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Working With Sub-Accounts In MYOB Advanced

Working Sub-Accounts MYOB Advanced

MYOB Advanced is one of the world’s leading cloud-based ERP systems with a wide selection of tools and features that can help businesses and companies better manage their finances. MYOB Advanced allows you to slice, dice and consolidate your financials to come up with customisable and detailed reports of business performance.

For many ERP systems and accounting software, most of the functionality and accounting power lies in the General Ledger. Being able to determine the layout of the chart of accounts is an important feature that many accountants and entrepreneurs look for in an ERP system.

Generally, the way information is structured and presented varies across different types of accounting software. MYOB Advanced does what few other ERP systems on the market can because it offers a high level of complexity and depth in its General Ledger.

MYOB Advanced Sub-Accounts

In traditional accounting, a sub-account is an alphanumeric character(s) attribute that is used to subdivide an account into multiple accounts for enhanced tracking of complex expenses and budgets. MYOB Advanced gives you the ability to create sub-accounts and use those accounts for reporting and tracking transactions across various categories like office branches, projects, employees, cost centres and more.

When it comes to sub-accounts, MYOB Advanced shines in terms of its adaptability and flexibility to meet business needs, up to the point where individual accounts can be changed on the fly when need be.

Sub-accounts are usually created on the sub-account file. Any system user can set up a sub-account, but the file must be approved by the relevant fiscal officer/account manager. With that said, the use of sub-accounts, like many features of the MYOB Advanced accounting software, is at the discretion of department heads, fiscal officers and account managers.

Working Sub-Accounts MYOB Advanced

Key Features

Some key features of sub-accounts in MYOB Advanced include:

  • Sub-accounts are typically created by a fiscal officer or account manager and inherit all the attributes of the primary account.
  • Sub-accounts can be defined as Cost Centres.
  • Sub-accounts can only be used by the account under which they are created.
  • Sub-accounts can be used to record any budget or accounting transaction.
  • Sub-accounts can be up to 30 alphanumeric characters long, with optional sections allowing multiple categories.
  • Reports that use sub-account data can give you the level of detail to support decision-making to improve business performance.

How To Use Sub-Accounts In MYOB Advanced

The sub-accounts feature in MYOB Advanced allows accounts to be subdivided for tracking and reporting purposes. For example, sub-accounts could be used to gather all transactions performed by a specific employee. 

Some examples of how you can use the sub-account feature in your accounting software include being able to track different office locations or branches that exist inside a company – as opposed to using the full branch functionality that is also available in the accounting software. 

Another example is being able to track all expenses and/or revenue associated with an employee, together with the ability to create multiple sections in the sub-account structure and then restrict access to those sections through a custom security configuration or grant access to only a specific of sub-accounts. This functionality alone offers many businesses the capability and flexibility they need to monitor and track employee performance.

Another amazing quality about the sub-account feature in MYOB Advanced is that you are able to set up sub-accounts on the fly from an existing list of options.

Summary

Sub-accounts add a valuable layer of detail to financial data, allowing users to analyse complex data at the most detailed level. As far as financial account analysis and reporting, it doesn’t get any better than this!

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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