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How To Create Automatically Recurring Transactions and Avoid Financially Costly Errors

Posted by   |   January 20th, 2017   |   Categories: MYOB Tutorials, Topics

There are certain functions in Myob AccountRight that can be real time savers, enabling accurate transaction recording, speeding the entering of data and myriad other shortcuts. However, caution is also encouraged as trouble lerks if you become non attentive. Let me give you a real life example!

Over a coffee with a friend who is a business owner, he told me of his tale of caution, and how much it cost him. Now, seriously interested, I leaned in to hear his tales of woe, only to conclude that what happened to him could happen to many business owners.

Jack (not his real name) has many clients he automatically invoices either monthly or quarterly. The invoice amount for each client doesn’t alter and therefore this is an ideal way of generating invoices as it saves enormous time. However, by pure chance, he was perusing his Accounts Receivables Report and noticed that some of his client’s recent invoices weren’t appearing on the report. These invoices were supposed to be created automatically. He couldn’t understand why. He looked at his Recurring Transaction List, saw the names of those clients on that list and said, What the ……! Lacking a good understanding of Myob, he didn’t know how to fix the problem. Why these handful of clients and not all of them? But what made him really upset? Those clients hadn’t been invoiced for over 12 months. The cost? Thousands of dollars. Would he be able to recoup that money from his clients after so much time had elapsed? What would his clients think of his professionalism? Should he cut his losses?

He asked me what I thought was the problem. I wasn’t sure but I suspected I knew the answer. I asked him if I could have a look at his AccountRight program which he gladly agreed to. I saw the problem immediately. As simple as changing a setting in the recurring transaction setup window. Not clicking the correct button at the time of creating the automatically recurring invoice meant the invoices weren’t being automatically recorded. It’s easy to make this error and many businesses with small to mid size customer bases are guilty of doing the same thing and may be unaware of how money they are losing.

If you have any questions about the functions of AccountRight, please leave a comment or send me an email. If you believe this topic has been of benefit, please click the Like button. Better still, subscribe to my blogs or to my YouTube channel for more How To videos on using Myob AccountRight.

I’m Henry from myobtrainer.com

 

 

 

How to create a Customer Card

Posted by   |   June 26th, 2014   |   Categories: MYOB Tutorials

When I see a new client who has begun using Myob, I’m sometimes amazed at the lack of information they put into their accounting software. Myob is really a combination spreadsheet and database.
By including information into the customer card, Myob provides business owners and managers with very valuable information that can be extracted to make important managerial decisions regarding that customer. Some examples are below:

  • Payment terms
  • Credit Limits
  • Creating personalised letters
  • Discounts for early payments
  • Phone/fax/email details
  • Income classification
  • Contact Log

Another area of the customer card that is often overlooked is the Actions button. Once clicked you will see many options to view essential information or create transactions or reports, communicate with customers via email.
If you’ve found this information valuable, check out the video on How to Create a Customer card at myobtrainer.com.au

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