Tips to Identify and Reduce Stock-Outs

We live in a world where anything you need can be accessed at the click of a button. As a result, suppliers need to ensure that they have the right levels of stock, at the right time, ready to be shipped.  If you are a supplier, what does this mean for you? Well, one thing is for certain – you need to avoid stock-outs as much as possible. Your customers will turn to your competitors to get their products, and with a good experience, they may never return.

It is important to understand why stock-outs occur. Once you can define those, you can put policies and processes in place that help to prevent these from occurring.

Some of the primary reasons that companies experience stock-outs are:

  • Underordering inventory due to underestimating the demand
  • Underordering due to poor decision making. Not having data insights such as forecast and lead time data, planned replenishment cycles, and safety stock leaves the buyer with very little to go on other than gut feel.
  • You ordered enough quantity, but your supplier did not deliver or only delivered a part of the order.
  • Using the incorrect lead time. If your supplier’s lead time is wrong and your delivery arrives later than planned, your re-order level should be lower.
  • A safety stock level that is too low to cover the risk profile of an item
  • Product quality issues which result in stock returns
  • The supplier is refusing to deliver due to a credit hold on your account from non-payment on your behalf.
  • A shortage of cash may limit the number of orders that can be placed each month. This could be caused by poor cash flow or other inventory issues such as too much cash tied up in excess inventory.

Dealing with the problem in the real world

The reality is that every business will suffer from stock-outs at some point.  With that in mind, it is important to focus on how to reduce the frequency of stock-outs. Below are some fundamental principles that will enable you to do that: 

  • A stock-out dashboard that identifies existing stock-outs. This allows management to resolve a stock-out effectively and timeously.
  • Communicate with your customer. The first step in a stock-out situation is to advise your customer and let them know how you intend to resolve the problem.
  • Look at sourcing the items from another branch or placing an emergency order with your or another supplier. A last-resort option is to buy the item from a competitor.
  • Appoint a person in the business to manage and resolve stock-outs. They need to be made aware that stock-outs are a top priority.
  • The stock-out process will be more effective if you rank by the highest potential lost sales so that these customers receive attention first. This enables the maximum benefit to be derived with the least effort in the least time.
  • A date stamp that identifies when the stock-out occurred assists in prioritization and management.

Be proactive – solve the issues before they become a problem.

Use the appropriate technology in your business to work smarter and faster.

  • A high level stockout dashboard can predict when an in-stock item will stock-out before the next order is received. This data gives you the time needed to rectify the situation BEFORE it becomes a stock-out problem.
  • Placing emergency orders or expediting existing orders is required to prevent these items from stocking out.
  • Forecast variance management. The potential stock-out dashboard and other calculations are only as good as the forecasts. Therefore, forecasts must be re-aligned to the real market demand as soon as any changes are identified.
  • A supplier order expediting system that identifies orders close to their expected delivery date and most definitely identifies overdue items.

The best way to ensure that you stay on top of stock-outs is to invest in a proper inventory management solution – like NETSTOCK.  Trying to manage your inventory in a spreadsheet is time-intensive, and you won’t get the same results that you would from a fit for purpose solution. It’s important to weigh up the cost and reputational damage as a result of stock-outs versus investing in an inventory management solution which helps with stock-outs AND helps you minimize your excess stock by placing smarter orders. This all goes to ensuring that you have the right products in the right locations at the right time – every time!

If you need any more information on, Inventory Management Software, stock-outs or NETSTOCK, contact us here 1300 857 464 or send an email to [email protected]

Cash Flow Reporting in MYOB Exo

Cashflow is the lifeblood of any business. To accurately project a company’s future bank balance, an effective cashflow forecast must use intelligent analytics, comparative period analysis, moving ledger balances, and much more. MYOB is introducing basic cashflow analysis into MYOB Exo in the latest update, version 2020.3 to help give you better insight and control over your business’ finances.

How can cashflow help your business?

Cashflow analysis can provide a picture of a business’ performance and potential by analysing activity from a cash movement perspective. This allows you to have a focus on both short, and long-term expectations. Smart cashflow management means you can make smarter purchasing decisions and improve your bottom line.

Cashflow in MYOB Exo

MYOB Exo will break down your classifications into 3 main categories: Operating, Investing, and Financing. However, this can be customised further and broken down into additional classifications if required. This basic set up will allow you to generate a Statement of Cashflow and gain instant perspective of the current cashflow situation in your business.

Although useful and powerful, this statement cannot be solely relied on for cashflow forecasting. However, when used in conjunction with other tools and Connected Services, you can begin to see a better picture and accurately forecast future cashflow. MYOB Exo will also be able to generate a Cashflow Classification Report that can be used as a quick and easy way to double check that your customer accounts have been configured correctly.

 

 

This much requested feature will be easily useable straight out of the box, with limited investment in configuring. MYOB Exo will automatically tag transactions that typically effect cashflow and use that data to generate reports. It is simple and low risk to implement, providing value with only minor account customisation required.

The version 2020.3 update of MYOB Exo will also feature user interface and aesthetic upgrades, allowing the new Cashflow analysis to fit seamlessly and elegantly into your MYOB Exo setup. If you have any questions about the future updates of MYOB Exo, Cashflow Management, or anything ERP related please do not hesitate to call us on 1300 857 464 or send an email to [email protected].

MYOB Exo and Data Security

Now more than ever we encounter clients who lose their data having been affected by disk failures or viruses. Unfortunately, data recovery plans are far too often overlooked until disaster has already happened. Here are some danger areas you should consider before disaster strikes so that you can plan accordingly, save time, and avoid the cost of lengthy data recovery processes. As always, your IT department or provider will be able to assist you further, and you should liaise with them to put the proper steps in place.

Grandfather-father-son

Grandfather-father-son backup is the recommended rotation scheme for financial information. There are three backup cycles: daily, weekly, and monthly.

The daily backups (7) are rotated on a daily basis using a FIFO system. This means that new or modified files are backed up onto the “oldest” media in the set, i.e. the media that contain the oldest and thus least useful previously backed up data. The weekly backups (5) are similarly rotated on a weekly basis, and the monthly backups (12) on a monthly basis. In addition, quarterly, half-yearly, and/or annual backups should be separately retained. In high-volume environments, and hourly backup can be added.

Storage

The most common mistake with backing up storage is to store the backup on your main server. This becomes a major problem if there is a catastrophic server failure such as a hard drive corruption, as you have not only lost access to your live data but to your backup as well. The best practice is to have offsite backups in addition to your onsite backups. This could be on a physical device such as external hard drives, or by transfer to an offsite location, such as a File Transfer Protocol (FTP) site like Dropbox.

Your IT department or provider should already be performing both backups, check in with them to make sure your data is being backed up properly.

Recovery Plans

Data backup is not the same as data recovery. The process to sufficiently restore your backup to the system can be long and painful, even if you have an easily accessible copy. We recommend working with your IT department/provider to put a plan in place to streamline your backup and restoration process, factoring in both onsite and offsite backups.

Viruses

Viruses and hacks are a well-documented threat to the security of your data. Malicious emails requesting users to click through to an external website, or to download an attachment, may seem genuine. However, they can harbour malicious malware designed to infect your system, search for files to encrypt and locking your access. These viruses can also encrypt your backup data if the backup device is connected to your network, making the requirement for off-site backups even more critical. Remain vigilant and resist the urge to click on links, and review emails carefully before opening attachments.

Devices

Consider that your mobile devices, company tablets, and laptops could also contain sensitive company data, and that these devices regularly leave the security of your office. All data should be encrypted to prevent any potentially embarrassing or legislatively liable breaches.

Testing

After you have a reliable backup system in place it needs to be regularly tested to make sure it works properly and can be properly restored. Ask your IT staff/provider to restore your last backup into a separate environment, give access to key staff to test and verify that everything is working properly. This should occur on a regular basis to ensure your process is robust and reliable.

What do I backup in MYOB Exo, and how often should I make backups?

There are several parts to back up in MYOB Exo Business:

  1. The Database (best practice is to create an SQL Backup [.bak file])

The database should be backed up based on how far you would be comfortable re-entering lost information. If you cannot spend the time re-entering the past week’s data, considering backing up your database more regularly.

  1. The Custom Elements (any forms, reports, templates etc.)

Ideally any time a custom element is altered the custom files should be backed up. Your Clarity folder is an essential item to back up.

  1. Program Files

Program Files are typically provided by your Exo Business Partner; however, you should back up your own copies every time you upgrade the software. You will also need to know where the licence keys or registration codes for the software are kept.

  1. Exchange Server (or similar)

The Exchange Server manages your Microsoft Outlook. It is essential to have this backed up daily. Make sure that your Network Administrator has configured your email so that in the event your server is off-line, your emails get stored at your ISP and then cascade down once the server is restored.

These are a few simple considerations for your company’s data security and recovery plans. Work with your IT department/provider to move towards the best possible options for both your company and clients.

For any advice specific to MYOB Exo please call us on 1300 857 464 or email us at support@k-c.com.au.

MYOB Exo: Quick Tips and Tricks – Part 1

Kilimanjaro Consulting are dedicated to ensuring all MYOB Exo users are making the most out of their software. In addition to the support and training that we provide, we have put together some quick tips and tricks so you can upskill yourself in a matter of minutes! Here are 5 quick tips that will improve efficiency in your day to day tasks. 

Quick Tip One: GL Bathchno on Transactions

If you’re having trouble finding transactions in Exo to reconcile your bank statement, enable the column ‘GLBatch No’ within the Transactions tab of the Debtor or Creditor Account Details. This will show you which transactions have been posted through to the GL.

Quick Tip Two: Idle session timeout period

For those on MYOB Exo Business version 2016.3 and above, you can configure an idle timeout for users by configuring the new ‘Idle session timeout period in minutes’ User profile setting. If this setting has a value greater than zero, then users will be logged out after a period of inactivity that exceeds the entered value (in minutes).

Note: Because this is a User-level profile setting, you can set different timeouts for different users, or have no timeout for some users.

A warning message appears when the idle timeout has been exceeded:

The user has 60 seconds to cancel, after which their session is ended and they are logged out of Exo Business. 

Quick Tip Three: Custom filters on ExoGrids

Use Custom Filters in Exo to select just the data you’re after. In this example, we are filtering on jobs in Job Costing with WIP to invoice, but Custom Filters can be set in all Exo Grids.

In the Job Management Screen, right-click on the Title bar and select Custom Filter > Set Filter.  Click Options… and New.  

In the Filter SQL field enter your filter.

Note: You will need to know the field names to do this. These can be obtained from the Enprise Education Centre, or from Enprise.

Once you’ve entered the field name, click OK. You can now run your Search (click the Search button) and apply your filter. 

Quick Tip Four: Multiple column sort on ExoGrids

In Exo Grids, you can sort by multiple columns by clicking on the first column heading, then holding the Shift key down and clicking on the second.

Quick Tip Five: Lock Columns in Job Costing

In Job Costing, you can set your column widths and then lock them to ensure they can’t accidentally be changed. 

Step 1: Right-click on the header and select Save column settings.  

Step 2: Go to Utilities > Lock column widths

If you have any enquiries please call us on 1300 857 464 or email us at [email protected]

One Company – Two Brands

Enprise Solutions and Kilimanjaro Consulting provide leading cloud and on-premise business solutions based on the MYOB Advanced and MYOB Exo software platforms, across New Zealand and Australia. We operate as “One Company – Two Brands”   Enprise Solutions in New Zealand and Kilimanjaro Consulting in Australia. Enprise Solutions is MYOB’s number one partner in New Zealand. Kilimanjaro Consulting is MYOB’s number one partner in Australia.  

Together we offer more

Together we have the largest and most experienced pool of MYOB Advanced and MYOB Exo consultants and support staff across Australasia.  The two companies provide localised services through branches in Auckland, Wellington, Christchurch, Sydney, Parramatta, Melbourne, Canberra and Perth.  

Enprise and Kilimanjaro offer cloud options for all of the software they sell. In addition, our portfolio includes a range of companion products that boost the productivity of MYOB Advanced and MYOB Exo. This market-leading companion product range is carefully chosen to integrate tightly and extend the power and functionality of MYOB Advanced and MYOB Exo. We host, implement, integrate, manage and support all of the software we sell.   

MYOB, Enprise and Kilimanjaro are all Australasian brands created in response to local market needs. Enprise and Kilimanjaro are trusted local suppliers, offering licensing flexibility, easy in easy out flexibility, upgrading flexibility, local support and local hosting.  By choosing us you remove risk from your project and ensure ‘gold standard’ support over the long haul.  

Enprise Solutions and Kilimanjaro Consulting are both owned and operated by listed company Enprise Group (NZX:ENS).  

Why MYOB software and support?

MYOB is committed to providing solutions to all Australian and New Zealand businesses, large and small. MYOB spends more than $45 million on research and development each year to evolve its technology. MYOB has a team of over 200 engineers and is positioned to remain the leader in the cloud software (SaaS) market for many years to come. MYOB products are perfectly suited to Australian and New Zealand businesses. 

MYOB Exo 2020.1 is here

MYOB Exo is an integrated range of business applications that gives you visibility of all your information in one place. It is a multi-user system that is built on the most robust, industry-standard technologies available. It can support over a hundred concurrent users. For almost two decades, MYOB Exo has been one of the most popular ERP solutions on the Australian market. As you would expect,  with mature software comes updates and new releases. The most recent version of MYOB Exo, Version 2020.1, future-proofs the software and response to the user’s changing needs and adds long-awaited functionality. To keep up with MYOB Exo’s regular updates, visit our Version History page here.

Leverage your investment in  MYOB Exo

Work environments are constantly changing, as your needs and those of your customers evolve. Your business must be dynamic and flexible to succeed. MYOB Exo Version 2020.1 will help you respond to those changes.

This release brings several new features and functionality, but most importantly the modern new user interface will change the user experience forever.

What you can expect – New features of 2020.1

Updated User Interface

MYOB Exo 2020.1 offers an array of enhancements focusing on the user experience, providing users with a system that will allow your team to use the software more efficiently than ever before. If you are running an older version of MYOB Exo, here are some features you might find new and exciting:

New Functions in 2020.1

  • A new level of technology in the back end
  • New spelling checker
  • Greater security and privacy
  • Invoice search on debtor and creditor payment screens
  • Greater control over automatic period locking at EOM
  • Reviewing blocked automatic reversal
  • Handling extra search fields and extra fields
  • Clean screens
  • Simplified interface
  • Improved scaling for modern monitors.
  • Spell check on character fields
  • Foreign characters

New User Interface in 2020.1

  • A modern and fresh new look
  • Toolbar and Menu Icons
  • Dropdown Menu
  • Shortcut Icons
  • Shading of table rows
  • Overdue account indicator

Now let us take you through some of the most significant features:

Larger range of shading and characters

  • Alternate shading on multiple transaction and data lines: improving readability

  • Foreign characters on key fields (ie stock description)

Importing into the stock movement screen

Bulk stock uploads used to be relatively painful as users had to key the items and quantities in one by one on the stock item adjustments screen. Now you can import from a separate file or copy and paste from your clipboard, enabling data aggregation before loading into MYOB Exo.

Spell check on memo fields

Don’t you hate spelling errors on your sales order confirmations or invoices? Exo’s in-built spell-check function provides users with the support they need to get it right the first time.

Invoice Search on the debtor payments screen

This feature now allows you to search invoice numbers regardless of the current debtor selection, making it quick and easy!

Foreign Characters FAQ

In the past, we could only show foreign characters in a printed report or on invoices. With Unicode built into the new infrastructure, we can have foreign characters on the screen which helps usability.

Business Alerts

During times of increased data security awareness, we thought it would be useful to remind everyone of business alerts and how to provide additional protection for your data.

Business alerts tend to be created by advanced users that have at least completed Business Tools training. To see how the business alert function works, watch the demonstration of all the new features of Exo 2020.1 here.

Please note you should have some training in the use of Business Alerts prior to attempting this. Call our friendly MYOB Exo consultant team for assistance if required on 1300 857 464.

Business Events in MYOB Advanced

MYOB is focused on improving features and functionality and ease of use with every upgrade. In the 2018.1 release in MYOB Advanced, the added functionality of ‘Business Events’ has made a significate change to how businesses can operate. Every business has unique workflows and processes to drive both internal and external communication and actions. The Business Events feature can automate some of these day-to-day tasks. It has the ability to monitor specified data for changes and process certain actions as a result.

What can the Business Events feature do for your business?

This feature gives users the flexibility to support actions in a number of different scenarios.  Generally speaking, examples include notifying:

  • Customers that an invoice is outstanding and due for payment. A copy of the invoice could also be attached to the email sent
  • Staff that a shipment from a particular supplier has arrived
  • Staff that an outstanding customer balance greater than 60 days is now cleared
  • The production manager that the customer has paid their deposit and materials can now be ordered.

There are four key components when configuring Business Events

1. Create a Generic Inquiry used to monitor data

2. Determine how the data is to be monitored

– As records changed
– On a set schedule

3. Define the criteria for an action to occur

4. Specify the resulting action to take

– Issue a Notification (email or mobile)
– Using import scenarios to add or update records

Examples to help you use MYOB Business Events

In the following example, we will be using Business events to automatically email prospect information about your organisation once a lead is loaded into MYOB Advanced.

1. Create the Generic Inquiry

In MYOB Advanced, Leads are part of the Contacts Table. Aswell as this, we are also giving the User an option to specify if an introduction e-mail is to be sent, by way of a checkbox as an Attribute.

Following are some tips when creating Generic Inquiries for use with Business Events:

Reference only the required fields in the Generic Inquiry. These fields should include:

– Those fields used as part of the Notification email

– Include the Key Identifier fields of the tables used.

– All fields required to track the change in data.

  • Grouping should not be used in the Generic Inquiry
  • Do not use existing Primary List Generic Inquiries as a source of data for Business Events. These Generic Inquiries link to the underlying form and may impact on performance.  We suggest a simplified Generic Inquiry is used instead.
  • If monitoring attributes for data changes, reference the underlying CSAnswers table, not the [Attribute name]_Attribute field extensions you may find on some tables.

2. Create the Business Event that will send the notification to the Prospect

The type is set to “Trigger by Record Change”

  • The Raise Event is set to “For Each Record”
  • The Screen Name is referencing the Generic Inquiry created in Step 1
  • The trigger conditions are set to occur where
    • A new record is inserted or
    • Where the Send Intro Email checkbox is subsequently checked by the user (True = 1)

3. Select the Subscribers Tab

  • The Type is an email notification. Select ‘Create Subscriber’ to create a new Notification.

  • The Notification ID describes the purpose of the Notification
  • From refers to an email account from which the email should be sent from
  • To refers to the recipient of the email. In this case, the email address associated with the Prospect
  • The Screen name refers to the Generic Inquiry created in Step 1
  • If the Link to Contact is populated, a copy of the email created will be logged against the Lead’s record as an Activity.

When a new lead is created and the option to send an introductory e-mail is selected, the Prospect will now receive an email containing additional information about your company.

Making the most out of your MYOB Advanced software

Interested in more ways to optimise your software? We have prepared numerous tips and tricks that you may find useful in order to maximise MYOB Advanced potential! Visit our blogs below or feel free to contact us if you have any questions at all.

Alternatively, for a comprehensive overview of all of our best MYOB Advanced ‘hacks’ in one place, you can download our PDF – The Ultimate Compilations of Tips and Tricks!

If you are interested in learning more about Business Events and how they could potentially be used in your business, contact Kilimanjaro Support at 1300 857 464 or email us at [email protected]

Kilimanjaro announced as MYOB’s Diamond Partner in 2020

Kilimanjaro Consulting is delighted to announce that we have again been recognised by MYOB in their Annual High Achiever Awards. For the fifth consecutive year, Kilimanjaro has attained Diamond Status: which is the highest status that an MYOB partner can attain. In addition, Kilimanjaro retains their status as Platinum Partners for both the MYOB Exo and the MYOB Advanced products. This recognition is based on a combination of metrics. This includes the skill set in the team, business growth and most importantly, customer satisfaction.

Consistent Performance by putting Clients First

Kilimanjaro was MYOB’s very first Diamond Partner in the Enterprise Division and has consistently maintained these high standards during this five-year period. The attributes of our strong organisational culture is a result of this great recognition. Our #ClientFirst initiative aims to provide premium service to all Australian businesses. Our goal is constant and incremental improvement. We use a net promoter score to measure and monitor our client’s satisfaction. This score has improved significantly since implementing our #ClientFirst initiative.

While MYOB recognises us for being their first and longest-standing Diamond Partner, we, in turn, congratulate MYOB on the evolution of their Enterprise Division products. MYOB is now truly established as the leader in the mid-market. Larger, more complex businesses now see MYOB Exo and MYOB Advanced as the first choice in ERP solutions. To read more about us visit our page working with the MYOB’s number 1 partner

Above all, this achievement would not have been possible without the tremendous support we have received from our clients, our suppliers, our team and MYOB themselves.

Bigger and better

As a company, we are poised to deliver even better service to our clients as a result of our recent merger with Enprise Group. Enprise is a leading provider of software services for mid-market companies, delivering these services to NZ businesses and is the partner choice for over 750 businesses in Australasia. Enprise is also known as the “Father of Exo”, previously known as Exonet. Former Enprise Group CEO Mark Loveys was the original developer, product designer and founder of what is now one of Australia’s and New Zeeland’s most popular products for mid-market Businesses, MYOB Exo.  Enprise Group CFO Elliot Cooper was Exonet’s product manager and, along with Mark Loveys, designed much of the product’s functionality. Today, many of the current Enprise team members are from that original Exonet Team. Read more about the Exonet story here.

Our combined entity now has over 100 professionals dedicated to delivering solutions to mid-tier companies across Australia and New Zealand. As a result, this makes us the obvious partner of choice for companies looking for a mid-tier ERP solution. Either on-premise or in the cloud.

Above all, we look forward to continuing the tradition of recognition by MYOB year on year.

If your business is looking for an ERP system or an implementation partner, don’t hesitate to contact us. Simply leave your details in the contact form below or give us a call on 1300 857 464 . We are here to help your business succeed.

Boost your career while WFH with MYOB Online Training

The COVID-19 pandemic has drastically changed the way that the majority of Australian and global businesses operate. Uncertainty and isolation have forced people into new environments, leading to new inspiration or motivation. Yet, with this change of scene comes unique opportunities as you think about ways to help not only your business but your professional career.

What opportunities are presented by working from home?

We are all aware by now that working from home can introduce some unanticipated challenges. In this new environment, increased disruptions and lack of engagement with colleagues can often leave us feeling unmotivated, blocked and unable to steer ourselves back on track.

However, it doesn’t have to be this way.

Your time away from the office creates an opportunity for self-improvement and personal development. You should ask yourself what areas you would like to focus on, or which skills you would like to improve on. How will you optimise your day and become the most efficient worker you can be? These simple questions will allow you to breathe a new sense of achievement and motivation into both your short and long-term goals.

Boost your career with Online Training!

As mentioned above, we have recognised that many opportunities exist within the WFH setting. Therefore, Kilimanjaro has introduced a digital edition of one of our most popular training courses via our online training portal.

The MYOB Exo Business – Online Training Course will allow you to extend your knowledge of the software that lies at the core of your business. Our online training modules provide a host of benefits over and above our classroom-based training. Therefore, this course allows you to complete training from the safety and convenience of your home or office. Each module is broken down into manageable 20-minute sittings, allowing you to complete the course at your own pace.

How will you benefit?

A small amount of time invested in MYOB Exo Business Online is a long-term investment into your growth as an Exo user. Gaining Exo knowledge can:

  • Prepare you for new roles and responsibilities
  • Ensure that you can complete tasks efficiently
  • Provide you with a deeper understanding of available functionality
  • Give you a sense of confidence, achievement and satisfaction.
  • Improve your skill set, making you more valuable when business returns to normal

How will your company benefit?

We understand the importance of empowering the team. Confusion around the software’s functionally is detrimental to your business. Therefore, in this challenging environment, it is critical to carry out operations precisely and efficiently. Thus, this course provides participants with the tools they need to increase their own productivity and efficiency. In doing so, this will then allow the business to focus on what’s important – the unpredictability created by COVID-19.

Call us to find out more

Are you considering taking the leap to enhance your knowledge? If so, use your time wisely and register today on our Training Portal to access all of our online courses and modules.

Additionally, for more information about training or Kilimanjaro’s response to COVID-19, please do not hesitate to contact our training team on 1300 857 464 or [email protected]

Fixed Assets in MYOB Advanced

Fixed Assets Management in MYOB Advanced (powered by Acumatica) makes it easier to manage company assets and provides complete visibility and depreciation calculations. You can include your assets into your reporting directly from your accounts payable purchases, imported from an existing file or individually. The MYOB Advanced Fixed Assets module can support you in many ways. The newest version of MYOB Advanced saw the completion of the long-awaited additions to Fixed Assets module. Therefore, this release adds functionality by completing work on the diminishing value and prime cost/straight-line depreciation methods for the Aust and NZ jurisdictions. And so, we will take you through some of the new features and how to access these in your system.

Two new calculation methods are now available for the Australian jurisdiction:

          1. Australian Prime Cost

          2. Australian Diminishing Method

It is also now possible to define the percentage calculation of depreciation on the following levels per:

  • Depreciation method

  • Fixed Asset Class

  • Fixed Asset (individually)

Furthermore, with the new depreciation methods, the following attributes are improvements on the old behaviour:

  • Depreciation amounts are calculated on a per-day basis, which means that the calculation for a 31-day month is slightly more than for a month with 30 or fewer days.

Let us illustrate this with an example: An Asset with Acquisition Cost of $12000 was purchased and Placed in Service on 31.03.2020 with a useful life of 1 year.
For each period of an asset’s useful life, depreciation is calculated based on the following formula.

D = Depr. Base * (Percent per Year / 100) * (N / 365)

where

  • N: The exact number of days the asset is held in the fiscal period. The number of days held is calculated as follows for the listed periods:
    • The first depreciation period that is specified for the book (Depr. From Period): Last day of the period – Placed-in-Service Date + 1
    • The disposal period: Disposal Date – First date of the period + 1
    • All other periods: Length of the period in days

In our example, the formula calculates the following depreciation for the first three months of assets life:

  • March 2020 Depr Base 12000*(100%/100)*(1 day/365)=32.88
  • April 2020 Depr Base 12000*(100%/100)*(30/365)=986.30
  • May 2020 Depr Base 12000*(100%/100)*(31/365)=1019.88

The same calculated depreciation amounts can be seen on the Depreciation History tab of the asset:

The pre-2020 versions Straight-Line Depreciation Calculation Method calculates the monthly depreciation to be $1000 for all full months regardless of if the month was 28, 29, 30 or 31 days as seen below:

  • We now need to consider leap years. A leap year calculation is slightly higher than a non-leap year

  • The calculation for depreciation per asset is done by changing the Depreciation percentage value

Therefore, the Fixed Asset class can then be used on a Fixed Asset, with the percentage value defaulting based on what the Fixed Asset class has set. This value can change on an asset-by-asset basis, or a book-by-book basis for each asset.

MYOB is constantly looking to improve the user experience and the software itself within MYOB Advanced. Thus, the latest release, 2020.1, introduces Employee Self Service features, and more extensive features to the Payroll module. For more information about the new Employer Self Service Portal, read here (link to our new article).

This release also includes updates to Bank Feeds and Fixed Asset features and resolves issues identified in previous releases. Therefore, for more information, visit our page here to learn about MYOB Advanced Version Release History.

Interested in other ways to optimise MYOB Advanced? If so, we have prepared numerous MYOB Advanced Tips and Tricks to ensure you are making the most out of your system. Learn more about:

Alternatively, for a comprehensive overview of all of our best MYOB Advanced ‘hacks’ in one place, you can download our PDF – The Ultimate Compilations of Tips and Tricks!

Questions about using the MYOB Advanced 2020.1?

If so, feel free to email us on [email protected] or give us a call on 1300 857 464, we’re happy to help!

6 ways to evolve your ERP in a COVID-19 world

Being “connected” is now more important than ever before. These unprecedented times have meant businesses are working in different ways and accessing systems and solutions like never before. This poses a lot of questions for management and IT around how you can continue to operate in a secure and timely fashion. You need to ensure employees, supplier and clients can access the information they need, when they need it, without putting your business at risk.

That’s where Kilimanjaro can help. Below, we’ve answered the 6 most commonly asked “connectivity and security” related questions about MYOB Exo:

1) Is it secure to allow employees to access MYOB Exo from home?

Yes, with the right tools in place. The engine behind MYOB Exo is a Microsoft SQL database. What this means is you can connect to this from anywhere with some simple mechanisms. The choice of mechanism depends on your circumstances and requirements, but each provides a level of security to make sure your data is safe.

Some possible solutions are:

  • Team Viewer
  • Virtual Private Network (VPN)
  • Microsoft Terminal Server (plus VPN)

At Kilimanjaro, we can assist you in selecting the right options for your recommendations.

2) Can I move my MYOB Exo database to the cloud?

Yes, MYOB Exo can be fully hosted in the cloud. Again, your individual requirements will determine the best solution for you, so you are well-advised to talk to your channel partner before making any decisions.
Some possible options are:

  • Fully managed hosted environment (our server in the cloud)
  • Self-managed hosted environment (your server in the cloud)
  • Or a combination of the two

3) How can I allow my B2B customers to access the system from on-line?

MYOB Exo provides several options for this and has integrations with some of the more popular webstores and eCommerce sites such as Shopify and Magento. Kilimanjaro also offers a “module” called Dealers Online, which can be quickly deployed within a week and is tightly integrated to MYOB Exo. With this, your customers can view stock in real-time, place their orders, and with pricing policies and stop credit taken into account, no manual intervention is needed.

4) When using MYOB Exo Payroll, can employee information be viewed on-line?

Absolutely. Using the online employee portal MyStaffInfo, employees can securely apply for leave, check leave balances, and download payslips from any location, and in any web browser. If you are running MYOB Exo Payroll (Employer Services) and are not yet running MyStaffInfo, you really should be.

5) Can my salesforce access the system from their mobile device?

As with most modern ERP solutions, MYOB Exo can be accessed from mobile devices, allowing your salesforce to place orders directly into your MYOB Exo system from home (or if essential, the road). Using the MYOB Exo OnTheGo app, authorised members of your team can key their orders directly into your MYOB Exo system, from wherever they are. All they need to do is simply download the app from the Apple app store.

6) Can I run MYOB Exo Payroll from anywhere?

Like MYOB Exo, your MYOB Exo Payroll (Employer Services) software solution can also be hosted in the cloud. This will give you all the same benefits and features you currently experience, with the added benefit of being able to securely access it from any location, whether that be at home or in the office.

We also offer a completely new cloud-based Australian payroll solution called MYOB Advanced People. If you have some spare capacity in your payroll team, now may be a good time to consider moving. MYOB Advanced People can easily manage all your online payroll needs, and also offers a fantastic Employee Self-Service portal to allow employees to manage their needs online too.

We hope this has helped to answer your connectivity and security questions about MYOB Exo. The team from Kilimanjaro are still as always here to help, so feel free to reach out to us to talk about how any of these solutions could be applied to your requirements. You can fill out the form below or give us a call on 1300 857 464

MYOB Exo Business: Online Training Course Available Now!

At Kilimanjaro Consulting, we understand the importance of empowering your staff with the right skills and knowledge. This is especially true for using your MYOB Exo Business system efficiently and cost-effectively. Therefore, we have made one of our most popular MYOB Exo Business courses, Headstart, available in an on-line format. With the ease of your own desk and learning at your own pace, this online course is for you.

MYOB Exo Business Training at Kilimanjaro

For over a decade, Kilimanjaro Consulting has been providing users with training on MYOB Exo Business through our classroom-based MYOB Exo Business Headstart training, MYOB Exo Report Writing and Business Tools courses.

The MYOB Exo Business Headstart course has proven especially valuable to businesses training staff on MYOB Exo Business. There are close to 1,500 users completing one or more modules in the course. There is no better way to introduce new MYOB users to the software than by attending the MYOB Exo Business Headstart course.

With our MYOB courses scheduled regularly in Sydney, Canberra and Melbourne, we train MYOB Exo users on the ins and outs of MYOB Exo Business. However, we appreciate that it is not always practical for businesses to send staff to attend our classroom-based courses.

Kilimanjaro’s online training platform

Three years ago, we launched our online Training Portal with the aim of providing online editions of our classroom-based courses.

Through our Training Portal, to date, 90 users have completed our online MYOB Exo Business End-of-Financial-Year courses run annually in June/July and December/January. A number of short courses have also been available on MYOB Exo Payroll, MYOB Advanced Business and MYOB Advanced People.

This year, we are excited to expand our offering of online courses. We are very proud to announce the launch of our next online course:

MYOB Exo Business – Online Training Course

Similar to the classroom-based course, this online course is divided into 6 modules. This replicates the popular MYOB Exo Business Headstart course. The modules include:

  • Module 1: Getting Started
  • Module 2: Sales and Orders
  • Module 3: Purchasing and Stock Costs
  • Module 4: Maintaining Stock
  • Module 5: Accounts Receivable, Accounts Payable, Bank Reconciliations
  • Module 6: General Ledger, End-Of-Period and BAS (Australia)/GST (New Zealand) Reporting

Cost: $165.00 per module excluding GST and credit card processing fee of 1.7%.

Navigating the modules in MYOB Exo Business – Online Training Course

Modules can be completed independently and in any order. However, it is recommended that users complete Module 1: Getting Started first.

Each module consists of a number of sections, each focusing on a specific area. Each section is made up of a series of short lessons that can be completed in 5 to 20-minute sittings, making it easy to fit in with a user’s work schedule. At the end of each section, a brief multiple-choice quiz is presented to affirm a user’s knowledge and to highlight potential areas they may need to revisit before moving onto the next section.

As part of each module, users can also download a PDF version of the training manual provided in hardcopy at our classroom courses. For your convenience, a forum is also available within each module to pose course-related questions to the training team at Kilimanjaro Consulting.

Finally, at the successful completion of each module, users will receive a downloadable Certificate of Completion.

For more information on our MYOB Exo Business – Online Training Course, visit our Training Course Outline page. To access our online courses, register free on the Training Portal. If you have any questions regarding training, the Training Portal or our online courses, contact our training team on 1300 857 464 or emailing the team at [email protected]