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BronwynHamster's avatar
BronwynHamster
Trusted Cover User
20 days ago

Categories changed to cost centres in V2024.3

Hi, I have just seen the latest "Categories are now Cost Centres" AccountRight announcement that is available when we upgrade to 2024.3. Does that mean we can now run Balance Sheets for Cost Centres that actually work in AccountRight Live? The release notes suggest most Companies use this feature to track departments or cost centres. From my experience we use this brilliant feature in AccountRight Plus to track actual productions, which may be viewed as "departments"  or "cost centres". But that means we have to report Balance Sheet for these "departments". Other Users, who were caught completely unaware at the inception of Account Right Live, were Companies who ran Trust Accounts (these also require Balance Sheet reporting for the "department" or "cost centre". Currently, AccountRight Live fails in Balance Sheet reporting as it does not "carry" the category across in EFTs, Superannuation payments, among others. Hence we are running Account Right Live for STP reporting, whilst still running AccountRight Classic (Rolls Royce of MYOB) for Accounting and Film and Terrestial reporting. Cheers, Bronwyn

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    17 days ago

    Hi BronwynHamster, 

     

    I appreciate your interest in the new "Categories are now Cost Centres" feature in AccountRight 2024.3.  This feature provides a Cost Centre Balance Sheet, showing the balance of your assets, liabilities, and equity accounts at the end of a selected period based on transactions assigned to a specific cost centre.


    This feature could be a game-changer for your business operations. For more information on all the reports available in our latest AccountRight, I suggest checking out this informative article.

     

    Let me know if you require further help.

     

    Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this. 

     

     

    Kind regards,

    Shella