Introduction: The Challenge of Consolidation for MYOB Users
MYOB is a trusted accounting platform for thousands of businesses across Australia and New Zealand. It’s known for its local tax compliance, payroll tools, and general accounting features. However, as your business expands into multiple entities—whether due to geographic spread, structural complexity, or group ownership—you’ll likely encounter a significant gap: MYOB does not offer built-in financial consolidation.
If you’re managing more than one legal entity in MYOB, running consolidated Profit & Loss (P&L), Balance Sheet, or Cash Flow reports becomes a manual, time-consuming process. Fortunately, there’s a better way.
In this blog, we’ll explore:
- The problem with consolidation in native MYOB
- The importance of accurate group financials
- A smarter solution using BrizoSystem
- Practical steps to create consolidated reports
Why Consolidation Is Important for MYOB Users
As your business evolves, it’s common to end up with multiple MYOB files—one per legal entity. These may represent different subsidiaries, business units, or branches across regions. Whether you’re reporting to shareholders, preparing for audits, or simply trying to understand group performance, you need a consolidated view.
Consolidated financial statements allow you to:
- Combine results across entities into one set of financials
- Eliminate intercompany transactions (to avoid double counting)
- Reflect true profitability and financial health of the group
- Make informed decisions with complete visibility
- Stay compliant with accounting standards like IFRS or local GAAP
Without consolidation, business leaders are forced to rely on incomplete or siloed information.
The Limitation: MYOB Doesn’t Consolidate by Default
Whether you’re using MYOB AccountRight or MYOB Business (formerly Essentials), each file is limited to a single company’s accounts. There is no built-in functionality to:
- Merge multiple MYOB company files
- Eliminate intercompany transactions
- Map different charts of accounts into a unified structure
- Perform multi-currency conversions for group-level reporting
To get around this, many finance teams resort to exporting trial balances and manually combining data in Excel—a painful, error-prone, and unsustainable process, especially when you add new entities or need monthly reporting.
BrizoSystem: A Seamless Solution for MYOB Consolidation
BrizoSystem is built to solve this problem. It connects directly to your MYOB company files, retrieves financial data, and allows you to generate fully consolidated group reports—no spreadsheets required.
BrizoSystem enables you to:
- Sync data from multiple MYOB organisations
- Create a common chart of accounts (CCOA) for group consistency
- Convert foreign currencies to your group reporting currency
- Eliminate intercompany balances and transactions
- Generate visually rich, drillable financial reports
With BrizoSystem, you move from disconnected company files to one source of truth for group reporting.
How to Run Consolidated Financials from MYOB with BrizoSystem
1. Connect Each MYOB Entity
Each legal entity has its own MYOB account. Start by connecting each one to BrizoSystem. The integration retrieves:
- Trial balances
- Journals
- Account lists
- (And optionally) invoice-level data
This process is secure and only takes a few minutes.
2. Map to a Common Chart of Accounts
Each company may use its own naming conventions (e.g., “Motor Vehicle Expense” vs. “Car Expense”). BrizoSystem lets you create a group-level chart of accounts and map each subsidiary’s accounts accordingly.
This ensures uniform reporting and eliminates confusion during consolidation.
3. Set Exchange Rates (if applicable)
If you operate in multiple currencies, you can configure monthly or fixed exchange rates in BrizoSystem. This allows you to consolidate into a single reporting currency—typically AUD or NZD for MYOB users.
BrizoSystem automatically applies these rates during consolidation.
4. Perform Intercompany Eliminations
BrizoSystem offers two elimination methods:
- Group-Level Input: Enter adjusting entries directly at the group level
- Subsidiary-Level Input: Select the “From” and “To” entities involved in each transaction
You can eliminate:
- Intercompany revenue and purchases
- Loans and advances
- Shared expenses
- Dividends between group members
- Unrealised profit in inventory or asset transfers
This prevents double-counting and ensures accurate group financials.
5. Generate and Share Reports
Once the data is aligned and eliminations are in place, you can generate:
- Consolidated P&L
- Consolidated Balance Sheet
- Cash summaries
- KPI dashboards
- Insight Packages (PDFs combining multiple dashboards and reports)
These reports are ready for export, sharing, and presentation—no Excel patchwork required.
Example: Consolidating Three MYOB Companies
Let’s say you have:
- AU Pty Ltd (using MYOB AccountRight, reporting in AUD)
- NZ Ltd (using MYOB Business, reporting in NZD)
- SG Pte Ltd (reporting in SGD)
Previously, your finance team had to:
- Export trial balances from each system
- Manually convert currencies
- Copy data into Excel
- Reconcile intercompany loans and sales
- Build reports manually
Now, with BrizoSystem:
- Each file is synced automatically
- Currency rates are applied consistently
- Intercompany eliminations are applied
- Reports are ready in minutes
It reduces closing time, improves accuracy, and simplifies reporting.
Why BrizoSystem Works Well with MYOB
Many consolidation platforms ignore smaller regional accounting systems. BrizoSystem, on the other hand, was built to support tools like MYOB, Xero, and QuickBooks.
Key benefits for MYOB users include:
- Seamless syncing from MYOB files
- Support for both AccountRight and Business versions
- Localised tax categories and reporting formats
- Visual, flexible dashboards
- Custom report templates and commentary
Whether you need statutory consolidation or internal management reporting, BrizoSystem has you covered.
Final Thoughts
If you’re managing multiple MYOB entities and struggling with manual consolidation in Excel, it’s time to consider a better alternative. BrizoSystem turns your disconnected company files into a single, reliable, and professional reporting environment.
You’ll save time, reduce errors, and gain insight into the true financial health of your group.
Ready to Simplify Consolidation?
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