Double-entry accounting, the standard accounting method used by MYOB products and the accounting profession, requires that every transaction have two or more debit and credit entries that balance; that is, the debit amounts and credit amounts must equal zero. There's nothing magical about these debit and credit entries, but many people find them cumbersome to make, and they can be error prone.
By setting up linked accounts before you enter your first transactions, you reduce the number of entries you have to make, making fewer opportunities for typos and other errors that you might have to correct in order to complete a transaction.
Changing linked accounts
Linked accounts are required, and you should seldom need to change them once you've chosen the ones that are right for your business. In fact, if you change your linked accounts frequently, you may find it's more difficult to gauge the state of your business, since transaction information will be spread across a number of accounts.
Note: If you activated the Use Audit Trail Tracking preference, a change of a linked account is recorded.
Using the Easy Setup Assistant, you can change most of the linked accounts for the Accounts, Sales, Payroll and Purchases Command Centers. You can also change linked accounts using the Linked Accounts window.
In addition, you can change the linked accounts that will be used to track an individual payroll categories using the Wages Information window, the Deduction Information window, the Employer Expense Information window and the Tax Table Information window. For a complete list of step-by-step procedures for changing linked accounts, see To change a linked account.