MYOB Tips and Tricks

Tips and Tricks for you

Soo in keeping with last months blog, as it was so well received – Thank you! – I thought I would give you some simple little tips to make your day easier when using MYOB Accounting Software.

Oh the order of size..

MYOB Essentials – this software is for the startup business and does not need to be installed on your computer, just open a web browser and log in.

MYOB AccountRight Live – This is the old tried and tested MYOB with a new look (purple). The software is installed onto your computer and can be launched in the cloud or worked on from your desktop. Best of both worlds. A really good choice if your internet is intermittent. When your datafile is docked in the cloud you can share with your friends. Each user has an ‘my.myob’ login to the MYOB website which you can use to log in from any computer and download the software. So technically you can work from anywhere as well, even though it’s not browser based.

MYOB Classic – The old green version of MYOB. Fully desktop based. If this is you then ITS ABOUT TIME YOU UPGRADED!!! We are busy this year contacting all of these people to get them on the version above. The speed and features of AR Live 2016.3 are such that no one should be on this version anymore. Call us for more info J

Outgrowing MYOB? The next steps would be MYOB Advanced or MYOB Exo. Again, call us for more info as alternatively, we may be able to alleviate your growing pains with an add-on software.

So let’s looks at MYOB AR Live 2016.3 in detail, this is the main software that we use at Carbon Bookkeeping Balcatta. I thought that writing about the little tricks that we show our clients every day might help some of you out there.

Where to start ..

ABN Lookup – Something so simple and just genius. Using AR Live, when you type the suppliers ABN into the card file, MYOB sends the details across to the ABN lookup and returns a flag with entity details inside – Bright GREEN for GST registered businesses.  I have had so many stories from my clients, especially in building and construction industry, where they are given a false ABN or the supplier is registered for GST when they start and then deregister later (so that they can pocket the GST!). Under the ATO rulings it is actually the business owner’s responsibility to check these ABN registration details at least every 6mths! Who has time for that without this little gem???

In Tray – Most people now have suppliers emailing them copies of their Tax Invoices. Pdfs are gold! Get MYOB to code these for you. Using the email address that you log into MYOB with, forward the pdf bill to [email protected] and they will appear in the In Tray. From there MYOB uses OCR (Optical Character Recognition) technology to fill out much of the purchase information for you. Forward everything you have during the week to the In Tray. When you have time, log into MYOB, open the In Tray, check what MYOB has coded for each purchase and record. This should save you heaps of time, plus you have instant electronic filing so no more paper archive boxes in your ceiling!!!

Receipt Bank Add-on – If you like the sound of the MYOB In Tray above there is another, fuller experience in regards to OCR technology. This is a paid add-on that integrates with MYOB. You might pay a small fee each month ($20-$50) but the cost saving in your time far outweighs the fee. Similar to the above, you email the supplier pdf to the ReceiptBank (RB) inbox (or get your suppliers to send them directly). RB reads the WHOLE invoice / EVERYTHING – and codes it to a purchase type layout. Don’t open the MYOB Purchases command centre to do your work. Instead go to the RB inbox when you have time, check them and approve them to push to MYOB. The purchases are then ready for payment in MYOB or when the amount appears on the bank feed MYOB will match these ready for reconciliation. As you get better at RB you can tick a box for a particular supplier and RB will automatically send transactions to MYOB without you even checking or approving them!! (Optional of course)

Email now without outlook – This might be one of those little things but it means a lot to some of us. AR Live will now email out your invoices without needing to be linked to your email account. Log in from anywhere and send out invoices.

Send invoices from ‘MYOB OnTheGo’ app – Install the myob app onto your phone (cut down version of AR Live) and invoice clients from your phone while you are out and about. Plenty of other cool features in the app too.

Super Clearing within MYOB – If you are paying for MYOB software then you have paid for this feature and you should be using it. MYOB knows the super amounts for the period as you run the pays inside MYOB. Why then go outside of the software and type them into another screen? The MYOB super clearing feature reconciles the super that you have paid (you can get a report on any that you might have accidentally missed) whilst making the payment side of things seamless. Can take a couple of weeks to setup as MYOB have to get authority to link with your bank but is very secure the way that each payment is authorised once setup.

That’s it from me for today. Back to talking to many of you lovely people on the phone. LOVE MY JOB!!!