Improved Deposit Management in MYOB ExoComing in version 2021.1 is added functionality to improve deposits handling in MYOB Exo
Deposits are a key step in making sure you get paid on time and in full. They also help to bolster your cashflow and remove some of the risk in not getting paid. Until recently, managing deposits in your MYOB Exo system was difficult and a cause of frustration. Version 2021.1 adds improved deposit management functionality so that you have greater flexibility, usability, and accuracy when managing deposit payments.
What’s new when managing deposits?
Allocating deposits to multiple invoices
Previously, when taking one large deposit from a client and assigning it to multiple invoices, the full deposit amount would be taken out of the General Ledger (GL), resulting in an imbalance. MYOB Exo now supports the part-allocation of deposits to various invoices. The deposit amount will always be correct in the GL even when it is partially allocated.
Moving deposits when changing Sales Orders
Sometimes, when you change the debtor account associated with a Sales Order, you want the deposit to stay associated with that particular order. Previously, the deposit would always remain tagged to the debtor account and would not remain on the sales order. This new release adds the option to choose what happens to the deposit on a Sales Order when the debtor is changed. The default setting is to always keep deposits with the debtor, but this can be easily changed in the settings.
Posting deposits and deposit allocations
In previous versions, deposits were only posted to the GL when the Receipts option was ticked on the Post Ledgers to GL window. This is not always desirable, especially if Banking Batches are to be used. Now, when using banking batches, you can choose whether or not to post deposits to the GL even if the receipts option is not ticked.
Deposits are no longer consolidated to a single transaction if included in a banking batch. This makes auditing and reconciling deposits to the GL much easier, and more transparent.
Un-Allocating and reversing debtor allocations
When allocating a posted unallocated deposit, or un-allocating a posted deposit and then posting to the GL, the deposit will be posted to both the ‘Debtor Control – credit’, and ‘Deposits Received – credit’ accounts.
When allocating a posted deposit and then reallocating that deposit before posting, then no movement will occur.
Previously, if an allocated deposit was unallocated from one invoice and reallocated to another, no GL transactions were created. This made tracking the movement of the deposit through your accounts more difficult and made errors in your GL more likely. By automatically creating these extra transactions in the GL, MYOB Exo gives better visibility over the movement of these deposits, and how it affects your accounts.
You can also reverse the allocation without deleting the transaction. The system automatically creates a reversal transaction, debiting Debtors Control and crediting Deposits Received.
Update to ledger reconciliation
You are now able to see un-allocated deposits on the Ledger Reconciliation screen. Previously, these amounts would be hidden in the more general Variance amount. This additional visibility helps with error management and keeping your accounts in balance. MYOB Exo has more functionality around reconciliation, read more on our Quick Tips and Tricks here.
Improvements to deposit usability
Deposit totals are now displayed in the footer of the Sales Order window. This is useful to keep you up to date on your orders’ deposit status giving you increased transparency over each order.
Prompts can also be set up on this screen, giving you more control over when you are prompted for each Sales Order. In addition to the existing prompts “Always prompt when saving” or “Never prompt” you can now select “Only Prompt when Saving a New Order” or “Only prompt when there is no deposit”.
If deposits have been causing trouble in your current MYOB Exo system and you wish to upgrade to version 2021.1 to find the solution, contact us on 1300 857 464 or firstname.lastname@example.org. MYOB is constantly working to improve the MYOB Exo offering, and is open to hearing your feedback. Whether it is to solve a pain point or to add in new functionality, if you would like to shape the future direction of MYOB Exo contact your Account Manager.