A question from Kate

I have two questions I am unable to answer regarding this system.

1) How does the Accounts Receivable journal links with other accounting information (ie bank reconciliation, sales, reports)?

2) How does the Accounts Payable system link with other systems within the chart of accounts?

The answer to this boils down to MYOB’s famous linked accounts. When MYOB is first setup for a business, we ensure the correct general ledger accounts are selected as the linked accounts. This ensures that when a transaction is entered, the debit and/or credit sides are correct. View the linked accounts in your company file by selecting, Setup, Linked Accounts.

The linked accounts for sample company, Clearwater are pictured below:

Accounts & Banking Linked Accounts

Sales Linked Accounts

Purchase Linked Accounts

Warning! The linked accounts are critical to the integrity of your general ledger. I suggest you don’t change them unless you know what you are doing!

With regard to reports from sales & purchases, they pull infomation from the data entered with sales reports confined to sales/GL information and purchases confined to purchases/GL information.

Related posts:

1. Inventory G/L balance does not equal Inventory reports
2. End of Financial year checklist