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This update adds headers to your accounts list, allowing you to group your accounts for more detailed reporting. And quantities can now be captured against transactions - great for rural or farming businesses. Finally, we've fixed the GST reporting on transactions with both income and expense. Phew! Let's dive in.
Headers - the best way to group accounts
Before this update, your accounts in MYOB Essentials fell into one of a few buckets. Accounts tracking earnings fell into ‘Income’, accounts tracking spending fell into ‘Expenses’, and so on.
But that didn’t offer the right level of detail needed to parse through all the data and gauge the performance of your business.
That’s where headers come in. Want to break out and compare different sources of income? Or group your utilities to see how much you’re spending? It’s as easy as creating a header in your accounts list and grouping your accounts.
Start by heading to your Accounts list and clicking the Add new button.
From there you can flip between tabs to add new accounts or new headers.
From the Header tab, enter a name and parent header. A parent header defines where this new header will live in your accounts list.
After clicking save, your accounts list is automatically updated with the new headers.
The 3 steps to organising your accounts list
But your new headers will look a bit lonely without any accounts. Which means it’s time for the fun part. Moving and organising!
This is done in 3 easy steps: tick the accounts you want to move under the header, select the header from the dropdown list and click Move.
Your accounts list is automatically updated, this time with the selected accounts under the new header.
Easy, right? Now’s the time to really flex your creativity. No one knows your business like you do, so start adding and grouping new headers and accounts to track the finer details of your business.
For more information on adding accounts and headers, see the MYOB Essentials online help.
More customisation in the Balance sheet report
While headers certainly help make your accounts list nice and tidy, they’re also a powerful tool for reporting.
In the Balance Sheet report, you can now select how many header levels you want to show by selecting from the Level of detail dropdown.
Once you’re happy with the level of detail, you can export the balance sheet as an Excel file or PDF.
Recording quantities against bank transactions
For some businesses, counting sheep is more than a sleep strategy. Whether it be livestock, transport costs or ears of corn, recording quantities against transactions is an important part of bookkeeping for many rural businesses.
With this update, you can now capture those quantities in MYOB Essentials. It’s all done in the Bank transactions page.
Click in to any transaction to open the Allocate tab. Here’s you’ll see a new field: Quantity.
It’s as simple as it looks! If needed, you can still break out the transaction and allocate it to different accounts. Then add a quantity wherever needed.
Quick tip: To see at a glance which transactions you’ve recorded quantities against, keep an eye out for the Q icon in the Allocate or Match column.
We’ve also updated the General ledger details report with a Quantities field and Average Net ($) field, giving you even more insight into your business.
Remain GST compliant on split transactions
If you need to allocate both income and expense on the same transactions, the GST will now be correctly reported in your GST reports. Income GST is reported under GST on income, and expense GST is reported under GST on expenses.
This is especially useful when creating a buyer or recipient created invoice (BCTI/RCTI), when, for example, you need to record both the income on goods sold and transport costs in the same transaction.
For more information on how to handle BCTI/RCTI as a customer or supplier, check out the MYOB Essentials online help.
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