Setting up GL Control Accounts

Setup> Business Admin Settings > [GL Control Accounts] (General)

The GL Control Account Setup window (General tab) opens.

Enter the GL Account type that each posting should go to.

The following table provides more information:

Item	Description
Default sales account	The default account for Sales (Debtors) transactions. When you enter a new stock item, this is the sales code that the stock item defaults to.
Cost of sales account	The cost value of debtor invoices.
Default purchase account	The default account for Purchases (Creditors) transactions. When you enter a new stock item, this is the purchases code that the stock items default to.
Bank account	The General Ledger account that represents your main (default) bank account.
Debtors account	The control account that represents the total amount outstanding by your debtors. When all debtor transactions have been posted to the GL and any Forex movements processed, this account should balance to the Debtors Aged Balance report.
Creditors account	The control account that represents the total amount owing to your creditors. When all creditor transactions have been posted to the GL and any Forex movements processed, this account should balance to the Creditors Aged Balance report.
Profit account	An account number for the Running of the End of Financial Year process. This account is where the end of year profit (or loss) is posted during the end of year process. The account is also known as the Retained Earnings or Revenue Reserves Account.
Debtors GST account	The GL Account that the GST component from your Debtor ledger invoices get posted to – GST Output Tax account.
Creditors GST account	The GL Account that the GST component from your creditor ledger invoices get posted to. It is also known as the GST Input Tax account.
Adjustments accounts	The account that comes up as the default GL account when you enter debtor and creditors adjustment transactions. You may often need to re-journal these transactions to other GL accounts. The GL account for each adjustment can be set at the time of making the adjustment in the sub ledger.
Errors account	The account that stores any postings that have been incorrectly set up. For example, the stock item to GL linkages have not been set correctly. Note: Do not leave this blank. It is recommended that you nominate an errors account so that if there is a problem posting to a GL Account, the transactions are posted to this account so that they are not lost and you just need to enter a journal out of this account and into the correct GL Account.
Rounding account	An account that receives the result of any value rounding. Typically, any debits or credits tend to cancel out and the account has a small balance.
Stock on hand account	The account you want to post the cost of your purchases of stock items before posting to the Cost of Sales Account.
Stock adjustment account	The account where adjustments are made to stock accounts. This account is available if you have selected Live Stock to GL Integration in MYOB Exo Business Config > Essential > General Ledger.
Stock clearing account	The account where invoices have not been processed for stock received. This account is available if you have selected Live Stock to GL Integration in MYOB Exo Business Config > Essential > General Ledger.

Note: The Stock GL Coding button on the window allows you to update the default purchases account on the Details 2 page of the Stock Item Details window to the default stock clearing account. You can elect to perform this on all stock items with a stock classification or no stock items.