It would be great to see a Cash Profit & Loss budget analysis report added.
I prepare my budget on a cash basis however many of my clients pay their invoices anything between 7-30 days. I'm currently adjusting the Accrual budget analysis in Excel each month to see the actual process and would be a large timesaver having this report added.
"Report to add - Cash P&L budget analysis"
Hi MYOB
It would be good to have a Budget Analysis report for both Accruals basis (already exists) and additionally add one for a cash basis. It seems a lot more useful to compare a budget which is generally formed on a cash basis, with cash basis figures.
Cheers
Hi Chrissmith,
Comparing Accruals and Cash to Budget is definately an important thing to do.
In the mean time, there are many third-party addons that may be able to do the trick. You can find them here. http://myob.com.au/addons/
Accounting Addons have developed product called BudgetLink which can compare ACCRUALS and CASH to BUDGET. You can find more information about it here. http://accountingaddons.com.au/budgetlink/
I hope this helps.
Nic
Just wanted to draw to your attention that there is a cash basis account transactions report under the Small Business reports. However, this report needs attention. The accruals version of this report allows me to search on any account. The cash version only allows searching on the accounts already covered by the Profit and Loss report.
I'm desperately hoping that a tweak to this existing report will be actioned quickly.
Just last financial year I changed over from Quickbooks and now that I have data in MYOB and I want to interrogate that data I am bitterly regretting that choice. The MYOB reporting is shockingly inflexible compared to what I am used to. Do MYOB realise just how far they are behind their competitors in terms of reporting??? So many other areas of functionality are excellent but reporting really is the MYOB downfall.
Lyn
Thank you for your feedback in regards to the reports offered by AccountRight in particular the Account Transactions [Cash] basis report.
By default this report is aimed at displaying values for Profit and loss accounts as these are the accounts primary affected by cash amounts (opposite side of the balance sheet account). However previous versions of AccountRight, such as AccountRight 19, did allow for Balance Sheet accounts to be selected, if selected individually, as an added extra. This is something that may be looked into for the future to bring it in line with previous versions.
Hi Dan,
Thanks for your prompt response.
I was thinking it would be a combination of the existing Cash P&L and P&L Budget report. As People on accruals basis won't want to look at the cash reports and vice versa, there shouldn't be a need to change the budget area within the Chart of Accounts.
Thoughts behind the idea
I use the budget section as I allocate a certain amount against all the expenses / income per month that is reasonable for that month. I then track my actual costs and income against this to see if I have over or under spent anything. It also helps you plan what expenses are due when (eg. annual insurance premium). The Cashflow analysis/worksheet doesn't allow me to do this.
I include a growth factor in the budgeted income figures and then each month I see whether this target has been hit or not and then use it as a direction as to how to build my business further. This is the section I'm doing manually each month at the moment and would be great if it could be in a future MYOB update.
On a side note - I didn't use the Cashflow analysis/worksheet when I was using V19 as I find it confusing to operate. I'm now using AR2012 which doesn't have any Cashflow reports yet.
Hi Everyone
The Profit & loss report in the AccountRight browser allows the user to include budget values on the report and can be run on a cash basis if required.
