Linked Accounts (connecting the modules in AccountRight)

 

How do we ensure our accounting is right when we use MYOB AccountRight as 80% of users have no formal accounting training?

The answer to this boils down to MYOB’s famous linked accounts. When MYOB is first setup for a business, you 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

Accounts & Banking Linked Accounts

Sales Linked Accounts

Sales Linked Accounts

Purchase Linked Accounts

Purchase Linked Accounts

Warning! The linked accounts are critical to the integrity of your general ledger. We suggest you don’t change them unless you know what you are doing. Having said that you can untick the options if you don’t need them. For example if you don’t pay charges for late payment then untick the box. Then you can delete the Late Fees Paid account from your accounts list.

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

Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!