An Overview of How Transactions are Posted in MYOB Exo

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One of the most confusing parts of using the MYOB Exo system is understanding when your transactions go to the General Ledger. If you have previously used basic accounting packages such as Quickbooks, the traditional MYOB or Xero as soon as you enter the transactions they go to the General Ledger regardless of where the transaction is entered.

In MYOB Exo, it depends on where you are entering the transaction and the function which you are using in the system is going to depend on whether that transaction is going to hit the General Ledger and most importantly what you need to do to ensure the transaction goes to the General Ledger.

In this video, we explore where transactions do and don’t go to including how to post the transactions go to the General Ledger including the following:

  • End of Month Process – an overview of the steps to get all of the debtor and creditor invoices going to debtor and creditor reconciliations plus to the balance sheet and profit and loss;
  • Debtor receipts – explore the one or two step process for getting debtor receipts allocated to the correct debtor and to the General Ledger;
  • Creditor payments – there are three different ways which you can get creditor payments posted to the General Ledger but which method is going to work best for you and your team;
  • Cashbook transactions – not every payment out or receipt coming in relates to debtors and creditors (eg wages and tax payments) but what is the best way to enter these transactions; and
  • General Ledger transactions – these go straight to the GL but when is the best situation to use them and who should use them?

More than any other system which we have used, MYOB Exo can have users confused with “lost transactions” and knowing they have entered the transaction but unable to find it. This video will ensure you know exactly where to go to find where they have gone…

By |2017-05-19T09:21:08+00:00May 19th, 2017|Videos|0 Comments

About the Author:

Brendan founded CFO Dynamics in 2010 with a vision for helping businesses maximise their financial performance by optimising their financial processes. This allows them make fully informed and superior business decisions. Better knowledge, information and processes can help businesses achieve their profit, cash flow and growth goals but also help them get through the tough times in business. Brendan’s great passion is to help people understand financial information and use it to their advantage (as you can see from all the videos on the website!) regardless of how much (or little) financial experience they have.

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