detail Checking or Detail Credit Card accounts appear in the list. If you want a particular account to appear in this list, you’ll need to create the account first. See Creating accounts to learn how to create checking and credit card accounts.
The account numbers appear in the list according to their General Ledger account number, starting with the lowest number first. If you wish to have the account you use the most appear automatically in the window when you open the Spend Money window, be sure that account has a lower General Ledger account number than any other checking or credit card account.
If you want to use a checking or credit card account that has been assigned a currency other than your home currency, first choose the currency associated with the account. Click the Currency button to display the Exchange Rate window. Click the arrow next to the Currency field and choose the currency associated with the account you want from the list of currencies that appears. Click OK to close the Exchange Rate window. All the checking and credit card accounts that use the selected currency will appear in the account list, along with your home currency accounts.
In the Spend Money window, you can choose to select a card from the Card File list so that the transaction will appear in the list of all transactions that are linked to the card or you can choose not to use a card and simply enter the payee’s name in the Payee field. You might want to enter the payee’s name and not create a card if the transaction is a one-time transaction -- a donation to a charity, for example.
To indicate which accounts will be affected by the transaction, simply enter account numbers in the Allocation Account columns and amounts in the Amount column.
The amount you entered in the Amount field in the top half of the window is considered a credit amount, and the amounts you enter in this column are considered debit amounts.
Keep in mind that the amount(s) you enter in the Amount column will accumulate in the Total Allocated field and that the Total Allocated amount must equal the amount that appears in the Amount field in the top half of the window before you can record the transaction. The Out of Balance amount must be zero before you record.
Choose Recap Transaction from the Edit menu to view the accounting entries that will be made to your financial records when you record the transaction.
Mark the Already Printed option if you’re recording a paper check that’s already been written, or if you’re recording another type of transaction (such as a petty cash payment) that doesn’t require a printed check at the end of the transaction.
Click below for the step-by-step procedure:
Creating a Spend Money transaction:
Step 1: Select the account where the money will be drawn from
Step 2: Enter details about the transaction
Step 3: Indicate which accounts will be affected by the transaction
Step 4: Choose what you want to do with the transaction
You can use the Spend Money window to track the balance due and expenses incurred on a company credit card.
Before you begin recording credit card purchases, be sure to create a liability account to track the amount owed to each credit card provider. These accounts must be detail credit card accounts. For more information about creating credit card accounts, see Creating accounts.
If you don’t have time to record credit card purchases as you make them, record your purchases when the statement arrives and allocate them to the appropriate expense accounts.
As with checking accounts, you can reconcile your credit card account using the Reconcile Accounts window. See Reconciling checking accounts for more information.
Click below for the step-by-step procedure:
To record purchases made using a company credit card
To record a payment on a credit card account
For any number of reasons, you may want to void a check number. You may, for example, find that one of your check forms is damaged and not usable for printing or you may realize that after printinga check for a vendor, the amount of the check is not correct.
Since the check form in the first example will never be used, you may want to void the check number. When you void a check number, no amounts are assigned to the check; instead, VOID appears as the check’s amount in the Cash Disbursements Journal.
In the second example, a check transaction using a check number has been recorded, so in addition to voiding the check number, you’ll remove or reverse the incorrect check transaction to remove the transaction from your records. (Whether you’ll remove or reverse the transaction depends upon whether your data file is changeable or unchangeable. To know if you have a changeable or unchangeable data file, see What are changeable and unchangeable transactions?) You’ll then enter a new, correct check transaction to replace the original transaction.
Click below for the step-by-step procedure:
To change a Spend Money transaction
To remove a Spend Money transaction
To reverse a Spend Money transaction
If you plan to record the same transaction in the Spend Money window on a regular basis, you may want to consider creating a recurring template. When you create a recurring template, the template information is saved in a separate “holding area” where you can retrieve the template as many times as you want in the future.
Until you record them, recurring templates have no effect on your financial records.
In order to store a transaction as a recurring template, you’ll enter information in the Save Recurring Template window and click Save Template. Be aware that you haven’t recorded the transaction yet; you’ve merely stored the recurring information. When you want to record the transaction, you’ll click Record in the Spend Money window.
Click below for the step-by-step procedure:
To create a recurring Spend Money template
To record a recurring Spend Money template
Keyword: memorized, repeating
There may be times when you need to change, remove or reverse a transaction you’ve entered into the MYOB system. When this is the case, you can choose to make changes to transactions entered in the Spend Money window so your records are updated properly. (You can make changes to transactions if your data file is changeable.) You can also choose instead to quickly remove the effects of the transaction from your records by removing or reversing the transaction. Then, if you want, you can enter a new, correct transaction to replace the transaction. If you want, you can make a few changes to the new transaction (such as the date and the memo), but you can’t change the accounts and amounts that are associated with it. When you record the reversal, all account balances will be returned to their previous levels. (Whether you remove or reverse transactions depends upon whether your transactions are changeable or unchangeable.)
For more information about changeable and unchangeable transactions see What are changeable and unchangeable transactions?
You can change and remove a recurring template whether your transactions are changeable or unchangeable. The template is removed from your list of recurring templates only. Any transactions you’ve already recorded using the recurring template won’t be affected.
Click below for the step-by-step procedure:
To find a Spend Money transaction
To find a recurring Spend Money template
To display a list of recurring Spend Money templates
To change a Spend Money transaction
To change a recurring Spend Money template’s name or frequency
To change a recurring Spend Money template’s line items and other information
To remove a Spend Money transaction
To remove a Spend Money recurring template
To reverse a Spend Money transaction
Keyword: memorized, repeating
There are two ways to record withdrawals from your checking account without creating a check:
Whichever method you choose, you’ll be able to work with the transaction in the Inquiry Register and Reconcile Accounts windows. The only major differences between the two types of transactions are that Spend Money transactions appear in the Cash Disbursements Journal and can be linked to a card, whereas General Journal entries appear in the General Journal and can’t be associated with a particular card.
When you enter the withdrawal in the Spend Money window, enter a word or phrase instead of a number in the Check No. field. That way, you’ll know the transaction isn’t an actual check when you view it in an inquiry window or on a report. This will also allow you to skip the transaction when you print a range of numbered checks.
Click below for the step-by-step procedure:
To enter a withdrawal using the General Journal Entry window
To enter a withdrawal using the Spend Money window
You can choose to print a check at the time you enter the check or you can choose to print the check at a later time. You can print and reprint individual checks, or you can print and reprint several checks at the same time -- the choice is yours.
You can choose to print and reprint a single check at the Spend Money window; you can print and reprint a batch of checks by clicking the Print Checks button at the command center. If you wish to reprint a batch of checks, be sure the Unprinted Checks Only selection isn’t marked when you choose information in the Forms Selection window. (The Forms Selection window is displayed when you click the Print Checks button.)
See Forms Overview if you need information about:
In the Forms Selection window, accessed by clicking the Print Checks button at the command center, you can choose to print your checks on a continuous feed or laser printer, and you can customize your checks so they’ll look the way you want them to look. Collectively, these choices are called form layouts in AccountEdge.
The ContinuousFeed Check form layout allows you to print checks on connected sheets of check forms. One check form is followed by one check stub.
The Laser Check form layout allows you to print checks one page at a time on a laser printer. The Laser Check form layout is also set up so two check stub forms are printed after the check form.
You can also customize the look of your printed checks. See Tips for customizing checks to learn more about customizing your check forms.
Click below for the step-by-step procedure:
To add a check form between two stub forms
Keyword: write check
Spend Money Overview