MYOB Advanced tips and tricks: restricted use of control accounts, correcting SO invoices

MYOB Advanced Tips and Tricks

MYOB Advanced has plenty of shortcuts, and lots of options, to make your work a breeze. This month we look at the restricted use of control accounts, and the ability to cancel and correct an SO invoice.

Tip #1. Restricted use of control accounts

Having reconciled and balanced accounts is vital to accurate financial reporting. Posting directly to the General Ledger Control Accounts can cause imbalances between sub-ledgers and their respective balance sheets accounts. Introduced in Release 2020.3, MYOB Advanced (powered by Acumatica) now provides the ability to restrict direct postings of transactions such as journal entries to control accounts.

Impacts of restricting control accounts

By enabling the use of the restrictions, control accounts can be set against the following sub-ledgers: Accounts Payable, Accounts Receivable, Fixed Assets, Inventory, Taxes (GST), Purchase Orders (Receipts), Sales Orders (Shipments).

Establishing a control account has two impacts:

Removes the opportunity for manual data entry directly into the account and reduces error rates.
Prevents using the account as a default for fields related to sub-ledgers. For example, the Sales or Expense accounts set in the Accounts Receivable or Accounts Payable master record.

Two new columns are added to the Chart of accounts Screen to further display and customize the account restrictions.

Alongside each General Ledger account, you can select the related sub-ledger Module, marking it as a control account. As per the example below, we have selected the “AR” control, to align with the Accounts Receivable General Ledger Account.

The “Allow Manual Entry” checkbox determines if users are able to post entries directly to this account. Clearing the box will prevent users from creating entries to this account.

Checking this box will allow users to post transactions, although they will still receive a warning. It is recommended to uncheck this box once any necessary adjustments have been made.

We recommend enabling the use of ledger control accounts to help prevent sub-ledger imbalances.

Tip #2. Correcting SO invoices

Previous versions of MYOB Advanced provided no ability to make changes to SO invoices that had already been released. SO invoices could also not be cancelled. Release 2020.3 introduced new actions that provide the ability to cancel and correct existing SO invoices with the ‘Open’ or ‘Closed’ status.

Cancelling invoices

A Cancel Invoice action has been added to the Invoices screen (SO303000):

When a user clicks this action, the system creates an SO credit memo on the same screen in the full amount of the invoice being cancelled. In the created credit memo, the user can change the date, posting period, and description – all of which are copied from the original SO invoice.

In the cancelled invoice, on the Financial Details tab of the Invoices screen (SO303000), the Correction Document field shows the reference number of the cancellation credit memo that was prepared for this invoice but have not yet been released. This reference number is a link a user can click to view the cancellation credit memo.