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!