Produce reports

Submitted by coleen.yan@edd… on Wed, 05/22/2024 - 12:36

Generating reports in MYOB and Xero is crucial for tracking financial performance, ensuring compliance, and maintaining accurate records. These systems offer tools to create Profit & Loss statements, Balance Sheets, GST summaries, and more. By customising, reconciling, and securing data, businesses can gain insights into their financial health and meet regulatory requirements effectively.

Sub Topics

Generating Reports on Financial Position in MYOB

Balance Sheet
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "Financial" category, select "Balance Sheet."
  • Step 3: Choose the date as of which you want to view the financial position (typically the end of the financial year or the end of a month/quarter).
  • Step 4: Customise the report if needed by selecting additional options or comparison periods.
  • Step 5: Click "Run Report" to generate the Balance Sheet, which will show your assets, liabilities, and equity.
Cash Flow Statement
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "Financial" category, select "Statement of Cash Flows."
  • Step 3: Set the date range for the report.
  • Step 4: Click "Run Report" to generate the report, which will detail cash inflows and outflows, giving insight into your business’s liquidity.

Generating GST Reports

GST Summary Report
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "GST/Sales Tax" category, select "GST Summary."
  • Step 3: Set the date range for the period you want to report on (e.g., quarterly for BAS reporting).
  • Step 4: Click "Run Report" to generate the GST Summary Report. This report will show the total GST collected on sales and the total GST paid on purchases, which you need to lodge your Business Activity Statement (BAS).
GST Detailed Report
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "GST/Sales Tax" category, select "GST Detail."
  • Step 3: Choose the date range for the report.
  • Step 4: Click "Run Report" to generate the GST Detailed Report, which provides a breakdown of all transactions that attracted GST, both on sales and purchases.

Customising and Exporting Reports

Customising Reports
  • Step 1: After generating a report, you can customise it by adding or removing columns, sorting data, or applying filters to focus on specific aspects of your financials.
  • Step 2: Use the "Options" or "Customise" button within the report to make these adjustments.

Xero

Generating reports in Xero that indicate your organisation’s financial performance, financial position, and GST obligations is a straightforward process. Here’s how you can generate these reports:

Generating Reports on Financial Performance

Profit & Loss Statement (Income Statement)
  • Step 1: Go to "Accounting" in the main menu and select "Reports."
  • Step 2: Under the "Financial" section, click on "Profit and Loss."
  • Step 3: Set the date range for the period you want to analyse (e.g., monthly, quarterly, or yearly).
  • Step 4: Choose any comparison options if you want to compare with previous periods or budgets.
  • Step 5: Click "Update" to generate the report.
  • Step 6: Review the report to see your income, expenses, and net profit or loss for the specified period.
Sales by Item Report
  • Step 1: Go to "Accounting" > "Reports."
  • Step 2: Under the "Sales" section, select "Sales by Item."
  • Step 3: Set the date range and any other relevant filters.
  • Step 4: Click "Update" to generate the report, which will show a breakdown of sales performance by item or service.

Generating Reports on Financial Position

Balance Sheet
  • Step 1: Go to "Accounting" in the main menu and select "Reports."
  • Step 2: Under the "Financial" section, click on "Balance Sheet."
  • Step 3: Choose the date as of which you want to view the financial position (typically the end of the financial year or the end of a month/quarter).
  • Step 4: Customise the report if needed by selecting additional options or comparison periods.
  • Step 5: Click "Update" to generate the Balance Sheet, which will display your assets, liabilities, and equity.
Cash Summary Report
  • Step 1: Go to "Accounting" > "Reports."
  • Step 2: Under the "Financial" section, select "Cash Summary."
  • Step 3: Set the date range for the report.
  • Step 4: Click "Update" to generate the report, which will detail cash inflows and outflows, providing insight into your business’s liquidity.

Generating GST Reports

GST Summary Report
  • Step 1: Go to "Accounting" in the main menu and select "Reports."
  • Step 2: Under the "Tax" section, select "GST Return."
  • Step 3: Choose the tax period for which you want to generate the GST report.
  • Step 4: Click "Update" to generate the GST Summary Report. This report will show the total GST collected on sales and the total GST paid on purchases, which is essential for lodging your Business Activity Statement (BAS).
GST Detailed Report
  • Step 1: Go to "Accounting" > "Reports."
  • Step 2: Under the "Tax" section, select "GST Detailed Report."
  • Step 3: Choose the relevant tax period.
  • Step 4: Click "Update" to generate a detailed GST report, which provides a breakdown of all transactions that attracted GST, both on sales and purchases.

Customising and Exporting Reports

Customising Reports
  • Step 1: After generating a report, you can customise it by adding or removing columns, filtering data, or grouping information to suit your specific needs.
  • Step 2: Use the customisation options available within the report interface to adjust the report layout and content.
Exporting Reports
  • Step 1: Once you have the report you need, you can export it by clicking the "Export" button.
  • Step 2: Choose your preferred format (PDF, Excel, or CSV) and save the file to your computer for further analysis or sharing with stakeholders.
myob vs xero

MYOB

To ensure that subsidiary ledgers (such as accounts receivable, accounts payable, and inventory) reconcile with the general ledger in MYOB, you can generate specific reports and perform reconciliations. Here’s how to do it:

Generate the General Ledger Detail Report

  • Step 1: Go to the "Reports" menu in MYOB.
  • Step 2: Under the "Accounts" section, select "General Ledger [Detail]."
  • Step 3: Set the date range for the period you want to reconcile. Typically, this would be the end of the month or the financial year.
  • Step 4: Click "Run Report" to generate the General Ledger Detail report.
  • Step 5: Review the balances in the relevant general ledger accounts (e.g., Accounts Receivable, Accounts Payable, Inventory) for the period.

Generate Subsidiary Ledger Reports

Accounts Receivable Reconciliation Report
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "Sales" section, select "Receivables Reconciliation Summary."
  • Step 3: Set the date to match the date range used for the General Ledger Detail report.
  • Step 4: Run the report to generate a summary of all customer balances.
  • Step 5: Compare the total of this report with the balance of the Accounts Receivable account in the General Ledger Detail report.
Accounts Payable Reconciliation Report
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "Purchases" section, select "Payables Reconciliation Summary."
  • Step 3: Set the date to match the date range used for the General Ledger Detail report.
  • Step 4: Run the report to generate a summary of all supplier balances.
  • Step 5: Compare the total of this report with the balance of the Accounts Payable account in the General Ledger Detail report.
Inventory Reconciliation Report
  • Step 1: Go to the "Reports" menu.
  • Step 2: Under the "Inventory" section, select "Inventory Reconciliation Summary."
  • Step 3: Set the date to match the date range used for the General Ledger Detail report.
  • Step 4: Run the report to generate a summary of inventory balances.
  • Step 5: Compare the total of this report with the balance of the Inventory account in the General Ledger Detail report.

Reconcile the Reports

  • Step 1: Compare the totals from each subsidiary ledger report (Accounts Receivable, Accounts Payable, and Inventory) with the corresponding general ledger accounts.
  • Step 2: If there are any discrepancies between the subsidiary ledger totals and the general ledger balances, investigate the causes. Common issues might include unposted transactions, timing differences, or errors in data entry.
  • Step 3: Make any necessary adjustments to ensure that the subsidiary ledgers reconcile with the general ledger. This could involve correcting data entry errors, posting unposted transactions, or making journal entries to correct discrepancies.

Xero

A close view of a person typing a laptop

To confirm that subsidiary ledgers (such as accounts receivable, accounts payable, and inventory) reconcile with the general ledger in Xero, you can generate specific reports and perform reconciliations. Here's how you can do it:

Generate the General Ledger Report

  • Step 1: Go to "Accounting" in the main menu and select "Reports."
  • Step 2: Under the "Accounting" section, click on "General Ledger."
  • Step 3: Set the date range for the period you want to reconcile, typically at the end of the month or financial year.
  • Step 4: Select the relevant accounts (e.g., Accounts Receivable, Accounts Payable, Inventory) that you want to reconcile with the subsidiary ledgers.
  • Step 5: Click "Update" to generate the General Ledger report.
  • Step 6: Review the balances in the selected general ledger accounts for the specified period.

Generate Subsidiary Ledger Reports

Accounts Receivable Reconciliation Report
  • Step 1: Go to "Accounting" > "Reports."
  • Step 2: Under the "Sales" section, select "Aged Receivables Summary."
  • Step 3: Set the date to match the date range used for the General Ledger report.
  • Step 4: Click "Update" to generate the report, which summarises all outstanding customer balances.
  • Step 5: Compare the total of this report with the balance of the Accounts Receivable account in the General Ledger report.
Accounts Payable Reconciliation Report
  • Step 1: Go to "Accounting" > "Reports."
  • Step 2: Under the "Purchases" section, select "Aged Payables Summary."
  • Step 3: Set the date to match the date range used for the General Ledger report.
  • Step 4: Click "Update" to generate the report, which summarises all outstanding supplier balances.
  • Step 5: Compare the total of this report with the balance of the Accounts Payable account in the General Ledger report.
Inventory Reconciliation Report
  • Step 1: Go to "Business" in the main menu and select "Products and Services."
  • Step 2: Click on the "Inventory Items" tab.
  • Step 3: Run the "Inventory Summary" report to see the total value of your inventory.
  • Step 4: Compare this total with the balance of the Inventory account in the General Ledger report.

Reconcile the Reports

  • Step 1: Compare the totals from each subsidiary ledger report (Accounts Receivable, Accounts Payable, and Inventory) with the corresponding general ledger accounts.
  • Step 2: If there are any discrepancies between the subsidiary ledger totals and the general ledger balances, investigate the causes. This could include unposted transactions, timing differences, or errors in data entry.
  • Step 3: Make any necessary adjustments to ensure that the subsidiary ledgers reconcile with the general ledger. This might involve correcting data entry errors, posting unposted transactions, or making manual journal entries.

myob vs xero

MYOB

To generate reports that confirm your system’s bank account entries reconcile with bank statements in MYOB, you need to go through the bank reconciliation process and then generate the necessary reports to verify that everything matches. Here’s how you can do it:

Perform Bank Reconciliation

  • Step 1: Navigate to the "Banking" menu in MYOB and select "Reconcile Accounts."
  • Step 2: Choose the bank account you want to reconcile from the list.
  • Step 3:
    • Enter the closing balance from your bank statement in the "Closing Statement Balance" field.
    • Set the statement date to match the closing date on your bank statement.
  • Step 4:
    • Review the list of transactions recorded in MYOB and match them with the corresponding transactions on your bank statement.
    • Check off each transaction in MYOB as you match it with the statement.
  • Step 5: If there are discrepancies (e.g., missing or incorrect transactions), investigate and correct them by adding, editing, or deleting transactions as necessary.
  • Step 6: Once all transactions are matched and the reconciliation difference is zero, click "Reconcile" to finalise the reconciliation process.

Generate the Bank Reconciliation Report

  • Step 1: Go to the "Reports" menu in MYOB.
  • Step 2: Under the "Banking" section, select "Reconciliation Report."
  • Step 3:
    • Select the bank account you reconciled.
    • Set the date range to include the reconciliation period you want to report on.
  • Step 4:
    • Click "Run Report" to generate the Bank Reconciliation Report.
    • This report will show the reconciled bank balance, the list of transactions that were reconciled, and any outstanding or unpresented transactions.

Review and Save the Report

  • Step 1: Review the report to ensure that all transactions are accurately reconciled and that the closing balance in MYOB matches the closing balance on your bank statement.
  • Step 2: You can save the report as a PDF or print it for your records. This documentation is useful for audit purposes and future reference.

Watch

Watch the videos below to find out more about reporting in MYOB:

Reporting in MYOB Business (youtube.com)

Xero

To generate reports in Xero that confirm your system’s bank account entries reconcile with your bank statements, follow these steps:

Perform Bank Reconciliation in Xero

  • Step 1:
    • Log in to Xero and navigate to "Accounting" in the main menu.
    • Select "Bank accounts" under the "Banking" section.
  • Step 2: Choose the bank account you want to reconcile from the list of accounts.
  • Step 3:
    • Xero will show a list of unreconciled transactions on the left side and corresponding bank statement lines on the right side.
    • Match each transaction in Xero with the corresponding bank statement line by clicking "OK" for each matched transaction.
    • If there are any unmatched transactions, either create a new transaction in Xero or adjust the existing one as necessary.
  • Step 4: Continue matching transactions until the difference is zero, indicating that your Xero records match your bank statement.

Generate the Bank Reconciliation Report

  • Step 1: Go to "Accounting" in the main menu and select "Reports."
  • Step 2: Under the "Accounting" section, select "Bank Reconciliation Summary."
  • Step 3:
    • Select the bank account you want to report on.
    • Set the date to the reconciliation period you want to review.
  • Step 4:
    • Click "Update" to generate the Bank Reconciliation Summary report.
    • This report will show the balance according to your bank statement, the balance in Xero, and any unreconciled transactions (e.g., outstanding checks or deposits in transit).

Generate the Bank Statement Report

  • Step 1: In the "Reports" section under "Accounting," select "Bank Statement."
  • Step 2: Select the bank account and set the date range to cover the period you want to review.
  • Step 3: Click "Update" to generate the Bank Statement report. This report displays the transactions imported from your bank, allowing you to compare them with the reconciled entries in Xero.

Review and Save Reports

  • Step 1: Review the Bank Reconciliation Summary and Bank Statement reports to ensure all transactions have been properly reconciled.
  • Step 2: You can save or export these reports to PDF or Excel format for record-keeping and audit purposes.

Watch

Watch the videos in the Enhance your reporting with Xero - YouTube playlist to find out more about how to generate and customise reports in Xero.

myob vs xero

MYOB: Implementing Systems and Secure Information Storage Practices

  • Set Up User Roles: In MYOB, assign specific user roles to employees based on their job responsibilities. Go to "Setup" > "User Access" to define what each user can view, edit, or process.
  • Restrict Access: Limit access to sensitive data by ensuring that only authorised personnel can access critical financial information.
  • Enable Multi-Factor Authentication (MFA): Implement MFA for users to add an extra layer of security when accessing the system.
  • Encrypt Data Files: Ensure that your MYOB data files are encrypted, especially when stored on local devices or shared networks.
  • Secure Backups: Use encrypted storage solutions for backups. Regularly back up your MYOB data by going to "File" > "Backup" and storing the backup in an encrypted external drive or secure cloud storage.
  • Automate Backups: If using MYOB AccountRight, set up automated backups through the "Backup" feature. This ensures that your data is regularly saved without manual intervention.
  • Offsite Storage: Store backups in a secure, offsite location or cloud storage to protect against local data loss due to hardware failure or other disasters.
  • Enable Audit Trails: MYOB automatically tracks changes made to transactions. Ensure the audit trail is enabled and accessible by going to "Reports" > "Accounts" > "Transaction Journal" > "Audit Trail."
  • Review Regularly: Regularly review the audit trail to detect any unauthorised changes or suspicious activities.
  • Automate Backups: If using MYOB AccountRight, set up automated backups through the "Backup" feature. This ensures that your data is regularly saved without manual intervention.
  • Offsite Storage: Store backups in a secure, offsite location or cloud storage to protect against local data loss due to hardware failure or other disasters.
  • Establish Retention Policies: Develop a data retention policy that aligns with legal and regulatory requirements. Typically, financial records should be kept for at least five to seven years.
  • Secure Disposal: When data is no longer needed, ensure it is securely deleted or destroyed. MYOB data files can be securely deleted by using specialised software that ensures data cannot be recovered.
  • Bank Reconciliation: Regularly reconcile your bank accounts to ensure that all transactions are accurately recorded. Navigate to "Banking" > "Reconcile Accounts" to perform reconciliations.
  • Compliance Reporting: Use MYOB’s built-in reporting features to generate compliance reports (e.g., BAS, GST reports) to ensure all legal obligations are met.
  • Training Programs: Conduct regular training sessions for employees on the importance of data security and proper use of MYOB.
  • Policy Enforcement: Ensure employees understand and adhere to the organisation’s data security and record-keeping policies.
  • Internal Audits: Schedule regular internal audits to review the effectiveness of security measures and data storage practices.
  • Compliance Audits: Prepare for external compliance audits by ensuring all data and records are up to date and securely stored.

Xero: Implementing Systems and Secure Information Storage Practices

  • Set Up User Roles: In Xero, assign specific roles to users to control access to different parts of the system. Go to "Settings" > "Users" and configure access based on job roles.
  • Role-Based Permissions: Ensure that only authorised users have access to sensitive financial data and processing capabilities.
  • Enable Multi-Factor Authentication (MFA): Require MFA for all users to enhance security when accessing Xero.
  • Built-In Encryption: Xero automatically encrypts all data both at rest and in transit, ensuring that sensitive information is protected.
  • Secure Connections: Use secure, encrypted internet connections (HTTPS) to access Xero, reducing the risk of data interception during transmission.
  • Cloud-Based Backups: Xero automatically backs up your data to secure servers in multiple locations. While Xero manages these backups, it’s still good practice to regularly export important data.
  • Export Key Reports: Use Xero’s "Export" feature to download and securely store critical financial reports such as the Profit & Loss statement, Balance Sheet, and General Ledger.
  • History and Notes: Xero tracks changes to transactions through the "History and Notes" feature. Regularly review these logs to monitor changes.
  • Assurance Dashboard: Utilise Xero’s Assurance Dashboard to monitor transaction integrity and detect potential issues.
  • Establish Retention Policies: Develop and enforce data retention policies that comply with local and international regulations, such as GDPR or the Australian Privacy Act.
  • Secure Disposal: When data is no longer needed, ensure it is securely deleted or archived according to your retention policy.
  • Bank Reconciliation: Regularly reconcile bank accounts in Xero by going to "Accounting" > "Bank Accounts" and selecting "Reconcile" to ensure all transactions are accurate.
  • Compliance Reporting: Use Xero’s reporting tools to generate tax compliance reports (e.g., BAS, GST reports) to meet legal requirements.
  • Training Programs: Implement regular training sessions for employees on the secure use of Xero and the importance of maintaining data security.
  • Policy Awareness: Ensure that all employees are aware of and adhere to the organisation’s data security policies.
  • Internal Audits: Conduct regular internal audits to assess the effectiveness of your data security practices and to ensure compliance with organisational policies.
  • External Compliance Audits: Prepare for external audits by ensuring that all records and data storage practices meet regulatory requirements.
myob vs xero

MYOB: Best Practices for Maintaining Secure Records

Use the Built-In Audit Trail Feature

  • Audit Trail Reports: MYOB provides an audit trail feature that tracks all changes made to transactions. Ensure this feature is enabled and reviewed regularly.
  • Accessing the Audit Trail:
    • Navigate to "Reports" > "Accounts" > "Transaction Journal" > "Audit Trail."
    • Regularly monitor this report to track who made changes to transactions, when they were made, and what was changed.

Implement Access Controls

  • User Roles and Permissions: Define specific user roles and permissions to control who can view, edit, and process transactions in MYOB.
  • Multi-Factor Authentication (MFA): Enable MFA to add an extra layer of security when accessing the MYOB account, especially for users with access to sensitive financial data.

Regular Data Backups

  • Automated Backups: MYOB AccountRight allows you to schedule automated backups. Ensure these backups are performed regularly and stored securely.
  • Manual Backups: For desktop versions, manually back up your MYOB data by going to "File" > "Backup" and saving the file to a secure location, such as an encrypted external drive or cloud storage.

Comprehensive Documentation

  • Attach Documents: MYOB allows you to attach invoices, receipts, and other documents directly to transactions. Use this feature to ensure all supporting documentation is readily available for audits.
  • Transaction Notes: Add detailed notes to transactions to explain any changes or adjustments, providing clarity during an audit.

Regular Reconciliation and Review

  • Bank Reconciliation: Regularly reconcile your bank accounts in MYOB by navigating to "Banking" > "Reconcile Accounts" to ensure all transactions are accurately recorded.

  • Subsidiary Ledger Reconciliation: Reconcile accounts receivable, accounts payable, and inventory ledgers with the general ledger to ensure accuracy and consistency.

Data Security and Encryption

  • Encryption: Ensure that your MYOB data file is encrypted, particularly when stored locally or on shared networks.
  • Secure Storage: Store backups and sensitive data in secure, encrypted storage locations, such as encrypted external drives or secure cloud storage services.

Regular Audits and Compliance Checks

  • Internal Audits: Schedule regular internal audits to review transaction records, reconcile accounts, and ensure compliance with organisational policies.
  • Compliance Reports: Utilize MYOB’s reporting features to generate compliance reports, such as GST and BAS, ensuring they are accurate and submitted on time.

Training and Awareness

  • Employee Training: Provide training to employees on the importance of accurate record-keeping and the proper use of MYOB’s features to maintain secure records.
  • Policy Adherence: Ensure that all users adhere to the organisation’s policies for data entry, documentation, and security practices.

Xero: Best Practices for Maintaining Secure Records

Use the Built-In Audit Trail Feature

  • History and Notes: Xero tracks changes to transactions through the "History and Notes" feature within each transaction. Regularly review this feature to monitor changes.
  • Accessing the Audit Trail:
    • Open any transaction (invoice, bill, bank reconciliation) and click on "History and Notes" to view the detailed history of changes made.
  • Audit Trail Report: Utilise Xero’s “Assurance Dashboard” to review transaction integrity and identify potential discrepancies.

Implement Access Controls

  • Role-Based Access: Assign specific user roles in Xero to control access to particular features and data, ensuring that only authorised personnel can process sensitive transactions.
  • Multi-Factor Authentication (MFA): Enable MFA for all users to enhance the security of your Xero account, reducing the risk of unauthorised access.

Regular Data Backups

  • Cloud-Based Security: Xero automatically backs up your data to secure servers. However, it is advisable to regularly export key financial reports and data for additional backup.
  • Exporting Data: Use Xero’s "Export" feature to download copies of important reports, such as Profit & Loss, Balance Sheet, and General Ledger, and store them securely.

Comprehensive Documentation

  • Files and Attachments: Xero allows you to attach files directly to transactions, such as bills, receipts, and contracts. Ensure that all relevant documentation is attached and easily accessible for audits.
  • Documentation of Changes: Use the "History and Notes" feature to document any changes or corrections made to transactions, ensuring transparency and traceability.

Regular Reconciliation and Review

  • Bank Reconciliation: Xero provides a user-friendly reconciliation tool. Regularly reconcile your bank accounts by going to "Accounting" > "Bank Accounts" and clicking "Reconcile."
  • Review Reports: Utilise Xero’s “Account Transactions” and “General Ledger” reports to cross-check balances and ensure all transactions are properly accounted for.

Data Security and Encryption

  • Cloud Security: Xero stores all data in encrypted form, both in transit and at rest, within its secure cloud infrastructure.
  • Data Sovereignty: Ensure that Xero’s data centres comply with your local data protection regulations, particularly if your data is subject to data sovereignty laws.

Regular Audits and Compliance Checks

  • Assurance Dashboard: Leverage Xero’s Assurance Dashboard to monitor transaction accuracy and identify potential issues, ensuring compliance with organisational policies.
  • External Audits: Prepare for external audits by ensuring that all records are complete, accurate, and readily accessible in Xero.
  

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