MYOB Advanced is one of the leading ERP solutions in Australia. It packs in dozens of software modules specifically designed for small and medium businesses to help them take care of various aspects of their business. Furthermore, it is a highly scalable solution. One of the top features of this ERP system is the general ledger. This feature works as a central hub that can be used to collect and analyse all the financial information across your company. It can also be used to provide a consolidated report and analysis that covers multiple entities or branches.
Here are some of the major features of the MYOB Advanced general ledger module:
You can easily define the structure of accounts in the general ledger as well as sub-accounts. You can also easily define segments, segment values as well as segment lengths to get the kind of reports and analysis you need. Structural flexibility allows you to extend the account structure once it has been implemented. The account values can also be changed after implementation and these changes are reflected across the system instantly.
Every company has some sensitive data to protect from users. This is why you have the authority to set which users have the ability to view and create transactions for particular accounts in the general ledger as well as other sub-accounts. This not only helps in preserving the sanctity of the data but also ensures data accuracy. If you have a complex sub-account structure and want to restrict viewing and posting of transactions in some particular accounts, you can do that by pre-defining segment value combinations.
With the general ledger structure, you can create a consolidated financial report that combines data from different entities by importing financial data into the general ledger. What makes things even better is that consolidation works even if the books are maintained in different currencies or have a different structure.
You can use the general ledger accounts and sub-accounts for designing customised financial statements based on the sub-accounts structure.
You also have the flexibility to enter transactions in the general ledger in multiple currencies. The balances are maintained in the general ledger in the base currency as well as the foreign currency. The conversion uses the translation rules defined by you.
You get the flexibility to allocate account balances in the general ledger to multiple accounts and sub-accounts automatically based on previously established allocation rules. You can define allocation rules based on proportionality to GL account balances, statistical data, quantities or percentages. The system allows you to create a variety of allocation templates as per your requirements.
Sometimes, it gets hard to figure out the original transaction that is causing a problem in the GL balances. With MYOB Advanced, you won’t have to worry about such issues as it allows you to drill down to the originating document and this flexibility is there even when another module is used for creating a transaction.
All the journal transactions recorded in the GL module have a complete audit trail. The system does not allow the user to cancel or delete a transaction, once it has been posted. In order to correct the mistake, another transaction must be entered to reverse the entry. An audit trail is maintained for all the GL transactions. It also records the user IDs used for entering and modifying the transactions.
Reverse transactions are always a headache but with MYOB advanced, you can create reverse transactions with just a click. You have the flexibility to create reversing transactions that automatically generate reversing entry at the start of the next financial period or at the close of the financial period, as per your needs.
The software makes it easy for you to create recurring transactions based on particular time periods and schedules. You have the flexibility to create templates based on expiration dates as well as execution limits.
Overall, the general ledger provides a lot of functionality when it comes to structuring accounts and protecting sensitive data. With this software solution, you can easily consolidate financial data across various branches and entities. What makes things even better is that you can create templates to get advanced reports and analysis at the click of a button.
If you are looking to implement MYOB Advanced in your business, then please get in touch with us at Stratus Group. At Stratus Group, our MYOB consultants do not just provide you with the software, we also provide expert knowledge and support.
We will make sure that your MYOB software is implemented properly and will work with you directly at all times during the whole process to ensure that you get exactly what you need. We also provide after-implementation support and assistance. Take your business to the next level. With the business world facing so many uncertainties, simplify and protect your processes.
Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.