Consolidating reports for multiple company files

MYOB Staff Post SupportNoteGuy
31 Posts
MYOB Staff Post

Although many businesses use Jobs in their MYOB software to maintain accounts for separate shop fronts or business divisions, others might have several businesses and choose to run more than one company file.

 

One way to consolidate reports from multiple company files is to export reports from each company file into Excel and format the report however you like.

 

Another method to consolidate reports is to create a "Master" company file into which you can import your accounts list and transaction journals. In this way, you can print the Balance Sheet, Profit and Loss statement and many other reports from multiple businesses from a single company file.

 

This article is provided for guidance only, and might not be suitable for your business requirements. If you need clarification or additional information, check with your accounting advisor or post your question below.

 

 

 

A note about account numbers

 

In the example below the consolidated company file is referred to as Master, and the businesses whose results are being combined are referred to as Business 1 and Business 2.

 

The procedure will import all accounts from each business - they can each have a different chart of accounts, but it's worth designing account numbers carefully, as this will affect the consolidated results.

 

For example, if you want Advertising Expense from each business to appear as a single line in the consolidated file, then make sure that Advertising Expense has the same account number in each separate company file used to create the consolidated company file.

 

Alternatively, if you want the cheque account for Business 1 to show separately from the cheque account in Business 2, make sure that these accounts have unique numbers.

 

 

 

Task 1 - Create the Master company file

 

For more information on creating company files, press F1 while using your software to view the help for your version. If you're using AccountRight, see Create a company file.

 

  1. Go to the File menu and choose New to create a new company file.
  2. Name this file Master.
  3. At the Accounts List option, choose to Build your own list.

 

 

Task 2 - Export the accounts

 

For more information on exporting, press F1 while using your software to view the help for your version. If you're using AccountRight, see Exporting data.

 

  1. Open up Business 1.
  2. Go to the File menu and choose Export Data then choose Accounts.
  3. Click in the Export Order column against every field except the Balance field.
  4. Click Export and name this file account1.txt. This exports the chart of accounts (not the transactions) for Business 1.
  5. Complete the same procedure for Business 2, except name the export file account2.txt.
  6. Repeat this step for any other company files to be included in the consolidated (master) file.

 

 

Task 3 - Import the accounts

 

For more information on importing, press F1 while using your software to view the help for your version. If you're using AccountRight, see Importing data.

 

  1. Open the Master company file.
  2. Go to the File menu and choose Import Data.
  3. Select Update Existing Record and open up account1.txt.
  4. Match the import fields and click Import.
  5. Complete the same procedure (as above) for accounts2.txt.
  6. Repeat for any other account files to be included in the consolidated file.

 

 

Task 4 - Enter the opening balance sheet figures

 

In the Master company file, go to the Setup menu and choose Balances then choose Account Opening Balances. Now enter the Opening Balance Sheet figures for the consolidated file.

 

This establishes a master template for consolidated reporting. If you want to consolidate accounts regularly or more than once a year, go into Windows Explorer or your Macintosh Desktop and make a duplicate copy of this file for future use.

 

 

 

Task 5 - Export the journals

 

  1. Open up Business 1.
  2. Go to the File menu and choose Export Data then choose Transaction Journal Entries.
  3. Change the Source Journal to All and select a suitable date range.
  4. Click Match All, then Export and name this file journal1.txt.
  5. Complete the above procedure for Business 2, except name the export file journal2.txt.
  6. Repeat for any other company files to be included in the consolidated reports.

 

 

 

Task 6 - Import the journals

 

  1. Open the Master company file.
  2. Go to the File menu and choose Import Data then choose Transaction Journal Entries.
  3. Select the journal1.txt file.
  4. Click Match All and then Import.
  5. Complete the same procedure (as above) for journal2.txt.
  6. Repeat for any other journal files to be included in the consolidated reports.

Note: The year-end adjustment journal is unable to be imported as you are unable to post directly to your current earnings account. As the journals you are importing would affect income and expense accounts, your current earnings will automatically update.

 

The import is now complete!

 

After completing the tasks above, all transactions from the separate company files will be in the consolidated company file enabling consolidated Profit & Loss and Balance Sheet reports to be produced.

3 Comments
Super Partner Kym__Yeoward
1,100 Posts
Super Partner

An easier approach might be to look at some of the AccountRight reporting addons available.

 

Two which handle consolidated reporting are:

 

Calxa Premier which can produce consolidated profit and loss statements, balance sheets or budget variance reports, for different divisions or projects with an organisation (through AccountRight's Jobs codes) or different organisations. See Calxa in Townsville.

 

- MYOB Consolidated Reports also offers consolidations - for profit & loss statements and balance sheets.

It's from SmartReportSolutions in Brisbane.

 

 

dshum
1 Post
Cover User

Hi, I'd like to follow this guide to create a master/group file for a set of companies. But in the master file, if I ran a trial balance would it show the individual company TBs and then add them to get to the group numbers?

 

If that is not possible, is there another way I can create a single file where I can run reports in multiple ways (show entity only amounts, show group total amounts, show entity and group amounts)? Please get back to me soon. Thanks.

MYOB Moderator Neil_M
5,073 Posts
MYOB Moderator

HI @dshum

 

Welcome to the MYOB Community Forum, I hope you find it a great resource.

 

Following this guide will give you a single consolidated Trial Balance. So using the above example you would only see one trial balance which would be the total of the two companies, you wouldn’t see three columns showing business 1, business 2 and then a consolidated trial balance.

 

If you were wanting to have the report show both individual companies and the consolidated report you would need to export the reports to Excel and then amalgamate the reports into one report showing the information in the format you desire.

 

Alternatively some of our great forum partners such as @Mike_James and @Seattle may also have their own thoughts on how you could produce the reports in the format you desire.