Corporate Cards in MYOB Advanced

As of MYOB Advanced version 2020.3, the use of corporate credit cards is now supported through the Expense Claim and Expense Receipt forms. This helps employees and accounts to categorise and track expenses. For example, an employee can buy something to charge to a project and pay for it with a corporate card. This transaction can be tracked and accounted for within MYOB Advanced. However, employees can still have out-of-pocket expenses that are reimbursed through the standard process.

The new corporate card functionality provides the following advantages:

  • Administrative users can manage corporate cards.
  • Corporate cards support foreign currencies.
  • Expense receipts in a foreign currency can be paid with a corporate card.
  • A single expense claim can be created for all corporate card expenses, if they have the same card currency.
  • Bank transaction matching and reconciliation process supports corporate card statements so that card statement records can be matched to expense receipts.

Initialising Expense Claims and Receipts

To start using the functionality of expense claims and expense receipts, which includes the corporate card functionality an administrative user enables the Expense Management feature. This can be done on the Enable/Disable Features (CS100000) form.

The Corporate credit cards themselves can be configured on the Corporate Cards (CA202500) form. The card number is used for matching transactions to a bank statement. Multiple employees can use a single corporate card; these employees are listed in the table on the form.

To enable corporate cards on the Corporate Cards form, General Ledger accounts, cash accounts, payment methods, and employees must all be configured as described below.

     

** Tip: If the card currency differs from the currency of an employee who uses the corporate card, for this employee, the Enable Currency Override and Enable Rate Override check boxes must be selected on the General Info tab (Employee Settings section) of the Employees (EP203000) form. The Currency ID box, where the employee currency is specified, can also be found in this section of the form.

The cash account that is used for corporate cards should be configured as follows:

  • A separate GL account should be configured for each bank and currency.
  • Each GL account has a separate cash account with the following settings specified on the Cash Accounts (CA202000) form:
    • The Clearing Account check box is cleared.
    • The Restrict Visibility with Branch check box is cleared.
    • The Use for Corporate Cards check box is selected.
    • Only one payment method can be associated with the cash account.
    • Optionally, the Requires Reconciliation check box is selected; if it is, a numbering sequence must be specified in the Reconciliation Numbering Sequence The predefined CARECON numbering sequence can be selected.

Although the cash account that is used for a corporate card must have only one associated payment method, this payment method can be selected for multiple cash accounts. If a payment method is selected for a cash account that is used for a corporate card, in the Summary area of the Payment Methods (CA204000) form, the Use in AP (Accounts Payable) check box is selected. Also, on the Settings for Use in AP tab of the form, this payment method should have the following settings:

  • Not Required (Additional Processing section): Selected
  • Require Unique Payment Ref. (Payment Settings section): Cleared

Paying Expense Receipts with Corporate Cards

On the Expense Receipt (EP301020) form, in the Paid With box (in the Expense Details section of the Receipt Details tab), a user can select how the expense receipt has been paid. The following options are available:

  • Personal Account: The company’s expenses that the employee paid with his or her own funds and the company will need to reimburse to the employee. This is the default option if the employee has no active corporate card assigned.
  • Corporate Card, Company Expense: The company’s expenses that are paid with a corporate card. This is the default option if the employee has an active corporate card assigned.
  • Corporate Card, Personal Expense: The employee’s personal expenses that are paid with a corporate card.

             

In the Corporate Card box, the user selects from their available corporate cards. By default, the card used in the employee’s most recent expense receipt is selected, as determined by the receipt’s creation date. If the most recent card is unavailable, the employee’s first active card (sorted alphabetically) will be chosen.   

** Tip: The box to select the corporate card is unavailable on the form if Personal Account was selected in the Paid With box.

Corporate card expenses cannot be split between the employee and the company account. That is, on the Expense Receipt form, in the Expense Details section of the Receipt Details tab, the Employee Part of an expense receipt paid with a corporate card must be zero.

If the ‘Require Ref. Nbr. in Expense Receipts’ check box is selected (located on the General Settings tab of the Time and Expenses Preferences (EP101000) form) then the Ref. Nbr. box must be filled in with the reference number that matches the number of the original receipt.

Processing Expense Claims for Expense Receipts Paid with Corporate Cards

On the Expense Claim (EP301000) form, an expense claim can contain all the employee’s expense receipts paid with corporate cards as long as they have the same card currency. Each expense claim line refers to an expense receipt. On release of an expense claim, the system creates documents for the expense claim lines, depending on the value in the Paid With column:

 

 

  • Personal Account: A single AP bill is created on the Bills and Adjustments(AP301000) form for all the expense claim lines with positive amounts and a single AP debit adjustment is created on the same form for all the expense claim lines with negative amounts.

  • Corporate Card, Company Expense: An AP quick cheque is created on the Quick Cheque(AP304000) form for each expense claim line; if the Post Summarised Corporate Card Company Expenses check box is cleared on the General Settings tab of the Time and Expenses Preferences (EP101000) form.

    ** Tip: However, if the Post Summarised Corporate Card Company Expenses check box in selected, the system creates a separate AP quick cheque for each group of the expense claim lines with the same date, corporate card, and reference number. On release of this AP quick cheque, the system credits the card liability account and debits the expense account of the expense item specified in the expense receipt.

 

 

  • Corporate Card, Personal Expense: A single AP debit adjustment is created on the Bills and Adjustments form for all the expense claim lines. On release of this AP debit adjustment, the system credits the card liability account and debits the employee’s AP account.

 

The new addition of Corporate credit card functionality to MYOB Advanced, allows the simple and efficient reconciliation of expenses. 

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

If you require assistance in setting this feature up, please contact our Support Team at [email protected] or by calling 1300 857 464.

Is it a good time to change your payroll system?

COVID-19 and its effect on businesses

While the direct impact of COVID-19 has not yet been fully realised, businesses have been forced to adapt in order to stabilise or survive. Identifying and improving inefficient processes is the key to cutting unnecessary costs and relieving some of the financial pressure. We believe that payroll is one such process that can be significantly improved in many businesses. A robust payroll system can lead to the better management of your other resources. In turn this leads towards your business being better position to survive and thrive.

“Payroll in the cloud is not the future, it is here. MYOB Advanced People is thriving. Software in the cloud has enabled employers to pay their employees anywhere, anytime with ease. The future is now.”

– Julia Padington, Senior Payroll Consultant at Kilimanjaro Consulting


Businesses are more willing to adopt existing technology that they were not widely using before. There is increased confidence operating in an online space, and concerns about data security and operating in the cloud have subsided. What we have found is that migrating operations and data to the cloud is a natural and logical step that many businesses will undertake in the future.

To learn more about our prediction of the major trends for 2021, read here.

What issues might I be exposed to with an out of date payroll system?

With improper payroll practices or resources, business can become exposed to compliance, fraud and other sources of risk. COVID-19 has only heightened this threat, as focus is shifted elsewhere in the business. Out of date payroll systems struggle with many requirements of modern companies, such as:

  • An inability to handle the complexities of awards and work rules
  • Difficulty managing different pay cycles
  • Inflexible technology platforms
  • No automation for leave requests and approval

Payroll processes should be constantly developed and optimised to improve efficiency and compliance, and limit risk. Employee knowledge and training of your payroll system plays a significant role in its effectiveness, especially when working within a system that relies on manual input. Staff reductions in response to the pandemic can expose gaps in critical areas of a company’s payroll process.

Visit our Payroll Training page here

What can enterprise level payroll programs do?

High functioning payroll systems, such as MYOB Advanced People, are suited to the complex requirements of modern growing businesses. The technology allows the open flow of payroll information, reducing duplication of effort, manual data entry, and provides real-time business information. Some of the features of MYOB Advanced People include:

  • Customisable leave entitlements and custom leave types
  • Sophisticated Employee Self Service features, that help automate leave requests and approvals
  • Capability to include multiple pay cycles, frequencies, and groups
  • Automatically updated tax and superannuation rates, to aid in industry compliance
  • A cloud-based platform that allows for incomparable accessibility, including via mobile phone

Implementing MYOB Advanced People in your business can also lead to further efficiencies when integrated with your ERP system. MYOB Advanced People integrates seamlessly with MYOB Advanced allowing a “single source of truth” for your data. This in turn leads to a reduction in administration and smoother workflows across all functions of your business. The cloud-based platform removes the need to pay for and maintain complex on-premise servers or a data centre. All you will need is a web browser and an internet connection to access the full scope of real time information, whenever and wherever you want. The entire MYOB Advanced suite is hosted on the world’s leading cloud IT infrastructure – Amazon Web Services (AWS). AWS provides a high performing and robust application that stores your data across multiple devices in multiple availability zones for added security.  

Businesses are more ready and able to adopt new online technology in the wake of the COVID-19 pandemic. Without a suitable focus, out of date payroll systems are liable to become a source of risk for many businesses in the future. MYOB Advanced People is a robust and powerful cloud-based platform that can handle the complexities of modern organisations.

If you would like more information about MYOB Advanced People as a payroll solution for your business, contact [email protected] or call 1300 857 464.

Restricted use of Control Accounts in MYOB Advanced

Having reconciled and balanced accounts is vital to accurate financial reporting. Posting directly to the General Ledger Control Accounts can cause imbalances between sub-ledgers and their respective balance sheets accounts. Introduced in Release 2020.3 MYOB Advanced (powered by Acumatica) now provides the ability to restrict direct postings of transactions such as journal entries to control accounts.

Impacts of restricting control accounts

By enabling the use of the restrictions, control accounts can be set against the following sub-ledgers: Accounts Payable, Accounts Receivable, Fixed Assets, Inventory, Taxes (GST), Purchase Orders (Receipts), Sales Orders (Shipments).

Establishing a control account has two impacts:

  1. Removes the opportunity for manual data entry directly into the account, and reduces error rates.
  2. Prevents using the account as a default for fields related to sub-ledgers. For example, the Sales or Expense accounts set in the Accounts Receivable or Accounts Payable master record.

Two new columns are added to the Chart of accounts Screen to further display and customize the account restrictions.

Alongside each General Ledger account, you can select the related sub-ledger Module, marking it as a control account.  As per the example below, we have selected the “AR” control, to align with the Accounts Receivable General Ledger Account.

The “Allow Manual Entry” checkbox determines if users are able to post entries directly to this account.  Clearing the box will prevent users from creating entries to this account. 

Checking this box will allow users to post transactions, although they will still receive a warning.  It is recommended to uncheck this box once any necessary adjustments have been made.

 

We recommended enabling the use of ledger control accounts to help prevent sub-ledger imbalances.

Optimise MYOB Advanced

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

If you require assistance in setting this feature up, please contact our Support Team at [email protected] or by calling 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]

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!

ezyCollect Payment Writeback in MYOB Advanced

Accounts receivable platform, ezyCollect, has announced its latest service offering to MYOB Advanced users: Payment Writeback. Now, any online payments accepted via ezyCollect’s payment portal are automatically allocated to both invoices and sales orders in MYOB Advanced (powered by Acumatica)*.

“The potential time saving here is significant,” says Kilimanjaro’s Stephen Friend. “AR staff will no longer need to manually search for payments, then allocate them one-by-one. This is a great opportunity to eliminate a tedious task that is susceptible to human error.”

How does ezyCollect Payment Writeback work?

ezyCollect integrates with MYOB Advanced to improve accounts receivable efficiency in medium to large organisations. (We’ve previously written about ezyCollect late payments solution here.)

With ezyCollect’s online payment portal, you can add a Pay Now button to your digital sales orders, invoices and ezyCollect’s automated reminders. Your communications get an instant upgrade with this seamless opportunity for customers to click and pay immediately.

Inside their ezyCollect payment portal, your customers can view all of their open invoices, and pay multiple invoices in full or in part.

Below, you can see that our example customer has four open invoices and is paying two invoices in full, and making a partial payment on one invoice.

From there, your customers complete a simple online checkout process to pay immediately with a credit card. As it is a self-serve portal, your customers can complete this independently. You could be closed for business, but it is still collecting money!

Here’s where the payment writeback magic happens:

Once a credit card payment has been approved, you’ll be able to see the payment allocated in MYOB Advanced.

  1. Go to Receivables in your left-hand menu
  2. Click on Payments and Applications
  3. The latest payments are listed chronologically

You can see the payment in the example above is at the top of the list and has a Closed status:

To see the details of this payment, simply click on the Reference Nbr hyperlink.

In our example, you can see a listing for each of the three invoices that were paid, including the balance of each:

For further detail on each invoice, click on their Reference Nbr hyperlink. An invoice that is paid in full has a ‘Closed’ status. An invoice with a balance remaining has an ‘Open’ status.

For example invoice 001168, below is now closed as it was paid in full.

If the payment has been made against a Sales Order it will come across as a Pre-Payment.’. When created, the subsequent invoice will automatically have the payment allocated to it saving time and minimising the risk of errors on the application.

While the online payment solution explained here has full functionality when used in conjunction with ezyCollect’s workflow for automated invoice reminders, MYOB Advanced users can use ezyCollect’s free payment portal on its own for a basic online collections system.

* The functionality described here relates to MYOB Advanced version 2019.1 or newer

For more information, contact us to arrange a one-on-one demonstration of ezyCollect’s online payment feature.

Highlights from the MYOB Advanced User Groups

Kilimanjaro is proud to support our clients in all aspects of their Advanced journey, including training materials and ongoing support. We also encourage users to attend helpful events where we share our insights and information about the product. This year, Kilimanjaro were sponsors of the very first MYOB Advanced User Groups. The events provided the opportunity for all users, (or anyone seeking a more complex ERP system) to get together, learn helpful tips and tricks and share thought leadership to improve business efficiency.

These half-day events were held during September and October, in Melbourne, Canberra, Sydney and Auckland NZ. The events guide users to maximise the software’s potential and assist their businesses to improve efficiency.

Missed out? Here are some key takeaways from the Sept-Oct 2019 events.

1. The Benefits of MYOB Advanced Upgrades

MYOB regularly releases updates to MYOB Advanced (powered by Acumatica) so that users can benefit from improved functionality. With this in mind, we previewed the latest 2019.1 update at the User Groups, with exciting functionality including:

  • Significant new features within Generic Inquiries to improve reporting and visibility of information throughout the system. This customisation is also available to the list view of entities/records that is available.
  • A new company/branch selector menu
  • Improvements to colour scheme to enable different colour selection across Companies and Branches.
  • New Warehouse Management System (WMS) functionality within the MYOB Advanced mobile app.

New releases always include some exciting new functionality. To find out more about 2019.1, visit our MYOB Advanced version release history here. Alternatively, you can give us a call to discuss how to make the most out of the newest version.

2. e-Invoicing and reducing laborious manual processes

An e-invoicing initiative was announced by both the Australian and New Zealand governments in February 2019.  It is estimated it will save businesses approximately $30 billion in transaction costs in the first 10 years.

As a government-sponsored initiative, we can expect grassroots support from a range of ERP and accounting systems vendors. A world with significantly reduced manual data entry and paper is something we can all celebrate.

MYOB Advanced is well suited to comply with this new initiative, once it gets going. Thus, we look forward to the efficiencies and additional value this will bring to MYOB Advanced users.

The desire for efficiency was a consistent theme across the User Groups, with many success stories focusing on automation and integration. Any manual processes in place within a business presents an opportunity for business process improvement.

3. Improved financial reporting through Velixo

There are many opportunities for us all to improve the visibility of information and reporting available within our businesses. One of the areas we regularly hear needs improving is financial and board reporting.

Operating within Microsoft Excel, Velixo is a General Ledger and project reporting tool that is fully integrated with MYOB Advanced. It provides MYOB Advanced users flexible financial reporting at their fingertips with the ease of familiar tools. The Velixo Excel® add on provides more than 45 functions to pull through general ledger and project data from MYOB Advanced.

4. Ensuring MYOB Advanced evolves with your business

A common theme at the MYOB Advanced User Groups was a lack of awareness of many features within the software. This is often due to insufficient training. A significant reduction of knowledge and efficiency comes with staff changes, leading to frustration for users. For this reason. we strongly recommend ongoing training to ensure that MYOB Advanced is being fully utilised by all users.

Kilimanjaro provides training to fit every business’s individual requirements. To find out more about our range of Training alternatives, check out our training options here.

Particularly if your business is evolving, consider engaging Kilimanjaro for a business process improvement project. Kilimanjaro’s Business Process Improvement methodology begins with an on-site visit to ensure a collaborative approach and to identify your own goals and objectives. Finally, we always use industry best practice when putting process improvements in place.

Why MYOB Software is Not Only For Small Companies

Brief History of MYOB

MYOB software had its origins in the late 1990s during the time when GST was about to place a huge administrative burden on small companies in Australia. The reporting requirements meant that without accurate accounts, a company would not be able to comply with the GST legislation. This encouraged large numbers of small businesses to move from paper-based systems to computerised accounting. This coincided with the fear of the Y2K bug. Consequently, businesses moved into a new era of computerisation or upgraded their existing systems.

MYOB was at the forefront of this wave, having developed software for small Australian businesses. Not only was MYOB’s software easy to use, but it cut through accounting jargon by converting debtors and creditors to “spend money” and “receive money”. This meant that you no longer had to be an accountant to keep books for your small business. MYOB developed a deep understanding of how small Australian businesses work. The software was localised, meaning that the language and the business processes used were in line with conventional Australian practices. Because their products were tailored to an Australian market, MYOB was compliant with all taxation requirements, including GST.

Progression of MYOB software

MYOB continued to develop the software and a pathway evolved for businesses to easily migrate from the basic versions to the more complex versions of MYOB. A business would be able to move from MYOB Business Basics to Account Right Standard, Account Right Premier and Account Right Enterprise. As internet connectivity and speeds improved, MYOB took advantage of this. They developed products that leveraged off the power of the cloud. Products such as Live Accounts and Account Right Live were introduced into the market.

MYOB is regularly in touch and connected with their users. As users requested more functionality, the products became more complex and robust. The “top of the range” product became MYOB Account Right Enterprise which allowed multiple users to access the software at the same time.

Software constraints were not going to prevent Australian entrepreneurs from growing. As businesses grew and became more complex, so did their software requirements. In 2004, MYOB acquired Solution 6. This was the start of its journey into software for larger, more complex organisations. The existing MYOB business software provided solutions for small to medium-sized businesses. The focus then expanded to include medium to large businesses which is where MYOB ERP came in. Enterprise Resource Planning (ERP) refers to software that organisations use to manage day-to-day business activities. Nowadays, a complete MYOB ERP suite includes enterprise performance management, software that helps; plan, budget, predict and report on an organisation’s financial results.

Transition Phases

As businesses grow, they go through several phases. We call the first phase the start-up phase. The accounting requirements in this phase are fairly basic. Following establishing a business, the accounting requirements need to cope with increasing transactional volumes and provide reporting to management for decision-making purposes. Tax compliance is essential in all phases of a business’ growth.

Once a business reaches a turnover of about $6m a year, or about 20 employees, it undergoes quite a dramatic transition. In this first transition, reporting and financial control become important (as opposed to bookkeeping or accounting). As soon as a financial controller or finance manager is appointed to the team, the nature of the software used needs to change. Not only is the business looking at their financials, but they are also looking at non-financial indicators. Directors or managers need to understand the financial impact of their actions and at the same time, legal compliance must be maintained. It is at about this point that companies would look for an ERP system as opposed to an accounting system.

The second major transition is when the company has grown to the point where multiple people are doing multiple tasks. There is a separation or segregation of duties. For example, the accounts function now splits into Accounts Payable and Accounts Receivable. A person may be responsible for raising purchase orders, but another person would be responsible for approving them, and a third person responsible for receipting them. This segregation of duties and responsibilities is embedded in larger software systems. Small companies cannot operate using these systems as one person is still performing multiple functions.

When looking at MYOB’s portfolio for medium to larger businesses, you will find a range of MYOB ERP solutions that suits every business size and type.

which MYOB ERP software is right for my business?

MYOB Advanced for Larger Companies

Companies that are moving towards, or have moved into this separation or segregation of duties phase, would be well advised to look at cloud-based ERP, MYOB Advanced. An example is our client Museum of Australian Democracy, who found the system to be the perfect fit for them. MYOB Advanced has a sophisticated general ledger system with many segments to suit the requirements of every organisation. It allows multiple profit and loss statements and balance sheets at a branch or tenant level. This MYOB ERP can deal with both multiple entities and consolidation of these. Find out more about how MYOB Advanced can streamline your financials here.

This is true Tier 2 software and requires an experienced finance team to get the best out of it. It is software as a service (SaaS), browser-based, and sold on a subscription model with a monthly fee per user. MYOB Advanced has the benefit of MYOB’s heritage, localisation, backing and support and technical development. It is a strong contender for any larger company looking for a robust ERP or accounting solution.

MYOB Exo for medium to large companies

Having the vision to grow your business is one thing, but having the tools to do it is essential. If you are not ready for a cloud-based product or prefer to have your own system hosted, have a look at MYOB Exo, a highly configurable business management solution that allows you to centralise all your business processes in one place. MYOB Exo provides greater insight into all facets of your operations, along with more control. This MYOB ERP solution has the flexibility to grow with your business. You can view and analyse inventory management, job or projects costings, HR, Payroll and every other aspect of your operations, giving you the information required to make better business decisions.

Moving to MYOB ERP

As your company processes become more complex, you might feel as though your current accounting software is limiting your business.  Moving from off-the-shelf software such as MYOB AccountRight or similar accounting products is a fundamental step to take your business to the next level.

MYOB Exo is an ERP software for growing businesses. Its flexibility and SQL back-end allows it to be seamlessly integrated with other solution you might already have in your company. Your business can also connect with many Cloud-based add-on solutions. These products can easily expand the specific functionality your business need.

For more information, read the key differences between MYOB Exo and MYOB Advanced here.

If you want to know more about MYOB ERP, including MYOB Exo or MYOB Advanced and how it can help grow your business, call us on 1300 857 464 or simply fill out the contact form below and we will have one of our MYOB Specialists have a chat with you. To continue reading about the products, download the free PDF downloads below.

Row-Level Security in MYOB Advanced

MYOB Advanced (powered by Acumatica) is a cloud-based system that you can access remotely, anytime, anywhere. With this comes the need for complex security and permissions. Make sure your data is accessible but most importantly safe. Security features such as 2FA (2-factor authentication) was rolled out recently and are now automatically part of the login system. Another important feature that is often overlooked or simply not recognised is Row-Level Security.

What is Row-Level Security in MYOB Advanced?

Row-level security allows users to control the visibility of certain data to certain users. It is an under-utilised feature of MYOB Advanced that can be used to apply more complex security policies using restriction groups. A restriction group is a set of entities of two or more types that you can define to either:

  • Restrict employees’ visibility of sensitive data within MYOB Advanced
  • Relate particular entities to each other to only use them together

Row-Level Security scenarios within MYOB Advanced:

Users and General Ledger accounts

With these restriction groups, sensitive General Ledger accounts can be made visible to a limited number of MYOB Advanced users. For example, Executive Salaries & Wages can be restricted to Senior Accountants or higher.

Users and subaccounts

Similar to groups that include users and General Ledger accounts, you can limit the visibility of sensitive subaccounts to the user. For example, MYOB Advanced users belonging to a particular state may be restricted to subaccounts that relate to that state only.

Users and vendor accounts

You can define these restriction groups to make particular vendors visible in the system to users who work with these vendors. For example, non-stock suppliers can be restricted to administration users.

Users and customer accounts

With these restriction groups, MYOB Advanced users can make particular customers visible to only employees who work with these customers. For example, high-value customers can be locked to account managers.

Users and GL budget articles

MYOB Advanced users can limit the visibility of sensitive budget articles so that only particular users can see and work with these articles. For example, budgets detailing Executive related data can be restricted to Senior Finance staff.

Users and warehouses

You can create restriction groups to display a particular warehouse (or set of warehouses) for only users who work with this warehouse (or this set of warehouses). For example, MYOB Advanced users at the Brisbane warehouse can be restricted to seeing their own warehouse only.

Users and inventory items

You can define these restriction groups to reduce the number of items in the lists with inventory items, depending on the particular user logged in to the system. For example, items designated as exclusive may be restricted to key MYOB Advanced users.

Users and projects

These restriction groups will configure the visibility of particular projects only to a responsible project team. For example, Commercial projects can be made available to the Commercial Projects team only.

Branches, General Ledger accounts, and users

This is a 3-way grouping, useful where multiple companies that are different in nature exist in the same tenant. General Ledger accounts can be restricted to a company for specific users. For example, a Trust company that will never sell stock can be locked from posting to Stock on Hand for all MYOB Advanced users.

Branches, subaccounts, and users

This is another 3-way grouping to restrict subaccounts to a company and user combination. For example, the external accountant may be restricted to posting to balance sheet accounts and certain expense/income accounts.

Branches and cash accounts

If there are multiple companies in your tenant, with these restriction groups, you can allow users in each company to work with only branch-specific cash accounts. For example, Cash Accounts for company B can be locked to prevent transactions in Company A from allocation.

General Ledger Accounts and Subaccounts

If you have subaccounts that MYOB Advanced users must use only with particular General Ledger accounts, by defining these restriction groups, you can set up lists of available subaccounts for each General Ledger account. For example, if subaccounts were created for each motor vehicle, these can be restricted to motor vehicles expenses.

If any of these Row-Level Security scenarios would benefit your businesses using MYOB Advanced, give Kilimanjaro Consulting a call. We can help you configure the correct features. If you would like some help in discussing the best set up to match your system and requirements, we can talk you through this and provide some trusted advice. Give us a call on 1300 857464 to discuss more.

Interested in other ways to optimise MYOB Advanced? Check out our handy MYOB Advanced Tips and Tricks blogs here:

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!

Strategic Business Owners Winning the Race to Success

This article was originally published in November 2019 and has been reviewed and updated in November 2020 to provide the most relevant information.

Seasoned racegoers will know that the winner seldom leads the race from the starting gun. It is the job of the jockey to think strategically, leveraging their experience and the information around them. They have to gauge the condition of their horse, the relative strength of their competition, and external factors such as the condition of the race track. Your business’ leadership performs a similar role for your company. They must consider all factors, internal and external. With this information they create a strategy that will get them first past the post. 

While the horse and jockey are the most visible in running the race, there is a team of breeders, vets, loriners, groomers, and farriers working behind the scenes to prepare their horse for the race. To maintain a winner, every one of these groups needs to work cohesively so that they can more effectively prepare the horse to run.

In the same way, business accounting software is just one of the components that makes a company productive. A lot of hard work from many people in your team goes into getting all elements to combine and win the race. It takes the combined work from all facets of your business and all members of your teams to find success.

Preparing for Success

As race day gets closer decisions will need to be made that are critical to your chance of success. Much like the Melbourne Cup. a business’ life cycle is a long race. Jumping out to an early lead achieves nothing if your competition passes you at the last corner, and your horse is too tired to finish.

You need to prepare your business to make sure it is ready for the software system you select. Simply implementing a new business accounting system on its own will not win you the race. Your company processes, systems, responsibilities, procedures, and people all work together to win the race. Read more about the ERP journey you should take to ensure success.

Understanding your competitors

To understand your place in the race, you need to be aware of your business’ strengths and weaknesses, relative to your competition. Building up your strengths allows you to sprint further for longer. While improving your weaknesses can promote reliability and consistency, as well as reducing the chance of your competition having an impact. Business Accounting Software is a tool that can both improve your strengths and reduce your weaknesses.

The first steps in preparing for new business accounting software is the selection of the software itself. Kilimanjaro selected MYOB as their strategic partner in Enterprise solutions. Not only are the solutions localised for the Australia and New Zealand markets, but they are best of the breed.

While choosing the winning horse can be left to luck, with business accounting software you can reduce your risk of selecting the wrong horse by getting advice from the experts.

Strengths and weaknesses

Like your business, each software package has a unique set of functionalities to suit its place in the market. The vendors of the software will know the relative strengths and weaknesses of the software packages they support. As an example, MYOB Exo is extremely strong in inventory-based businesses, job costing and integration. It is suitable for bills of materials, but not for complex manufacturing. MYOB Advanced has its major strength in General Ledger-centric businesses. The preferred method of deployment and cloud-based accessibility is also a consideration. For some businesses Software as a Service (SASS) is essential, while for other businesses this may not be possible.

Make sure you talk to a reputable channel partner who will be upfront with you about the strengths and weaknesses of each of their products.

Horses for Courses

The structure of the software also needs to be understood. If your business requires segregation of responsibilities, you need a software package that has been built to enable this. On the other hand, if your business has not yet reached a stage where this is necessary, you will be much better off with a permission-based structure. MYOB Advanced has been created from the ground up with segregation of responsibilities. Smaller businesses will find this frustrating while larger businesses have this as a basic requirement.

Once you have selected the product, the hard work begins. Most implementers will have a structured methodology. This series of steps will comprise a design phase (or discovery phase), a build phase, a user acceptance testing phase, and a go-live phase. Implementers with a track record of success will follow their methodology to reduce risk and to ensure a successful outcome.

There is no point in entering a horse into a major race unless it is well prepared, ready and has at least an equal chance of winning. Our team at Kilimanjaro will not let you go live with your ERP system until we are confident that you are well prepared. We will be there with you every step of the way.

Considering winning the race to success in your business? See how MYOB’s Enterprise Solutions can grow with you and meet your requirements. Download our free PDF’s below.

Do not leave the future of your business to luck. For any questions, give us a call on 1300 857 464.

MYOB Advanced & Excel

Regardless of how much time, resources and money you invest in your ERP implementation, Microsoft ® Excel will always have a place in your organisation. Hence, MS Excel® is a fantastic tool for entering, calculating and analysing financial data. Rather than try to replace it, it makes sense to harness the full power of MS Excel®.

MYOB Advanced (powered by Acumatica) is fully integrated into MS Excel®, therefore, it has a range of inbuilt functions that can save time and money for your organisation.

Easily upload records to MYOB Advanced

Data in MS Excel® or CSV format can be uploaded as line records into transactions such as bills, journals, etc. Transactions with fixed or complex allocations can be prepared in MS Excel® using a predefined template, for example, to apportion expenses.

Benefits: Fast track data entry while minimising data entry errors.

Export records

Line records within transaction or inquiry screens can be instantly extracted for analysis using the Export to Excel button. A file with all the visible fields on the grid including the headers and parameters used is created in xlsx format to solve common queries.

Benefits: Simple to use context-sensitive reporting. This file can subsequently be used as a source for importing data.

 

MYOB Advanced and Excel 3

 

Import scenario

The Import Scenario function allows users to synchronise data between MS Excel® and MYOB Advanced. Import scenarios are commonly used to load master files and transactions. Or, to manipulate existing data in bulk like changing terms on a range of customers. Fields between the spreadsheet and the data in MYOB Advanced are mapped accordingly. As data is imported, it is validated to preserve data integrity throughout the process.

Benefits: Eliminate time-consuming data entry and minimise data entry errors.

Export Scenario

Export Scenarios allow users to extract data from MYOB Advanced to MS Excel® in a user-defined format. Where a report or inquiry screen is missing needed information, an Export Scenario may be an ideal way to extract data without the need to build complex or expensive reports.

Benefits: Fast access to large amounts of customisable data to suit requirements.

Generic Inquiry

A Generic Inquiry is a tool that allows users to build intricate queries to isolate selected data for those without programming skills. As a result, generic inquiries can be used to filter, sort, calculate, aggregate and summarise data in list form which can be exported to MS Excel®.  To help you analyse and interpret important information captured in MYOB Advanced, consider our Generic Inquiry Writers Course.

Benefits: You can build sophisticated reports to suit requirements.

OData

Simply put, Odata (Open Data Protocol) is a live link between MYOB Advanced and MS Excel®. An OData feed in MS Excel® can seamlessly source data directly from MYOB Advanced using the framework of a Generic Inquiry. The spreadsheet can be refreshed to ensure data is always up to date with current information.

Benefits: Give users access to data without having to log into MYOB Advanced thus saving user licence numbers. Reports within Excel can be highly customised to include graphs & pivot tables without needing a working knowledge of MYOB Advanced.

Report Designer

In most organisations, it is common practice to run reports in their ERP. Open them in MS Excel® and, using a text to column wizard, separate the data into columns. This is because most report designs look “pretty” on paper, screen or PDF. They are not necessarily built to be opened in MS Excel®.

Benefits: The Report Designer in MYOB Advanced eliminates the time consuming & repetitive process by allowing users to embed the column structure within the report that is only called upon when it is pushed to MS Excel®.

Need fast access to data, want to cut down on time-consuming tasks or the ability to build sophisticated reports? Microsoft ® Excel and MYOB Advanced are a perfect pair.

Velixo

Velixo was built from the ground up for MYOB Advanced, by MYOB experts. Their reports are the only reporting tool of its kind designed exclusively for MYOB Advanced. Above all, Velixo used their extensive experience with MYOB to craft a user-friendly MS Excel® plugin. Finally, it is lightning fast and leverages the unique capabilities of your cloud ERP.

Contact us today for more information about how MYOB Advanced is helping more and more growing businesses thrive.  Call us on 1300 857 464 or email on [email protected] to chat with our MYOB Specialists. 

MYOB Advanced – New User Interface

A year ago, the upgraded version of MYOB Advanced (powered by Acumatica) came with a new User Interface (UI) as an option. Some clients may have been reluctant at the time to use the new User Interface for a lack of familiarity. Other clients may have upgraded but are not aware of the finer details with the new User Interface.

This blog is to provide some tips and tricks with the new User Interface so that you get the best out of using MYOB Advanced. If you currently don’t have the new User Interface and would like it, please contact Kilimanjaro Consulting MYOB Advanced Support on 1300 857 464 .

MYOB Advanced New User Interface in 2020

In version 2020, the new User Interface will become mandatory. In preparation for this, you can switch to the new user interface by selecting the user ID located in the top right corner of the screen.

From the drop-down menu, select User Profile. MYOB Advanced displays the User Profile dialogue.

Disable the Show Classic UI by Default flag and save changes. MYOB Advanced will refresh the page with the new UI.

Any custom menu options in MYOB Advanced will need to be added to the new UI. Please contact us for assistance on [email protected].

What features are included in the MYOB Advanced New User Interface?

 1. Quick Menu

Can’t find a menu item which you think should be there?

Check the quick menu!

MYOB Advanced Tips n Tricks #2

To add/remove from the quick menu, go to settings in top right corner:

MYOB Advanced Tips n Tricks #2

Then tick boxes of the items you want in your quick menu, and Exit to view Quick Menu:

2. Favourites

As with prior versions, you can click on the stars to add menu items to your “Favourites” menu at the top.

So, if you have trouble finding a menu option, once you’ve found it click on the star and you’ll never have trouble finding it again.

MYOB Advanced Tips n Tricks #2

3. Pin to the Menu

If you use options under the “More Items” frequently, you may wish to pin these to the main menu. From then on it will stay in the first level of the menu on the left-hand side. Eg below pin the integration menu:

MYOB Advanced Tips n Tricks #2

4. Search

If you still can’t find something, search for it.

MYOB Advanced Tips n Tricks #2

5. Add new item to the menu

Click on Edit Menu

Select a menu item eg Finance and then select + Add Menu Item

MYOB Advanced Tips n Tricks #2

Find relevant menu items, tick, then select Add and Close.

MYOB Advanced Tips n Tricks #2

6. Minimise the menu

Click on < to minimise the menu and release even more real estate to work with.

MYOB Advanced Tips n Tricks #2MYOB Advanced Tips n Tricks #2

MYOB Advanced Tips and Tricks

For further guidance regarding your MYOB Advanced, check out our other useful Tips and Tricks!

We hope these tips and tricks were helpful to you! Remember, if you have any questions about the new User Interface or in general our friendly MYOB Advanced team is always here to help. Call us on 1300 857 464 or send us an email.

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!