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Accounting for multiple companies using one MYOB file

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Contributing Cover User Sam78
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Accounting for multiple companies using one MYOB file

Hi there

 

We are using account right plus to record transactions of 2 companies using 2 accounting files. At the end of each month we consolidate results for management reporting. 

Is there a way in MYOB account Right to record both company records in a single file and extract records (PL BS and CF) seperately for each companies when needed. As we are looking at creating new set of chart of accounts for next year I would like to see our options to create a easy to report accounting procedure.

 

Thanks in advance for your help.

 

Regards

 

Sam

 

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Ultimate Partner Kym__Yeoward
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Re: Accounting for multiple companies using one MYOB file

Hi @Sam78 - welcome to the Community Forum !

 

An AccountRight company file can be set-up to produce divisional P&L reports, for each business or division, through its' Jobs feature.

These are in addition to the main P&L.
You would just have one file and you would need to enter that business or division's job code on every transaction. (Just note: there would be only one Balance Sheet. If you want a Balance Sheet for each business / division, see below)

 

So you could even have just one company file, with two or more businesses, with business (division) and consolidated figures. Such as a company in a country town, running a supermarket, petrol station and motel.

(Just as long as you have only one ABN. Each business would have it's own ABN Branch number).

 

You can choose between three approaches:

 

Approach #1

Purchase a good reporting add-on - such as Calxa Premier which offers automated consolidated P&L and Balance Sheet reporting, from several AccountRight files. A local MYOB Advisor can set this up for you. 
Calxa also good cashflow forecasting.

 

Approach #2

Purchase the add-in MYOB Consolidated Reports from Smart Reports Solutions in Brisbane, who can set-up the reporting process for you.

 

Approach #3

If you just want to run a consolidated P&L with divisional P&L for each business, you can do this by having just one AccountRight file and setting-up a job number for each business. AccountRight Plus and Premier each support using job numbers for divisional reporting. You can even run a consolidated job P&L, to check that all transactions have a job code and that the total of the Job P&Ls matches the main P&L.

There's no extra software cost for this - though there would be admin time in setting-up the new data file and job codes. Best to get a local MYOB Advisor to do this for you.

 

There are just two limits with this approach:
- You can't produce a balance sheet for each business / division - there's just one, for the whole company.
- You can't produce actual-to-budget comparisons for each business (job), for a selected period.
   (this job reports is available, but there's no date range option).

If you want to run these comparisons, you'll need to use Approach #1 or #2 instead.

 

P.S. Calxa Premier is popular with indigenous organisations in our remote north, for their grant reporting

(they often have many grants).

 

Kym Yeoward, CPA & Certified Consultant

Darwin (Palmerston)

 

 

Contributing Cover User Sam78
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Re: Accounting for multiple companies using one MYOB file

Thank you Kym. This is helpful.

 

We have 2 ABNs and its a statutory requirement to report the two financial statements seprately for each entity at the year end. Since I cannot produce the balance sheet sepperately, I guess this is not an option.

 

Regards

 

Sam

MYOB Moderator Steven_M
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Re: Accounting for multiple companies using one MYOB file

Hi @Sam78

 

If you do require a Balance Sheet, you could use @Kym__Yeoward's approach 3 but instead of using Jobs, use Categories instead.


Jobs and categories work on the principle that you add a job/category to a transaction for reporting on that transaction. The difference between jobs and categories is that jobs allow you to have multiple jobs on the one transaction (one per transactional line) this is opposed to categories that allow you to have one category per transaction. Jobs are more commonly used, although, categories are also used by businesses. Categories also allow for Balance Sheet reporting per category.

 

You might like to take a look at Help Articles: Jobs & Categories for more information in setting them up and using them.

 

Although, in saying that, if you do have two companies you ideally should be looking at creating a different company file for each business.

Kind regards,
Steven

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Ultimate Partner Kym__Yeoward
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Re: Accounting for multiple companies using one MYOB file

Hi @Steven_M

(cc: @Sam78 )

 

Thanks - I was not aware that Categories can track both Balance Sheet & P&L transactions.

(whilst Jobs only track those for P&L accounts)

 

Kym Y, CPA & CC

Darwin (Palmerston)

 

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