Forum Discussion

paddyr's avatar
paddyr
Contributing User
2 years ago

Invoice date and Posting date

As an accountant recently having started a new position in a company using MYOB Accountright I came across a strange scenario. when processing a Sales Invoice or Creditor Invoice, (via export to MYOB from a Job Management system), MYOB only supports the Posting date and not the Invoice date. In such a scenario how can Aged AR & AP reporting ever be accurate as they should be run off the invoice date and not the posting date, given how many sales invoices / creditor invoices are processed after a month end close in the new financial month but have a invoice date in the prior period. are there any other options / development planned with MYOB to remedy this? thanks

  • Mike_James's avatar
    Mike_James
    Ultimate Partner
    2 years ago

    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. 

    • paddyr's avatar
      paddyr
      Contributing User
      2 years ago

      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?

       

       

      • Mike_James's avatar
        Mike_James
        Ultimate Partner
        2 years ago

        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.

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    2 years ago

    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