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jonor's avatar
jonor
Cover User
6 years ago
Solved

new user bank feed and cost of sales chart of accounts

Hi I am new to myob , and myob accountright. My question is I want to do all my accounting based on my bank statements . 

I sell retail products

I did the bank feed but I cannot link the bank purchase of retail stock with  5-0000 for cost of sales . Or am i using the wrong account? thanks in advance

  • Hi jonor,

     

    In AccountRight, 5-0000 is a header account and you will not be able to post any transactions in the header account. You will have to create a detail account to post any transactions to. Header account sums up all the balances of the detail accounts are not postable whereas detail accounts are postable accounts. Please find a link to the following topics that will be worth reviewing:

     

    - Set up accounts 

    - Create detail and header accounts 

     

    I would recommend you to create a detail account under 5-xxxx category numbered 5-1000 and you will be able to post it from your bank feeds to that cost of sales account.

     

    Also, we have heaps of educational videos, Classroom and Online courses that you can register for under MYOB Academy. Let us know if you need any further assistance in thoroughly mastering the product. 

     

    Hope this helps. Let us know how you go and I am looking forward to hearing from you so I can help further. 

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  • Hi I am new to myob , and myob accountright. My question is I want to do all my accounting based on my bank statements . 

    I sell retail products

    I did the bank feed but I cannot link the bank purchase of retail stock with  5-0000 for cost of sales . Or am i using the wrong account? thanks in advance

    • RienaP's avatar
      RienaP
      Former Staff

      Hi jonor,

       

      In AccountRight, 5-0000 is a header account and you will not be able to post any transactions in the header account. You will have to create a detail account to post any transactions to. Header account sums up all the balances of the detail accounts are not postable whereas detail accounts are postable accounts. Please find a link to the following topics that will be worth reviewing:

       

      - Set up accounts 

      - Create detail and header accounts 

       

      I would recommend you to create a detail account under 5-xxxx category numbered 5-1000 and you will be able to post it from your bank feeds to that cost of sales account.

       

      Also, we have heaps of educational videos, Classroom and Online courses that you can register for under MYOB Academy. Let us know if you need any further assistance in thoroughly mastering the product. 

       

      Hope this helps. Let us know how you go and I am looking forward to hearing from you so I can help further.