Invoice date and Posting date

Hi paddyr , I don't support MYOB Advanced, but in all systems I've dealt with, if there is a posting period and transaction date in one transaction type, it would apply to all transaction types, both created within the program and posted via the API.

MYOB Advanced has its own support channel.

Hi paddyr , how are invoices being brought in to AccountRight?  Whether by API  or manual file import, either way the wrong date may have been mapped to the transaction date. 

Hi Mike, they are exported Via API in Workbench (job management sytem) and it has some utility rules  ( see attached screenshot). Wondering if i need to take a look at the job management side also! if a period has closed ie july, does MYOB allow a transaction date of july in an august period?

Hi paddyr,

Thank you so much for your post and welcome to the Community Forum! I'm sorry to hear about the issue you've been facing and thanks for the detailed information. I really appreciate your patience and understanding about this issue,3 and I do apologize for the delayed response.

The issue you've identified regarding AccountRight only supporting the Posting date and not the Invoice date for Sales and Creditor Invoices can indeed affect the accuracy of Aged Accounts Receivable (AR) and Accounts Payable (AP) reporting, especially when invoices are processed after a month-end close with an invoice date in the prior period. While this limitation may present challenges, there are some considerations and potential workarounds to address this issue:

Custom Reporting:

• Consider creating custom reports or modifying existing reports within AccountRight to accommodate Aged AR and AP reporting based on the invoice date. Custom reports may provide more flexibility in selecting the date criteria for your specific reporting needs.

Accrual Accounting Adjustments:

• In accrual accounting, transactions are recorded when they are incurred, not when cash is exchanged. If your organization follows accrual accounting principles, you can make accrual adjustments to ensure that invoices with an invoice date in a prior period are accounted for in that period. This can help align your financial reporting with the invoice date.

Please do let me know how you go on this.
Regards,
Earl

Hi paddyr , sorry I missed your reply. AccountRIght is entirely date driven, so a transaction passed through with a July date will be reported in July. (If that period is locked in AccountRight at the time of posting, an error will be generated. It's possible that Workbench handles that error and changes the date to the current month (unlikely but worth asking WB).) 

The rule shown does not apply to AccountRight, which only has one date.

So when you say that "MYOB only supports the Posting date and not the Invoice date.", this implies that WB is passing the posting date not the invoice date. That is just plain wrong. Please refer to WB support. It may be that a configuration switch is incorrect, or possibly a bug exists.

hi Mike_James & Earl_HD 

thanks for your replies. Right so just to clarify, if i have a july dated invoice and i want to transact it in MYOB but the July Period is Locked as the invoice is late and we have closed the July period for month end purposes for arguments sake. So it is transacted in August in MYOB. my Question is does MYOB Account right take the date its transacted as the Invoice date or am i understanding it incorrectly. Can you still input it as a july dated invoice but obviously have it transacted in the august period? I thought it could only handle a single date field ?

Earl_HD  The accrual accounting adjustments are already done for month end purposes, nothing really to do with the Ageing issue i have in AP & AR.  I have a call on monday with the WB developer so i can get some more insight to the options available. For now the AP team are treating anything coded on the 1st of the following period, ie August, as a july invoices for ageing purposes but you know, not ideal in the long term.

thanks

Hi paddyr , whenever a transaction is posted to AccountRight, the date supplied as the transaction date determines the period in which it is reported. So an invoice date of 15/7/23 can only be reported in the July 2023 period, not any other period, regardless of when it was posted.

If a period is locked when a transaction in that period is posted, the API will reject that transaction. Unlikely, but WB may have processes to overcome that, which might include amending the invoice date to the current month. (I hope you will post their comments).

So AccountRight never in itself takes the date on which it is transacted as the invoice date. And there is only a single date field.

ok thanks, thats clear now that accountright as such doesnt support a transaction date and invoice date when processing (like larger ERP's) . Do any of the other MYOB products handle both date fields? like MYOB ERP

Hi paddyr , MYOB Advanced has a transaction date and a "post period" - see the image in this forum post .

thanks Mike_James . is that for Journals only(per the link) or for normal API integration of Invoices flowing from WB for example into AP module of MYOB Advanced?