Setting up GL Accounts

Item

Description

Account no

The account code for the GL Account from the chart of accounts. If you have branches and sub codes, these will be entered later, so just enter the main GL Account number here. The account number cannot be zero.

Note: Once you have saved your account details, you cannot go back and edit the account number.

Account Name

The name or description of your GL account.

Report Code

Any alternate account codes.

This is an optional alphanumeric field. You could use this field to store old account codes that may help you if you need to search for the old account at a later stage. This code can also be used by the Report Writer to group accounts.

Account Group

The Account Group to which the account belongs, for example (in the demo database) Trade, Retail or Foreign. Select a predefined account group from the list.

Debit/Credit

Select against the usual sign of the account, either a Usual Debit or a Usual Credit.

Section

Choose the GL report type for this account, Profit and loss or a Balance sheet. If the Balance sheet is selected additional options can be selected. These options are Asset, Liability and equity.

Override GST rate

Select the override GST rate from the list.

Currency

Select the currency that applies to this GL Account.

Note: The option is available only when multi currency is enabled.

SubAccNo

A sub account number. This number is automatically assigned; however it can be overwritten with another number.

Name

This is the name of the sub account.

Period Totals

In MYOB EXO Business, transaction ages are numbered from current (0) backwards. This may be different from the system you are familiar with, however it does give you some useful logic consistency.

Example:

0 = current period

1 = One period ago (last month)

2 = Two periods ago

54 = Fifty-four periods ago etc.

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.

It is important you are comfortable with this and that all users understand the approach.

Note: For a Profit and Loss account, the period totals will display the account movement for the period; for a Balance Sheet account, the period totals are the accumulated balance for the period.

Flags

• Active - Check this option to indicate whether the account is active or inactive. If inactive, the account is hidden from the main Search view.

• Allow journals - Check this option to allow journals on this account.

• Private Account - Check this option to make this account private.

Note: Some GL accounts should have the Allow journals checkbox unticked, so accounts will be system-maintained, e.g. Debtors control account, Creditors Control Account, Stock on Hand.