MYOB Advanced Tips and Tricks

Sharing our skills with the MYOB Advanced user community.

As your MYOB Advanced specialist, we bring together our skills and expertise with your understanding of your company to improve your business systems. MYOB Advanced is Australia’s number one cloud-based ERP system. It streamlines processes, consolidates reports, automates workflows and allows you to manage your business the way you want. MYOB Advanced is a powerful ERP with extended functionality. You could be missing out on valuable efficiencies if you are not utilising the software’s full potential. So we’ve put together these MYOB Advanced tips and tricks to boost your knowledge.

Kilimanjaro Consulting has a philosophy of making our clients as self-sufficient with their ERP systems as possible. Our MYOB Advanced Team have pooled their knowledge to share some insightful MYOB Advanced tips and tricks for you and your team.

The right help, tools and knowledge can make the difference between a good and bad day. We hope that this bank of resources provides that helping hand to guide you and your business through minimising errors, saving time, and improving business efficiency.

Make the most of MYOB Advanced with the following tips and tricks!

14. Simplify your Cross-Company Sales

Cross-Company sales record the important details from transactions between your entities. Specifically, a cross-company sale is when you fulfil a purchase order from one entity to another in the same organisation or group. It is important to make sure that the transaction details, key dates, parties involved, transaction value, and relevant documentation are accounted for.

When done manually, this is a tedious process and can lead to errors due to so many independently moving parts. With the new MYOB Advanced update, the system now allows sales and purchase orders to be processed between companies and branches under the same tenant. AP documents are automatically generated by exporting information from linked AR documents, simplifying the process and improving your efficiency.

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13. Learn to Streamline your Intercompany Sales

The complexity of your organisation may require you to pay dividends, buy and sell assets (e.g., inventory or machinery), or lend money to other entities within your organisation. It may also require central order fulfilment that sources products from different entities based on availability or other product characteristics. Regardless of the requirement, these transactions between your different entities are recorded as an Intercompany sale in MYOB Advanced Business.

Intercompany sales record important information for balancing activity between your entities, such as transaction details, key dates, parties involved, transaction value, and relevant documentation.

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12. The Global Search Function in MYOB Advanced

MYOB Advanced is an integrated business management system that gathers data across your entire operation. Whether it is reduced administration time, greater inventory control, or real-time reporting, MYOB Advanced will improve efficiency in your business. However, finding the exact screen or piece of data within this vast network can be challenging. MYOB Advanced’s Global Search allows you to quickly search for a particular piece of data in your system, regardless of where it may be located. Save time trawling through the depths of your system and instantly find what you are looking for with the Global Search function.

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11. Important Features of Reporting Dashboards

MYOB Advanced is built to consolidate your data and reports, simplifying your decision-making process by giving you the best view of your data. Dashboards allow users to monitor financial, operational, and organisational information while analysing real-time trends related to their company role. You can now create and use personalised business dashboards to display different information types related to job functions, roles, or responsibilities to give you an overview of your current financial, organisational, and operational information.

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10. Company Groups – Restricted Visibility of Customer and Supplier Records

Managing multiple companies in a single-tenant comes with several advantages, including sharing master records such as customers, suppliers, and inventory items.  However, there may be a requirement to separate customers and suppliers from different companies and users. This feature is now available as of MYOB Advanced version 2021.1.1, where the visibility of customers and supplier data can be restricted without Restriction Groups.

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9. Tips and Tricks for MYOB Advanced Matrix Items

In many ERP systems, managing inventory with multiple attributes can become challenging. In MYOB Advanced, both Stock and Non-Stock items can be flagged as Matrix items, enabling users to create a new set of stock items with ease by taking advantage of higher-level template settings. This article teaches how to simplify simple work processes using matrix items.

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8. Corporate Cards in MYOB Advanced

As of MYOB Advanced version 2020.3, the use of corporate credit cards is now supported through the Expense Claim and Expense Receipt forms. This helps employees and your accounts department to categorise and track expenses. For example, an employee can buy something to charge to a project and pay for it with a corporate card. This article details the advantages of leveraging this function in MYOB Advanced and how it creates efficiencies for employees.

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7. Restricted use of Control Accounts in MYOB Advanced

Posting directly to the General Ledger Control Accounts can cause imbalances between sub-ledgers and their respective balance sheet accounts. Introduced in Release 2020.3, MYOB Advanced now provides the ability to restrict direct postings of transactions such as journal entries to control accounts. Read more about how restricting control accounts can improve the use of your system.

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6. Business Events in MYOB Advanced

In the 2018.1 release in MYOB Advanced, the added functionality of ‘Business Events’ has significantly changed how businesses operate. The Business Events feature can automate some of those day-to-day tasks. It has the ability to monitor specified data for changes and process certain actions as a result.

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5. Fixed Assets in MYOB Advanced

Fixed Assets Management in MYOB Advanced makes it easier to manage company assets and provides complete visibility and depreciation calculations. The newest version of MYOB Advanced saw the completion of the long-awaited additions to Fixed Assets module. This release adds functionality by completing work on the diminishing value and prime cost/straight-line depreciation methods for the Aust and NZ jurisdictions.

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4. Generic Inquiries in MYOB Advanced

With version 2019, new functionality has been added to Generic Inquiries in MYOB Advanced. Customise your Generic Inquiries with these new functions to save time and improve the results from your reporting.

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3. Row Level Security in MYOB Advanced

MYOB Advanced is a cloud-based system that you can access remotely, anytime, anywhere. With this comes the need for complex security and permissions. Your data is accessible, but more importantly, is it safe? Security features such as 2FA (2-factor authentication) were rolled out recently and are now automatically part of the login system. Another important feature that is often overlooked or simply not recognised is Row-Level Security.

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2. MYOB Advanced – New User Interface

In 2018, the upgraded version of MYOB Advanced came with a new User Interface (UI) as an option. Some users may have been reluctant at the time to use the new User Interface for a lack of familiarity. Other users may have upgraded but are not aware of the finer details of the new User Interface. Read more on how to use the new user interface here.

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1. How to Generate Statements on Demand

Since the upgrade of MYOB Advanced to version 2018.1, it is now possible to generate customer statements quickly and easily upon ad-hoc requests from customers. Here are step-by-step instructions on how to use this feature.

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Stay up to date with the latest MYOB Advanced features

Many of these tips and tricks come about from new additions to MYOB Advanced. With each new version, new functionality is added that can make you more efficient and improve productivity. Visit the MYOB Advanced Version History page to discover the newest and upcoming features.

Want clarification on any of these MYOB Advanced tips and tricks?

Remember, if you have any questions about how to generate statements, the new User Interface, Row-Level Security, Generic Inquiries, or just a general query about anything from the above MYOB tips and tricks, our friendly MYOB Advanced team is always here to help. Call us on 1300 857 464 (AU) or 0800 436 774 (NZ) or email at info@kilimanjaro-consulting.com or advanced.support@kilimanjaro-consulting.com

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