Share your ideas for improving MYOB Essentials Accounting. Vote on ideas and discuss them with the MYOB product development team.

MYOB Essentials

Cash Basis Balance sheet

BTA_Accountants

1Posts

28Kudos

0Solutions

1 Post
Cover User
Australia
New
New

Please include a report option for cash basis balance sheet. Xero does it. Ye at MYOB may think "we better not do it because our competitor does it" but it does make life simpler for us accountants.

 

It will be a simple matter to generate the cash balance sheet:

 

  1. Start with accruals balance sheet
  2. Remove income items not yet paid from P&L income accounts and trade debtors
  3. Remove expense items not yet paid from P&L expense accounts and trade creditors
  4. Apply adjustments to retained earnings account in report

The above method is probably already in use for the cash P&L.

 

A lot of small businesses operate on a cash basis and there ends up a discrepancy when you use an accrual balance sheet and a cash profit and loss. The retained earnings account ends up different. It is also easier for small business owners to understand.

New
5 Comments
Bluejasmine
1 Post
Cover User

Hello,

 

It would be useful to have the following reports in the myob essentials range.

 

Balance sheet on a cash basis (as a lot of SMEs operate this way)

and a debtor / creditor report that shows outstanding accounts at a point which also includes the tax amounts (IE GST)

 

Thank you for your consideration.

Clair

Partner PaulineCollins
1 Post
Partner

I would be nice to see these reports.  These reports would be very useful (if not essential) for EOQ BAS reporting.

Partner Emtax
1 Post
Partner

I support.

All financial reports should have the option to be produced on cash basis.

I am using the trial balance to transfer financials to Handitax software for taxation purposes which is on cash basis.  I want it in cash basis but this can not be done.  Now I have to produce the detailed general ledger and take the amounts from there.  It is most  laborious task to do considering the size of the report.

 

This recommendation should be considered on urgently.

 

Thanks

Kam

Partner RNG
1 Post
Partner

While MYOB had Cash or Accrual option for P & L , there is no such option for Balance Sheet re Cash Basis.

Misleading to state that the Balance Sheet is on an accrual basis when P & L is on Cash Basis.

Ashleys
7 Posts
Cover User

We badly need this report. Most small business clients using MYOB would have financials prepared on an accruals basis and GST prepared on a cash basis. For those clients this report is essential (isn't the name of this product MYOB ESSENTIALS?) to be able to properly reconcile GST accounts in the financials and pick up if there is any unclaimed GST from previous quarters.

 

I note that a 'with tax report' is available for the Sales Reconciliation and Bills Reconciliation reports in MYOB Account Right and Xero. Come on MYOB, surely this report would be easy to create for MYOB Essentials!!!