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Purchases Overview
In MYOB Accounting Plus, purchases are transactions that indicate that you bought items or services from a vendor. You can choose from four purchase layouts in Accounting Plus:
Click below for step-by-step procedures:
Purchases have three different statuses: Quote, Order and Bill.
You can enter a quote into Accounting Plus to easily store an estimate or quote you received from one of your vendors without creating a transaction. A quote has no impact on your inventory levels and can be changed to an order or bill when you’re ready to purchase. The original quote will be stored in the Purchases Register after it is changed to an order or bill. If you want quotes to be removed after they’re changed, choose Preferences from the Setup menu to display the Preferences window, then click the Purchases tab and mark the box labeled “Delete Quotes upon Changing to and Recording as an Order or Bill.”
An order is a purchase that you expect to occur sometime in the future. Orders aren’t actual transactions that affect your financial and inventory numbers; they merely store purchase information until you’re ready to use them. Orders with vendor payments applied to them, however, will create a transaction in Accounting Plus. You can record an order as a bill if you go ahead with a purchase or delete it if you decide not to buy. Bills can’t be changed to quotes once they’ve been entered into Accounting Plus.
A bill is the recorded purchase transaction. It records a transaction in the appropriate journal and decreases any inventory on hand for items for which you marked the I Inventory This Item option in the Item Information window. Bills can be open, closed or debit memos. Recorded bills can’t be changed into a quote or an order.
Step 1: Choose the purchase you want
Step 2: Enter information about the vendor
Step 3: Enter line items
Step 4: Complete the purchase
Step 5: Choose what you want to do with the purchase
When you’re entering purchases into the system, keep several points in mind:
First, you’ll select a status (bill, quote or order) for your transaction. If you like, you can choose a layout for your vendor’s preferred purchase form using the Card File. When you enter a vendor’s name in the Purchases window, the default layout you designated on the vendor’s card will appear automatically. You can change this layout, if you wish. See Buying Details view (vendor cards) for more information.
Regardless of the type of purchase you’re creating, you should pay special attention to the top section of the Purchases window. The information you enter here will determine several characteristics of the purchase, including the credit terms assigned to your company by the vendor and the identification numbers assigned to the transaction.
If you are conducting business with a new vendor who doesn’t exist in your Card File yet, you can add a new vendor record using the Easy Add feature. Then you can quickly get back to the business of creating the purchase.
You can make any changes to the vendor’s credit terms that affect only the transaction you’re currently entering. The credit terms that appear automatically were set up using either the Easy Setup Wizard when you set up your company, the Credit Terms window that’s opened from the Preferences window, or the Vendor Terms Information section that can be found on the Selling Details tab of the Card Information window.
If you’re using Accounting Plus’s Multicurrency feature and you selected a vendor who’s been assigned a foreign currency in the Card Information window, that currency is automatically assigned to the transaction, and it can’t be changed. The exchange rate for the foreign currency, however, can be changed.
Click below for step-by-step procedures:
The scrolling list in the middle of the Purchases window is the main area where purchases are created. In this area, you’ll enter item numbers, descriptions, account numbers and various other information that will serve as the detail for your transaction.
When you enter information in one row in the scrolling list, you enter one line item of the transaction. You can enter as many line items on a purchase as you want. The actual fields that appear in the scrolling list differ, depending upon the purchase layout you’re creating.
You can assign individual line items to jobs you’ve set up in Accounting Plus. If you’re tracking reimbursable expenses for your jobs, the line items you assign to jobs in the Purchases window will be automatically marked for reimbursement. Only items that aren’t inventoried (items for which you didn’t mark the I Inventory This Item option in the Item Information window) can be included for reimbursement on sales.
Click below for step-by-step procedures:
If you choose, Accounting Plus allows you to add useful information about your purchase, such as a journal entry memo or a shipping method. If you’d like, you can use the vendor’s card to set default entries for several fields in the Purchases window. See Buying Details view (vendor cards) for more information.
The tax code that is selected for the vendor using the Buying Details view of the Card Information window is entered automatically when the vendor card is entered in the Purchases window. You can change it, if you wish. Using the Buying Details view of the Item Information window, you can choose to mark automatically an item that’s included in the Items List to be taxed when you enter the item on a purchase. Simply mark I Pay Sales Tax When I Buy This Item.
All parts of the purchase (line items and freight charges) that you’ve marked as taxable will be taxed based on the sales tax code’s tax rate. If, after you’ve entered all your line items and freight charges, the sales tax amount that appears in the Tax field isn’t the amount that the vendor is billing, you may want to manually adjust the amount. Click the arrow next to the Tax field to open the Tax Information window; you can adjust the amount in the Tax column.
Click below for step-by-step procedures:
When you’re finished making entries in the Purchases window, there are a number of tasks you can perform with the transaction. Be sure to review all the following options before you choose what you want to do.
You can select Recap Transaction from the Edit menu to see how a purchase will affect your financial records before you record it. Other options include printing and recording bills and creating a recurring purchase.
You can print and record a purchase at the same time by clicking the Record button if you’ve set up your preferences properly. To do this, choose Preferences from the Setup menu to display the Preferences window, then click the Purchases tab and mark the box labeled “Print Purchases When They’re Recorded.”
Click below for step-by-step procedures:
You can print and reprint individual purchases or you can print several purchases at the same time -- the choice is yours.
Accounting Plus also allows you to easily choose the way you send your forms to your vendors. By clicking the Send To button, you can email, fax or save forms on your hard drive. See Faxing a form or report, Emailing a form or report or Saving a form or report as a PDF file that you can attach to an email for more information.
In the Forms Selection window, you can choose to print your purchases on pre-printed paper or on blank paper. Collectively, these choices are called form layouts in Accounting Plus. See Choosing the form you want to print for more information.
You can also customize the look of your printed purchases. See Customizing forms for more information.
If you want to print some purchases you’ve already printed, be sure the Unprinted or Unsent Purchases Only selection isn’t marked in the Forms Selection window.
If you find that you’re having trouble with the printing process, such as the inability to make entries or selections in your print window, your printer driver software may not be up to date. See Choosing preference settings for reports and forms for more information.
Click below for step-by-step procedures:
To choose the purchases you want to print
To print and reprint your purchases
To save a sale or purchase as a PDF file that you can attach to an email
If you plan to record the same purchase on a regular basis, you may want to consider creating a recurring template. When you create a recurring template, the transaction information is saved in the Purchases Register where you can retrieve the transaction as many times as you want in the future. Until you record them, recurring templates have no effect on your financial records.
Click below for step-by-step procedures:
After you record a purchase, you might want to view the transaction sometime in the future. The Inquiry Register should be used for posted transactions only and offers a variety of search methods. All purchases can be found using the Purchases Register. You can find recurring templates in addition to quotes, orders and bills. Bills can be searched using both the Inquiry Register and the Purchases Register. Quotes, orders and recurring templates can be found using the Purchases Register.
An important part of managing your business involves collecting your purchase data and understanding its effects on your overall financial picture. Accounting Plus contains a number of tools that you can use to review your purchase information:
Click below for step-by-step procedures:
To view purchases in the Purchases Register
To display a list of all purchases on your computer screen using the Transaction Journal
To display a list of all open purchases on your computer screen using the To Do List
To display a list of open purchases with expiring discounts on your computer screen
To display a list of recurring templates on your computer screen using the To Do List
To display a list of orders on your computer screen using the To Do List
To print a list of all your purchases
To print a list of your purchases by status
To print a list of all your recurring purchases templates
In Accounting Plus, purchases can be easily changed, removed or reversed. Quotes and orders can be changed or removed at any time. The ability to change, remove or reverse a bill depends on the way you set up Accounting Plus. An important point to consider is if your purchase is changeable or unchangeable. If your purchase is changeable, you can make changes to a purchase or remove the purchase altogether from your ledger.
Unchangeable transactions work differently. By reversing an unchangeable purchase, the effects of your original purchase will no longer be part of your ledger; however, a record of the reversed purchase, called a reversing transaction, will remain. Then, if you want, you can enter a new, correct transaction to replace the transaction you reversed. See What are changeable and unchangeable transactions? for more information.
When you remove a recurring template, the template is removed from your list of recurring templates only. Any transactions you recorded using a recurring template you remove won’t be affected.
The status of a purchase can be changed. If you enter a quote or an order into Accounting Plus, you can easily convert it to a bill once you’re ready to pay your vendor. A quote can be changed into an order or bill. An order can only be changed to a bill.
Click below for step-by-step procedures:
To change a recurring template’s name or frequency
To change a recurring template’s line items and other information
To convert a quote into an order or bill using the Purchases window
To convert an order into a bill using the Purchases window
To remove an order with no payment applied to it
To remove a bill with no payment applied to it
To remove an order with a payment applied to it
To remove a bill with a payment applied to it
To remove a recurring purchase
To create a vendor debit for an item bill when you didn’t return all the items that were on the bill
Purchases Overview