What makes MYOB great for transitioning from one accounting system to another?
When a business transition’s from one accounting software system to another, an issue is there is rarely a complete set of financials available at that moment. MYOB solves this problem by allowing the entry of the known balances to the general ledger accounts, and offsets the missing information to a historical balancing account until all of the opening data figures becomes available and can be entered.
What are the basic accounting information requirements to transition an accounting system to MYOB?
Commencing a new file can be an ideal option, particularly where a data file is in a critical state because it can be far cheaper to commence a new file than to try to find and correct extensive errors in an existing file. This is particularly so when errors are old and were created in previous accounting periods.
- The basic information would be the account balances for all bank accounts and credit cards, along with any outstanding cheques not yet presented to the bank for payment.
- Petty Cash and undeposited funds
- All unpaid accounts receivable (Debtor) invoices
- All unpaid accounts payable (Creditor) invoices
All other information can be added as it comes to hand.
Data files can be imported directly from other accounting systems as well.