What is Client Accounting?

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Nice job! You've configured an AccountRight or Essentials file as a common ledger.

The next step in setting up a common ledger is making sure that the balances in your client's data file are the same as the balances in your ledger.

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One of the methods for checking balances (performing the opening review) may post to bank, trade debtor and trade creditor accounts if there's a variance between your account balances and your client's balances. This may impact reconciliation reports.

To avoid this issue, it's a good idea to check your reconciliations. This means checking that your client's bank account balance, receivables and payables reconcile at year-end.

Checking reconciliations will tell you if you need an adjustment journal to correct the balance. Here are some reports to help.

If you're using...

We recommend...

AccountRight

Run the following reports from within AccountRight:

Bank Reconciliation report.
Payables Reconciliation report.
Receivables Reconciliation report

You may want to run the Company Data Auditor tool from within the Accounts Command Centre to help reconcile transactions.

Essentials

Run the following reports from Essentials:

Bank Reconciliation report.
Sales Reconciliation report.
Purchases Reconciliation report.

Choose a method to check opening balances

Once your receivables, payables and bank balance reconcile, choose one of these options to balance accounts.

Method

Description

Best if...

Perform opening review

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Compares account balances from your current general ledger with the balances in your client's MYOB AccountRight or Essentials common ledger. Fixes any differences by posting to your client's ledger.

You've used MAS, Accounts or AO Classic General Ledger to prepare end-of-year accounts in prior years.
You have balances to import from a third-party software to compare with your client's balances

Modify prior-year balances

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Lets you adjust the prior year balances in the configured common ledger. This option doesn't post to the client company file.

You want to display correct prior year balances in the reports without posting to the underlying common ledger.

Process manual journals

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Manually prepare and post journals into the AccountRight or Essentials file to align the balances between your general ledger and your client's common ledger.

Prior year accounts have been prepared in a third-party software and you don't have account balances to import for comparison
Account balances have been maintained or there are few or minor adjustments to be made

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root	AccountRight/Essentials common ledger module 1: Set up your common ledger

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title	Other AccountRight/Essentials common ledger modules

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Module 2. Set up an Asset Register

Module 3. Substantiate balances

Module 4. Produce financial statements

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Versions Compared

Old Version 76

New Version 77

Key

Choose a method to check opening balances

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What is Client Accounting?

MYOB Ledger

MAS, Accounts or AO GL

MYOB Essentials or
AccountRight Live

Need More Help?

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Versions Compared

Old Version 76

New Version 77

Key

Choose a method to check opening balances

Was this information helpful?

How would you improve this topic?

Did you find what you were looking for? *

What are you looking for help with? *

Overall, how satisfied are you with this help centre? *

What was the reason for your rating?

What is Client Accounting?

MYOB Ledger

MAS, Accounts or AO GL

MYOB Essentials or AccountRight Live

Need More Help?

MYOB Essentials or
AccountRight Live