Managing Ledgers

MYOB Advanced supports the use of multiple ledgers. Each company that has been created in the system may have one actual ledger and an unlimited number of ledgers of other types. Because you can keep ledgers of multiple types, you can record actual financial information and can store budgets, forecasts, and statistical and reporting information for all companies and branches (if any) of your organization.

Ledger Types

Depending on the processes you are going to perform, you can create ledgers of different types in MYOB Advanced as follows:

  • To post all financial transactions that your company performs, you create a ledger of the Actual type. For details, see General Ledger: Actual Ledger.
  • To store the results of financial translations or consolidation data imported to a parent company from consolidation units, you create a ledger of the Reporting type. For more information, see Reporting Ledgers.
  • To store statistical information about a company's operations, you create a ledger of the Statistical type. For details, see Statistical Ledgers.
  • To store budget information, you create a ledger of the Budget type, as described in Budget Ledger: General Information.

To start live operations in the system, you have to create at least one ledger of the Actual type. You can create other ledgers depending on your business needs.

Ledger Creation

You can create ledgers of any type on the Ledgers (GL201500) form; when you create a ledger, you have to specify a ledger identifier, type, and currency (if the Multicurrency Accounting feature is enabled on the Enable/Disable Features (CS100000) form). On the Companies (CS101500) form, for a new company, you can create a ledger of the Actual type by clicking Create Ledger on the form toolbar.

To use a ledger as a source for consolidations, you select the Consolidation Source check box. This column is available only if the General Ledger Consolidation feature is enabled on the Enable/Disable Features (CS100000) form. For details on consolidations, see GL Consolidation Configuration: To Configure a Consolidation Unit.