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Slicing And Dicing Your Financials In MYOB Advanced

Slicing Dicing Financials MYOB Advanced

MYOB Advanced is one of the world’s leading Cloud ERP business management solutions. With MYOB Advanced, you can create easily customisable and data-rich reports that improve business efficiency and accountability. The General Ledger of any accounting software is the main accounting record used by businesses. The way information is structured and presented in accounting software varies between ERP systems. MYOB Advanced strives to offer a level of complexity and depth that few other ERP systems on the market have.

Below, we will discuss how you can slice and dice your financials in MYOB Advanced using its wide range of intuitive tools and features.

1). Consolidations

MYOB’s General Ledger can fast track your consolidation processes and save you time. Some key consolidation benefits of MYOB Advanced include:

  • Consolidation unit converts balances to the primary currency of the business.
  • Ability to map accounts from unit to parent company. Mapping can vary between each entity.
  • Ability to automate consolidation process.
  • Consolidation process can be initiated as often as needed within each financial period.
  • Ability to upload account balances from different business units to parent company with a click of a button.
  • Ability to consolidate data with multiple parties (regardless of account structure or currency).

2). Branches

The standard approach is to use branches as the primary location, profit centre, department or cost centre. Alternatively, businesses can be defined as branches within a company where the financial periods and primary currency are identical. On top of this, Master File records like the suppliers and customer chart of accounts can be shared across branches within the company. All transactions are associated with a particular branch, providing the ability to report at branch or company level. Some benefits of Branches in MYOB Advanced:

  • Gaining efficiencies by creating a Master File and providing access to all branches.
  • Saving time reconciling loan accounts and preparing journals between branches by utilising automatic inter-branch journals that are initiated when a transaction is added to more than one unit.

Slicing Dicing  Financials MYOB Advanced

3). Chart Of Accounts

A well-designed Chart of Accounts can grow your company and streamline reporting procedures. Chart of Accounts in MYOB Advanced will allow you to:

  • Filter feeds to simplify reports and inquiries associated with the General Ledger.
  • Group accounts based on Class and Type.
  • Add segments within the current account code.
  • Customise the structure of your accounts to meet your specific needs and improve reporting.

4). Sub-Accounts

Sub-accounts in MYOB Advanced offer an informative layer of detail to finalise information, allowing users to analyse data in detail. Benefits of sub-accounts in MYOB Advanced include:

  • Generate inquiry and report screens data based on the segments within the sub-account or across the entire sub-account.
  • Reports including sub-accounts data can provide the backing to support decisions that boost efficiencies within your company.
  • Sub-accounts can be set in a defined list, enabling validation of transactions as they are put in.
  • Sub-accounts can be designated up to 30 different alphanumeric characters to create an unlimited number of dimensions.

5). Analytical Reports

Analytical reports are useful in generating financial statements based on accounting data. Essentially, reporting is restricted only by your imagination. With MYOB Advanced analytical reports, you are able to:

  • Generate reports to the screen in PDF or Excel spreadsheet.
  • Create budget and actual profit and loss values for a specified duration and include calculations to display variance in currencies.
  • Create a balance sheet with comparative values for a specific duration.
  • Design reports based on your sub-account structures, chart of accounts and company hierarchy.

MYOB Advanced is designed to meet the ever-changing needs of a company ledger. Slicing and Dicing are made easy with MYOB Advanced. 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.

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