MYOB Exo Business

Hide NavigationShow Navigation
  • Contents
  • Index
  • Search
 
Show results that include all search words

 

Essential Settings

The Business Essentials section of the Configuration Assistant and the Exo Business Configurator application defines key operations, which you must set up before using Exo Business. This includes the General Ledger setup and control accounts, period management and tax rates. These settings are not normally changed once transacting has begun.

Essential settings are configured in:

  • The Essential section of Exo Business Configurator
  • The Business Essentials section of the Configuration Assistant

Settings are grouped into these subsections:

Implementation Notes

Implementers can use the Implementation Notes section to enter information about the installation. For example, this can include key configuration settings, database customisations, or any unusual implementation of extra fields.

There are also fields to enter details of the Implementation Partner and System Administrator. These details are displayed in the About window in MYOB Exo Business Core (select About from the Help menu, then click Registration Details).

Click Register to send an email to MYOB containing the System Administrator Details and information from the Company Details section to update MYOB's records with your contact information.

General Settings

The General Settings section contains information about decimal places, tax settings, and stock costing methods.

Decimal Places in Numeric Values

Set the number of decimal places to use in transactions for:

  • Cost prices
  • Sell prices
  • Bill costs
  • Quantities
  • Bill quantities
  • Discounts

Tax

The name of this section (GST, VAT, and the like) depends on the country that the company is based in. Configure these settings:

Field

Description

Invoice basis/ Payments basis

Exo Business records tax on an Invoice basis. Each invoice line has a tax amount that is accrued as soon as the invoice is produced.

Exo Business can also produce Tax returns based on when payments are made or received:

  • When a payment is made, you additional prompts to record the tax portion of a payment transaction display.

  • The Tax return (or BAS) gathers payment transactions rather than invoice transactions and marks these as included on the tax return.

Note: See the Taxation Features white paper for more information.

Base Debtor TAX rate
Base Creditor TAX rate

Select the default tax rates applied to Debtor and Creditor transactions for analysis.

Withholding Tax on Creditors Payments

To apply withholding tax to Creditors Payments, select this option and specify a tax rate. If this option is selected, you can apply withholding tax on the Creditor Payment Entry window.

Other

This area contains other key settings:

Field

Description

Stock cost method

Select the costing method to use for stock items: AVERAGE, LATEST, or STANDARD.

If you select AVERAGE,you can also select these options:

  • Include transactions with zero cost in average cost calculations

  • Include credit transactions in average cost calculations

Enable or disable these options.

BOM cost method

Select the costing method to use for Bills of Materials: AVERAGE, LATEST, or STANDARD.

Operate in multiple currencies

Select this option to enable support for multiple currencies.

General Ledger

In this section, you can configure the General Ledger. The information you enter in this section seldom changes after you set up Exo Business.

GL Account Code Structure

Set up the structure of the General Ledger coding method. You can divide GL account codes into up to three sections:

branch-account-subaccount

Both the branch prefix and sub-account suffix are optional. Select whether you need branches and/or sub-account sections, and the number of digits for each section.

Summarise Postings From

Select the options in this section to summarise Debtor or Creditor postings to the General Ledger.

GL Stock Integration

Selects the method of stock system integration to the General Ledger:

  • Periodic stock - Use this option to value stock when using processes such as Job Costing or Manufacturing (including the allocation of overhead or labour costs to the finished product). Users must have the GL Closing Stock option in their menu. Periodic Stock enables to determine the level of stock-on-hand to be reflected in the accounts at the end of the period.

  • Perpetual stock - Use this option to post physical stock transactions to the General Ledger on a one-to-one basis. Disabling this feature requires the user to periodically post stock valuations manually.

    Use Perpetual Stock for warehousing and retail situations which have standard stock in/stock out movements. This method only supports Average stock costing methods.

    To use Perpetual Stock, you must set up a Stock Clearing Account and a Stock Adjustment Account. You must also add the Post Stock to GL menu item user menus.

    The Stock Purchases GL Code for physical stock should point to the Stock Clearing Account. You can use the Stock GL Coding function included in the GL Utilities.

Select a Cost of Sales method to control the posting of cost of sales to the General Ledger:

  • Post to Cost of Sales from GL Control A/c - This option posts all cost of sales to a single control account: the Cost of Sales account specified in the GL Control Accounts section.

  • Post to Cost of Sales A/c from Stock Item - Use this option to select multiple trading accounts based on the Stock item. Cost of sales is posted to the account specified by the C.O.S. GL code setting on the Details 2 tab in the Stock Item Details window.

Other

Branch no. for balance sheet - Specify the default branch number for transactions on the Balance Sheet.

Note: This field should only be set when first setting up a site. Changing this value can corrupt the Balance Sheet branch reporting and/or data.

Chart of Accounts

While you can set up manually set up an organisation's Chart of Accounts, you can use the configuration applications to select a pre-made Chart of Accounts. Select an Industry classification and Business type, and the pre-made Chart of Accounts displays in the section below.

You can also import a chart of accounts from a CSV file — for example, one provided by a company accountant. Click the Import button to select the CSV file containing the chart of accounts definition. See the MYOB Exo Business Implementation Guide for details of the expected file format.

Once the Chart of Accounts has been selected or imported, it displays in the area at the bottom of the General Ledger section. You can:

  • Edit an item by right-clicking on it and selecting Edit. Make any changes then click OK.
  • Delete an item by right-clicking on it and selecting Delete, then clicking Yes.
  • Create a group, account, or sub-account by right-clicking on a node and selecting New GL Group, New Account, or New Sub-Account. Enter details for the item and click OK.

GL Control Accounts

Once the Chart of Accounts has been set up, you can add the key accounts to the GL Control Accounts.

The GL Control Accounts section is divided into General and Custom tabs. The General tab contains the control accounts, while the Custom tab contains the control accounts for more specialised areas, such as foreign exchange and advanced stock. If a pre-made Chart of Accounts was selected on the General Ledger screen, a set of default GL Control Accounts display here.

To set a GL Control Account:

  1. Right click on an account and select Search. A search window displays.

  2. Browse through the chart of accounts to find an account.

  3. Select the account, then click Select & Close.

Financial Year

Use the Financial Year section to set up the periods that compose the financial year.

To set up the financial year:

  1. Select a period and click the Edit button,.

  2. Enter a name for the period, as well as a short code and report code.

  3. Select the financial Quarter that the period belongs to.

  4. Under Transaction Entry Validation, select if the month is a standard calendar month or if specific dates are used.

  5. If a period is not a standard calendar month, you must enter the Dates Between ... and ... of the period. These dates also contain the year, so these dates must be set up at the beginning of every financial year to reflect the change in dates.

  6. Click Save\.

Note: Ensure the first name in the sequence is the first period of the financial year. This may be different to a standard calendar year.

Click the Load button to specify and create a standard twelve month financial year.

You must also specify the first period of doing business, and the period that represents January.

Caution: If you incorrectly set the accounting period representing January, the Period History table is incorrectly populated. This can cause issues with the current calendar year.

Note: See the Period Handling and Transaction Ageing white paper for more information about period management.

Current Period

The Current Period settings track the current period of operation, and help enforce period transaction dates. As you can define the Financial Year in calendar months rather than explicit dates, use the Current Period settings to align the calendar months and calendar year to the financial periods. You can use them to enforce the period or date.

Field

Description

First month of the calendar year

This is required to ascertain which financial period will roll over the Current calendar year when an end of month is performed. Exo Business cannot determine this automatically because the financial year may start in any calendar month, and the actual financial period name is customisable (for example, Jan", January, 01), so you must explicitly set it.

Note: If you incorrectly set the first month of the calendar year,  the Period History table is incorrectly populated. This can cause issues with the current calendar year.

Current financial period
Current calendar year

These values confirm the current period of operation for each ledger and increment at the correct time during end of period rolls.

Transaction ages in Exo Business are numbered from current (0) backwards. Exo Business knows which period in the period table is the current one, and uses this as a point of reference to display the name of the period on reports and within data entry screens.

Tip: See the Period Handling and Transaction Ageing white paper for more information about period management.

Default posting age

Enter the default age for transactions when they are posted to the posted to the Debtors, Creditors, Stock, or General ledgers.

Analysis age limit

Enter a maximum age (in periods) to act as a limiter in queries on the ledgers, to avoid slow performance or timeouts. The default value is 23. With smaller databases,you can set the limit higher without affecting performance.

Year Names

You can customise the display names for the last, current, and next year periods if necessary.

Analysis Codes

Set up Analysis Codes in this section. You can assign Analysis Codes to transactions. They do not perform any function and are independent of the normal grouping of account codes. They are a customisable way of grouping related transactions together for sorting and reporting.

Tax Rates

The Tax Rates section sets the tax rates used by the company, which are then used to create the tax return form entries. Tax rates can use separate GL Control Accounts, and link to a Tax Return Key Point for tax reporting.

To set up tax rates:

  1. Select a tax rate and click the Edit button.

  2. Enter the Tax Rate details, including Name and Tax rate, and select the Tax Return Key Point reference to use on the tax return.

Tip: See the Taxation Features white paper for more about setting up taxation and tax rates, including suggested default settings for different countries.

Company

This section is only available in Exo Business Configurator, and only when the InterCompany module is in use.

Enter the Company number for this company, as specified in the Setup Source Companies window in the InterCompany module.

See the InterCompany Help (available under Additional Modules) for more information on these Company numbers.

Exo Job Costing

This section is only available in Exo Business Configurator, and only when the Exo Job Costing module is in use.

See the Exo Job Costing Help (available under Additional Modules) for information on these settings.