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KylieD's avatar
KylieD
Trusted Cover User
2 months ago

Accrued Adjustments & Job Codes

Hi Everyone.

 

So I have been looking into switching to Xero, which is a shame as I have used MYOB for 16 years but i cant seem to find the answers that i need to know if I should make the switch or not, so that is why I am here.

 

On the 1st of July we are switching to complete Accrued Accounting, which means there will be plenty of journal entries for me. No problem at all 

But Xero allows these journal entries to be automatically reversed once we have received the "actual invoice", MYOB seems not to do that - and it has to be reversed manually (so human error is unavoidable here)

Is that correct??

I use Account Right but does Accountright Premior allow them to be reversed by MYOB rather than me manually???

 

Another reason for my switch is that we have a lot of departments that i use "job codes" in myob for. But they dont allow monthly budgets only YTD where XERO allows monthly budgets for all departments as well as YTD - I know Accountright doesnt as I use it - but does Accountright Premier allow job codes to have monthly budgets???

 

I dont want to switch but I seem to have no choice, as MYOB no longer is capable of doing what I need it to do.

 

Thanks heaps - if MYOB does do these things then I will stay - so if someone could please let me know

thanks a bunch

2 Replies

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    2 months ago

    Hi KylieD,

    Firstly, thanks a bunch for sticking with MYOB for 16 years—what a fantastic milestone! Making decisions like this can be pretty tough, so we really appreciate your dedication.

     

    To answer your questions: You’re spot on—MYOB AccountRight, including the Premier version, does not offer automatic reversals of journal entries. All reversals must be handled manually. However, exploring third-party applications that integrate with MYOB might offer this functionality, which could mitigate this issue. MYOB App Marketplace

    And also, AccountRight currently doesn't allow job codes to be used for setting monthly budgets. However, your suggestion is greatly appreciated! I encourage you to share your idea on our AccountRight Ideas Exchange page. This way, our developers can see it and might consider including it in a future update.

    Regards,
    Earl

  • martinanderson's avatar
    martinanderson
    2 months ago

    Sounds like you're balancing a difficult decision! As for MYOB, you are right that AccountRight won't automatically reverse journal entries after the actual invoice is received—you need to do this manually and open yourself to human error. And as for AccountRight Premier, it likewise doesn't provide automatic reversal of journal entries. Moreover, whereas MYOB's job codes will not accommodate monthly budgets, just YTD, AccountRight Premier doesn't remove this restriction. Xero, however, does support automatic journal reversals and permits both monthly and YTD budgets for departments, so it is a top candidate for your requirements. If these are important to your workflow, then moving to Xero could be the best solution.

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