What's new in
Finance
Discover enhancements coming in the Spring Release
Feature summary
- Cash purchase processing: Users can now reverse a cash purchase with the introduction of a Cash Return document. This speeds up the process of returning or refunding cash purchases.
- Refund and rebate processing: Users can process refunds and rebates for cash and credit card purchases more easily using the new document type with their bank feed.
- Document management: A new "Return" command lets users quickly create Cash Return documents with details imported from the original transaction document.
- Improved financial reporting: Reversing cash purchases without voiding improves financial reporting accuracy and reduces complexity.
Enhancement
AP aging by project reports
This enhancement improves the process of managing cash flow for specific projects helping users understand the financial health of each project.
Feature summary
- Improved cash flow projections: Businesses can now view Accounts Payable aging documents and vendor balances grouped by project and aging period, enhancing cash flow forecasting.
- Detailed financial insights: Grouping AP balances by vendor, account, and sub-account provides a clearer view of a project's financial status, helping businesses make informed decisions about project investment or budget adjustments.
Plus more
Learn about other enhancements to the Finance capability in MYOB Acumatica.
Cash discounts and terms in credit memos
Better align with invoice due dates for improved payment accuracy, receivable reporting and cash flow forecasting.
Feature summary
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Credit terms for credit memos: Enables the use of credit terms in credit memos, allowing users to create memos with cash discounts applied.
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Invoice reversal accuracy: Reduces manual effort and improves accuracy when reversing invoices that include cash discounts with terms.
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Cash flow forecasting: Includes credit memos in cash flow forecasting, providing increased financial insight.
Use cases
Create credit memos that recognise invoice terms and discounts.
Industries
Retail, wholesale, manufacturing, and any business that extends credit terms to customers, particularly for early payment.
Roles
Accounts Receivable (AR) Managers, Financial Controllers, and Accounting Clerks
Available in
MYOB Acumatica ERP
Cash discounts and terms in debit adjustments
Enhance financial management and planning by enabling users to specify due dates and cash discounts in debit adjustments.
Feature summary
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Due date specification for debit adjustments: Users can now specify due dates for debit adjustments, allowing for more accurate tracking in AP aging reports.
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Cash discount application: Users can apply cash discounts to debit adjustments, ensuring that the financial benefits of original bills are retained when adjustments are made.
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Enhanced functionality: This version enables users to leverage credit terms for debit adjustments, improving cash flow forecasting and providing greater financial insight.
Use cases
Create debit adjustments that accurately reflect original bill terms and discounts, improving cash flow management and AP aging report accuracy.
Industries
Retail, wholesale, manufacturing, and any business that extends credit terms to customers.
Roles
Accounts Receivable (AR) Managers, Financial Controllers, and Accounting Clerks
Available in
MYOB Acumatica ERP
Expense refunds to corporate credit cards
Enhances the efficiency and accuracy of financial management, particularly in handling refunds and reconciling corporate credit card transactions.
Feature summary
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Refund management: Streamlines refunds to corporate credit cards, enabling easy processing of full or partial refunds and accurate financial records.
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GL account reconciliation: Facilitates faster reconciliation with negative expense receipts, ensuring accurate recording of transactions and reducing discrepancies.
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Efficiency in financial workflow: Minimizes manual steps in handling refunds, saving time and reducing error risk.
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Improved financial records: Keeps records up-to-date, reflecting the company’s true financial position for effective reporting and analysis.
Use cases
Efficiently process and track corporate credit card refunds, ensuring accurate reconciliation while reducing manual effort in managing and voiding transactions.
Industries
Professional services, consulting, and any business with significant travel and entertainment expenses.
Roles
Financial Controllers, Accounts Payable (AP) Managers, and Employees who use corporate credit cards for business expenses.
Available in
MYOB Acumatica ERP
Approval and rejection reasons on financial forms
Enforce optional or required approval and rejection reasons for financial transactions.
Feature summary
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Increased visibility and accountability: Approvers are now required to provide reasons for approving or rejecting financial documents, expanding this requirement to additional finance-related forms.
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Enhanced decision-making: By capturing reasons for approvals or rejections, the feature provides valuable context and insights that improve future decision-making.
Use cases
Approve or reject financial documents like bills, invoices, and payments, and provide reasons using comments directly in the system.
Industries
Corporate finance departments, construction, and any business that uses corporate credit cards for expenses.
Roles
General Accounting Managers, Accounts Payable (AP) clerks, and financial supervisors.
Available in
MYOB Acumatica ERP
Consolidated retainage invoices in AR
Simplify and streamline the management of retainage invoices by consolidating multiple retainage documents into a single invoice, improving efficiency and accuracy in financial processes.
Feature summary
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Streamlined retainage invoicing: Users can consolidate multiple retainage documents into a single invoice, improving efficiency and accuracy in financial processes.
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Improved data management: Supports partial payments and consolidates retainage information into one tab, automating the creation of consolidated documents for related projects.
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Enhanced reporting and tracking: Offers clear visibility of consolidated retainage documents and provides a user-friendly interface for better tracking and management of retainage amounts.
Use cases
Consolidate multiple retainage invoices for a customer and project into a single document.
Industries
Construction, engineering, and other project-centric businesses
Roles
Project Managers, Financial Controllers, and Accounts Receivable (AR) Managers
Available in
MYOB Acumatica Construction
Changes to summary area totals
Eliminate irrelevant information and reduce the need for manual calculations.
Feature summary
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Enhanced summary information: Provides additional details in the summary area of forms like Opportunities, Sales Quotes, Invoices, and Memos.
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Accurate total calculations: Automatically calculates totals, including discounts, taxes, and margins, ensuring precise financial data.
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Simplified financial reporting: Ensures all relevant financial information is included in the summary area for clearer reporting.
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Reduced manual calculations: Automates the computation of key financial metrics, minimizing potential errors.
Use cases
View accurate total calculations and automated financial metrics in form summaries, simplifying reporting and reducing manual errors.
Industries
Finance, projects and construction, inventory, and order management
Roles
Financial Controllers, Project Managers, and Accounts Receivable (AR) Managers
Available in
MYOB Acumatica ERP
Finance in MYOB Acumatica (part 1)
Learn about processing GL transactions, reversing transactions, reclassifying transactions, splitting transactions, processing recurring transactions.
Banking in MYOB Acumatica
Learn about handling bank reconciliations by reconciling cash accounts with bank statements and reviewing reports to gather information for bank reconciliations.
Receivables in MYOB Acumatica
Learn about creating customer refunds, printing customer statements and regenerating statements.
Purchases in MYOB Acumatica
Learn about processing AP bills and closing financial periods in the AP sub-ledger.