Question about Accounting period in GL transactions

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Contributing User Pansa90
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Question about Accounting period in GL transactions

Hi All, I am a newbie to the MYOB world so apologies in advance if I get the terminology wrong.
I am trying to get an understanding of whether the application captures the period in which a general ledger transaction (GL journal, system or manual) . Have liked at the user guide and cannot see any reference to this setup.
Also tried to look at the data from the back end table (via ODBC) but none of the files I have seen GeneralJournal have this.
Any help in this appreciated
Regards
Saurabh
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MYOB Moderator Neil_M
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Re: Question about Accounting period in GL transactions

HI @Pansa90 

 

Are you able to clarify your enquiry, so that we can assist better? When you say “captures the period” are you meaning the date the journal was entered in compared with its date or something else?

Regards,
Neil

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Contributing User Pansa90
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Re: Question about Accounting period in GL transactions

Hi @Neil_M 

Will try and explain - and aplogies in advance for the long post.

 

When i say capture i mean stores the values. E.g in one of the Financial  system i worked with - we had a GL Calendar which did not span the same as the Monthly calendar

e.g P7 July 2019 -- is between 1st July to 2nd August. 

Therefore when creating a GL journal - you not only enter a Transaction date (say 01-08-2019) but also specify the period 07-2019 (as this transaction need to be posted to July Period)

 

Trying to understand if MYOB has a similar concept. I.e when creating a GL Journal do you enter the Period information anywhere - or does it default based on the month of the Transaction line. 

This would be especially relevant when trying to do a backdated journal at time of month end closing. i,.e when Account team is passing adjusting entries to the previous month(period) in the next month 

 

Thanks

 

Ultimate Partner ronatbas
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Re: Question about Accounting period in GL transactions

@Pansa90 @Neil_M 

 

 

MYOB works on a conventional twelve month calendar, so we live with the vagaries of28, 30 and 31 day months, as does the ATO. Standardized 12 period reporting would be a delight in some situations but in an Australian accounting/taxation context would be an absolute PIA and would contravene most of the ATO requirements.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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Contributing User Pansa90
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Re: Question about Accounting period in GL transactions

Many thanks Ron. So am I to assume that if you need to do an adjustment to a previous month you then just use the transaction date of that month(even if you are in the next accounting month) - which would then effect your balance accordingly?
MYOB Moderator Neil_M
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Re: Question about Accounting period in GL transactions

HI @Pansa90 

 

If you needed to adjust the figures in a previous month then the adjusting journal entry would need to be dated in the month of the adjustment. So using your previous example if the adjustment was for July, you would generally date it for July even if the real world date the transaction was entered in was in August

Regards,
Neil

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