MYOB Setup Guide: Getting Started with Business Accounting

MYOB is one of Australia's most established accounting software providers. Whether you're using MYOB Business (cloud) or MYOB AccountRight (desktop/cloud hybrid), this guide will help you get started.

Creating Your Company File

Start by setting up your company file with your business details, including your ABN, financial year start date, and base currency. This forms the foundation of your accounting records.

Setting Up Accounts

MYOB provides a default chart of accounts that you can customise to suit your business. Add or modify accounts to match your income streams, expense categories, and asset/liability structure.

Connecting Your Bank

MYOB's bank feeds feature connects directly to most Australian banks, automatically importing transactions into your accounting file for easy reconciliation.

Setting Up Customers and Suppliers

Enter your customers and suppliers into MYOB to streamline invoicing and bill payment. Include their contact details, payment terms, and any default tax codes.

PRZ Tax & Accounting can help you set up and manage MYOB for your business needs.