Quick Guide to Setting up GL Accounts

GL accounts are used to identify and access accounts in your GL and to prepare your financial reports at the end of each period and each financial year. Here is a checklist of the steps involved in setting up GL accounts:

Determine the accounts you require. Your accountant can help you by providing a "chart of accounts" that is used to produce your end of year accounts. If you set up similar accounts in your GL, it helps reduce the amount of work required to produce your end of year accounts.

Every transaction you enter must belong to an account. Having too many accounts makes account selection more difficult during transaction entry. Having too few accounts reduces the amount of information shown in your reports. The GL chart of accounts has an impact on modules such as Asset Register and features like Foreign Currency.
Decide on a coding system for your accounts. You also need to decide the branches and sub-accounts to be included, depending on the options set up in Exo Business Config > Essential > General Ledger.
Set up your GL Control Account in Exo Business Config > Admin > General Ledger > GL Control Accounts. This setting determines the default GL accounts you want to use as your main bank account, debtor and creditor control accounts, errors account and so on.
Set up your GL Account Groups in Exo Business Config > Admin > General Ledger > Account Groups. If there are some account groups that have already been set up, you can leave them as they are or if you prefer change them or add others to suit your requirements. These options determine the grouping of your GL accounts. For example, Sales and Purchases, Overheads, Assets, Liabilities and Capital.
Enter your GL accounts by selecting Account > GL. When entering your GL accounts, note the account numbers that you will be using in your GL Control Account.

Additional Accounts

MYOB Exo Fixed Assets is an asset management system that is completely integrated with MYOB Exo Business’s General Ledger to ensure that your asset management and financials are kept up-to-date at all times. When using Fixed Assets, more control accounts are required - these are set up in the Fixed Assets.

The Foreign Currency feature allows you to make adjustments in the General Ledger for movements in Forex, both realised and unrealised. You should create accounts to be used in the Forex calculator.