Forum Discussion

JojoA1's avatar
JojoA1
Experienced User
3 years ago
Solved

Pre purchase questions for AccountRight Premier purchase

Hi,   My boss has given me a list of questions before we purchase the AccountRight Premier online multi currency package. I know the answer for some but would like a professional/expert answer so ...
  • The_Doc's avatar
    The_Doc
    3 years ago

    Hi JojoA1 

     

    I will try an answer all your questions

     

    1. I believe you can pay a one off fee for MYOB only if you intend to have your file stored locally (and not in the cloud) - really monthly subs are the easiest and simplist. You sort of get use to it.

     

    2. If your file is clod based - you have to back up manually - it is a standard part of the File Dropdown - Backup file and depending on sie and time of day is a relatively simple procedure - and is backed up to a local computer location - once it is done once - MYOB remembers the location and backup is simple. 

    I have been an MYOB user and CC for 25 years plus - this is generally simple, efficient and works - it isn't fool proof but if you do regular backups (and regularly test a restore locally to check it - it is excellent)

     

    3. Unlike XERO - MYOB has a file that is yours - your backup can be restored locally to a workable .myox MYOB file from which you can extract all your data.

     

    4. You do not need to send your cloud based file to the accountant - you invite them to use the online version and can lock it down to give them only the access they need - this is a very good feature. If you intend to run your file locally - which is a very workable alternative - unless that file resides on a Terminal Server server then yes you will need to send your backed file to your accountant.

     

    5. MYOB's Cloud is a secure Australian territory based servers - probably not in one place (which is what people think) - the cloud entity will be probably built across numerous geo-locations to ensure that if any 1 centre goes down online provisioning continues unhindered - unlike a geo - single server location - i.e. it is a dispersed cloud system with many nodes 

     

    6. No that feature was deprecated by Microsoft - you can of course (if you can get to your file in the cloud) take it offline with a copy (backup) run this locally then restore the online version. Not something I recommend for a general user as it is much simpler to tether your laptop to your mobile from anywhere - and continue using MYOB - i.e the internet is generally available everywhere through many means.

     

    Hope this helps.

     

    The Doc

The_Doc's avatar
The_Doc
Ultimate Cover User
3 years ago

Hi JojoA1 

 

I will try an answer all your questions

 

1. I believe you can pay a one off fee for MYOB only if you intend to have your file stored locally (and not in the cloud) - really monthly subs are the easiest and simplist. You sort of get use to it.

 

2. If your file is clod based - you have to back up manually - it is a standard part of the File Dropdown - Backup file and depending on sie and time of day is a relatively simple procedure - and is backed up to a local computer location - once it is done once - MYOB remembers the location and backup is simple. 

I have been an MYOB user and CC for 25 years plus - this is generally simple, efficient and works - it isn't fool proof but if you do regular backups (and regularly test a restore locally to check it - it is excellent)

 

3. Unlike XERO - MYOB has a file that is yours - your backup can be restored locally to a workable .myox MYOB file from which you can extract all your data.

 

4. You do not need to send your cloud based file to the accountant - you invite them to use the online version and can lock it down to give them only the access they need - this is a very good feature. If you intend to run your file locally - which is a very workable alternative - unless that file resides on a Terminal Server server then yes you will need to send your backed file to your accountant.

 

5. MYOB's Cloud is a secure Australian territory based servers - probably not in one place (which is what people think) - the cloud entity will be probably built across numerous geo-locations to ensure that if any 1 centre goes down online provisioning continues unhindered - unlike a geo - single server location - i.e. it is a dispersed cloud system with many nodes 

 

6. No that feature was deprecated by Microsoft - you can of course (if you can get to your file in the cloud) take it offline with a copy (backup) run this locally then restore the online version. Not something I recommend for a general user as it is much simpler to tether your laptop to your mobile from anywhere - and continue using MYOB - i.e the internet is generally available everywhere through many means.

 

Hope this helps.

 

The Doc

JojoA1's avatar
JojoA1
Experienced User
3 years ago

Just another question please.......

 

When entering out opening balances do we enter the figures via a journal in the original currency with an exchange rate so that it will report in AUD or do we need to somehow need to enter both currencies without an exchange rate?

Is it correct that we can opt for local or original currency when running reports?

 

Thanks in advance.

  • The_Doc's avatar
    The_Doc
    Ultimate Cover User
    3 years ago

    Hi JojoA1 

     

    Multi-currency I am now out of the game but was heavily into multi-currency in V19 - however, I will try and answer your question generically but someone with more upto date knowledge may add or give better advice.

     

    I assume we are talking about opening balances for bank accounts and debtors/creditors for each currency.

     

    Generically I believe it is best to work in $A when talking about journaling in opening balances.

    The beauty of this is you can open this journal and adjust to meet what  you need in the balances for each - however, I think ALWAYS think and journal in $A as this is altimately what MYOB COA reflect.

     

    From memory - the way 2022.4 does multi-currency is very different from V19 version where you had 2 accounts associated with a currency account - 1 was always in $A and the other was the sort of fudge to make up the difference between $A and the said currency - that has gone so my advice can only be generic.

     

    Always work in $A and adjust from there.

     

    And on reports - I think you can select between $A or the currency - but from memory there were traps.

     

    As I said I am very rusty on multi-currency and would love a few clients to get up to speed - but alas have zero.

     

    The Doc

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