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MYOB Essentials

Report: Profit & Loss - Accrual and Cash

Contributing User

8Posts

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8 Posts
Contributing User
Australia

So here i am  - I have 9 customers on Live accounts - Yes i know, not many. Two of them have now asked me to change from MYOB live accounts to another online cloud based software that will give correct reporting. This is due mainly to the Profit and Loss report not showing correct information for cash based companies.

This report is, as many of you know, very important in running a business. My clients have been patient, but time has run out.

So i guess my question is - will the report be fixed and time frame - if not fixed shortly, can anyone suggest a cloud based software that i can move them to?

 

Don't want to move them, but i need to keep my customers happy and in business.

 

"Profit & Loss report needs to be fixed to take into account Cash or Accrual business setup."

Current Status: Done
Last Changed: November 2012

Hi Greg. The P&L is now available Cash or Accrual. Regards, Steve

8 Comments
MYOB Moderator StevePick
113 Posts
MYOB Moderator
Planned for October/November release
MYOB Moderator StevePick
113 Posts
MYOB Moderator
 
Experienced Partner Geoff_Colwill
121 Posts
Experienced Partner

Hurrah! :-)

MYOB Moderator StevePick
113 Posts
MYOB Moderator
Hi Greg, this report is being developed now, and should be released with a few weeks. Regards Steve.
Contributing User GregBKteam
8 Posts
Contributing User

Hi Steve,

Excellent news and thank you.

 

Greg

Former Staff Richard_Puffe
112 Posts
Former Staff
Currently being worked on by Dev.
Sasha_2671
6 Posts
User

Hi,

I'm having a similar problem with our accruals basis clients. The problem is that if any of the accruals basis clients received partial payments on their invoices, the amount is allocated to that account, but the invoice itself is not moved from accounts receivable to the sales balance until the full payment has been made. This caused problems as some of our clients have hundreds of invoices and having to go through every single one to find out when they were allocated across, those which were still considered 'outstanding' and those which were actually outstanding was painful and time consuming (especially when you have a bank deadline to meet in one case.)

 

Eg. A customer made a purchase for $1000. They paid $200 in the first month, $500 in the second month and the final $300 in the third month. The $1000 in accounts receivable was not transferred across to sales until the third month. 

On a cash basis the accounts receivable should have been reduced by each payment made. Accruals basis the lot should have been transferred to sales either when the invoice was made, or when the first payment made.

 

Regards,

Sasha

MYOB Moderator StevePick
113 Posts
MYOB Moderator
Hi Greg. The P&L is now available Cash or Accrual. Regards, Steve