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I think that there needs to be a facility with MYOB AccountRight for entering automatically reversing journals.
This would be a great feature and one that lots of MYOB users would appreciate as reflected in the forum.
Thank you for additional comments on this particular idea. We have moved this idea from an old status Clarification Needed to our new status of Open. For more information on Idea Statuses, please read this article: Changes to our Idea Exchange pages
Monthly Reversing Journals
Part of being an accountant is entering a journal for accruals and others, with the option of it being a reversing journal, whether it be for accruals or revaluations of investments/foreign currencies etc. Other accounting packages allow this to be ticked and it automatically reverses the following day.
Another MYOB update yet still no function to reverse a journal. MYOB, surely its not that hard to develop this, its 2019 and we still have to reverse a journal. The first comment goes back to 2014 and yet still nothing done. Frustrating.
Auto reversing journals in AccountRight should be a standard feature.
Please seriously consider putting that feature in (Xero has it)
I have rung MYOB and described an issue to them and got through to their higher level tech people, and been able to repeat the error. It relates to recurring transactions journal reversals now updating the template which they came from. This means that when you pick up the journal next month you pick up the reversal journal in error.
I have been told that the only work around is to no longer do a reversal of a journal entry that started with a template unless we have unticked the "update the transaction when it is recorded" box in the schedule of the recurring transaction. However we use this function so that when we pick up the transaction we know what the last one was that we recorded (eg, what we billed to that supplier last time) We DON'T need to have reversals updating the template.
I pointed out to them that new players that have problems remembering which way the journal entries go may not even pick this error up unless they are checking carefully, (particularly employee bookkeepers with less experience) but this didn't seem to be a concern. Also pointed out that this could affect thousands of businesses.
I have over 200 recurring transactions each month, and now have to totally change my procedures and warn my colleaugues to NEVER ever reverse out an entry because it will update the recurring transaction template. (who even remembers which transactions were recorded from a template originally when they go back a week later?
I am strongly considering looking for an alternative to MYOB at this point. This is a real game changer for us.
The MYOB staff member included a line in her email:
"You can put it on our ideas exchange board (the developers look at this and try and implement it in future releases) the more votes it gets the more likely for it to happen - https://community.myob.com/t5/AccountRight-Idea-Exchange/idb-p/AccountRightIdeas . So if this affects you can I please ask you to go to the idea exchange (link above) and vote for this to be changed or add your vote to my comment on the exchange?
You have to realise that if the recurring transaction templates now stay connected after you record a transaction, that this will potentially affect all the invoices that you may have templates for. How often do you reverse out an invoice that a provider has sent you and then made changes to? How often do you reverse out a GJ transaction on the first of the month? How often does a newish bookkeeper make changes to an invoice that they've accidentally entered incorrectly. Or how often is there a one off change to a transaction that you enter after you've recorded it from the template.
A very unhappy MYOB user now. I have been a loyal MYOB user with over 100 clients over the last 10-15 years but this will wreck the basis of the systems I have put in place for many of them and they won't even recognise the error until 3 months down the track. And we pay more for cover with 2019.2 (3) than we did for v19.
Being able to reverse monthly accruals would save a lot of repetitious work.
A feature in Reckon accounting is the reverse button when doing journals. This is specifically designed for reversing accrual journals each month. You prepare the journal and hit "reverse" - it tells you the journal will be reversed and do you want to save it first. You say yes, it automatically saves the journal and creates the reversal journal on the screen - you don't need to go and find it. Hit save and the reversal is done.
I would like to see this feature in MYOB. This means you need another option under preferences/security being: Transactions can be changed and reversed sytem wide and then a button in the jounal entry screen to enable a journal to be reversed at the same time as it is saved.
The reason I want to be able to change and reverse is that it is mainly me who needs to change a journal - could be a key error or request by a Partner to change something in the accounts. It is inefficient to have to reverse and rekey, or have to change the preference settings all the time.
Thank you for your consideration.
Has there been any updates regarding auto reversing journals. It would save a lot of time especially for EOFY journals. I use this feature in Xero and it is brilliant.
I agree with Carol, reversing journals are important. MYOB should do something about it. Thanks!
please can this be give some/serious consideration.
this reqest has been in process since 2017 by the looks - it is such an obvioius, efficient and helpful function - AND a lot ofthe competitors do it.... so we're not making it up.
we all know you can go and in and change the setting so you can see the reversing functionality, BUT we're not fixing an error! we dont want to lose the ability to edit errors - we jsut want to be able to reverse the journal with a different date.
Yes, this request for auto reversing journals has been made since 2014!
Come on, MYOB, so many accounting packages have them as a standard
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