Both Xero and MYOB offer foreign currency options on certain subscription levels. The area is very complex, and requires proper setup and month end procedures. Most of the complexity relates to the fact that exchange rates change every day, which create unrealized gains and losses. If you have bank accounts held in other currencies, sell […]
Inventory!
Inventory is one of the most complex areas in your cloud accounting software. At present, Xero does not offer a perpetual inventory system. That is, it is not possible to get a “quantity on hand”. Xero allows you to itemize your invoices by inventory item, but you need a add on solution to get the […]
Five questions to ask yourself when choosing an Accountant …
1. Does my Accountant hold a recognized accounting designation? Yes! The director of CloudCounting, Tracey Newman, is a Chartered Accountant with over twenty years of experience. 2. Does my Accountant understand and support the accounting software I am using? Yes! The staff at CloudCounting hold qualifications as MYOB Certified Consultants and Xero Certified Advisors. 3. Is […]
How do I show the results of two separate business activites?
In MYOB, this feature is called job costing. You need to set up the jobs in Lists | Jobs, and then start to assign jobs to all codes starting with a 4,5,6,8 or 9 (just P&L codes). Job costing is not mandatory, you can set a preference if you wish to be warned if you […]
MYOB V2013.4 – How is the speed?
We are pleased to say much, much better! Payroll is now 10x faster, and enter purchase got a great speed boost in v2013.3. We were out on a consult yesterday for a fairly large organization trying to decide between MYOB Premier (still on classic only) and MYOB AccountRight Live Plus. We would highly recommend that […]
When is the right time to roll forward the financial year?
Many of our clients find the concept of financial year roll forward confusing. First of all, if you are a Xero user, don’t worry about it! There is no formal roll forward process with Xero. With MYOB, there is still a “close year” (Live) and “start a new financial year” (Classic). The first thing to note is […]
The supplier item code will not show in my customized Purchase Order – why??
Another tricky question … but I have the answer! In the item information window, you must have the primary supplier selected, and this supplier must be the same as the supplier in the purchase order. Only then will the database feed for the supplier item code work.
How do I change the default MYOB currency from AUD to XYZ?
Just had a call from a client with this question, and I actually wasn’t sure how to do this myself. After a bit of research … ta da … here is how you do it. First of all, you must be using MYOB Premier as this is the only version that allows foreign currency. Ensure […]
Xero or MYOB? Which product should I choose?
The million dollar question … here are a few questions to ask yourself about which product may suit your business best: 1. Do I need my accounting software when I do not have an internet connection? Obviously this will be more of an issue in regional areas or black spot areas. Are you a mum […]
Bank Feeds – what are they?
Both MYOB AccountRight and Xero use the concept of bank feeds. This involves getting a form signed and submitted to your bank (or banks). After a week or two, bank feeds will arrive on a nightly basis and upload automatically into your accounting software. They will sit there “unreconciled” until you match them with (a) […]