The AccountRight or Essentials common ledger approach
Stay on top of the game with a common ledger
Each year you may find yourself needing to make a number of adjustments to ensure the figures in their ledger match yours. You may provide your client or their bookkeeper a list of journals to align their opening balances with yours, which they may never post...
We've got the solution for you! Follow this workflow to set up the most efficient way to work with Client Accounting, by using a common ledger approach.
What we mean by a common ledger is that you do your accounting work on the same data file that your client uses to record their day-to-day transactions, if your clients use MYOB AccountRight or Essentials as their ledger. That's why it's so efficient—because you're working on the same file, your balances will always be the same as your client's!
Common ledger describes a way of working with data; it's not the name of a product.
Benefits for you and your clients
By configuring a common ledger to work with Client Accounting, you're setting your clients and yourself up for a bunch of great compliance workflow benefits.
When using the same data file, the end-of-year process is streamlined. You'll work closer with your client throughout the year, and you won't have to rekey data, import transactions or reconcile opening balances any more.
Here's a quick breakdown of some other key benefits you'll both notice.
Benefits for your clients | Benefits for you |
|---|---|
Your client has the tools they need to:
| You have the accounting tools you need, in one place, to:
|
What your client will need
You can use common ledger with Client Accounting if your client uses one of the following MYOB products:
AccountRight (version 2013.0 or later)
AccountRight Classic (version 19 or earlier)
Essentials Accounting
Essentials Connected Ledger
Cashbook
If you've been using the Client Accounting Workpapers module with a MAS, Accounts or an AO Classic General Ledger for your client, workpapers and document links may be orphaned to non-account specific documents when configuring a common ledger. If there is an existing Asset Register, you'll need to update asset control groups and integrated accounts to reflect the new chart of accounts where there are differences.