10/03/2022 - Posting Daily Summaries of Sales Invoices & Payments as Journals - Xero & MYOB AR Live
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Posting Daily Summaries of Sales Invoices & Payments as Journals - Xero & MYOB AR Live
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For some high volume sites that integrate with Xero or MYOB AR Live, we now offer the ability to post Sales Invoice and Customer Payments as Journals (Currently only available with MYOB AR Live) along with a new capability to use Daily Summaries of Sales Revenue with either accounting system.
Posting Daily Sales Summaries the following day, will heavily reduce volumes in larger sites where large data volumes become an issue. We understand that posting as an AR Style of Journals may not be appropriate for everyone as there are drawbacks when using bank feeds under this configuration.
In essence the use of journals for Sales Invoices and Payments is no different to how we used to operate when Ostendo integrated with MYOB Classic. The major difference here it that we are able to accumulate entries into one journal and post once a day to either Xero or MYOB AR live, rather than posting separate journals throughout the day based upon the Posting Frequency.
The System Settings screen has been modified to allow the following options when either Xero or MYOB AR live have been selected as the Accounting Link Style.
- AR Style can now be changed to Post Invoices and Payments as Journals. (new for Xero): NB: This means that the Xero or MYOB AR Live Debtors ledger will not be used for invoices or payments. NB: Please use this setting with care, as we cannot repost entries later in a different AR Style to that of a previous style. ie: If the Ostendo Journal has already been created for a transaction we cannot later change that to post as different AR Style.
- We now allow you to turn on Post Daily Summaries for Sales Invoice Revenue. Once this is turned on, the options Post Daily Summaries for Applying Deposits and Appling Payments will also be turned on. This is because it makes no sense to summarise invoices but not summarise Payment / Deposit allocations.
- Ensure you also have Post Daily Summaries the Following Day turned on, otherwise the journals will only be summarised until the Posting Frequency setting is met.
It should also be noted that the Accounting Basis of Cash Immediate Sales can only be used with MYOB AR Live (same as present). This option is not available for use with Xero.
Once Minor Update 111 (for Update 242) has been automatically applied, these changes will become available.
Whilst we have done extensive testing, we would ask Partners to run their own testing of postings to Xero and MYOB AR Live using these new settings prior to deploying these configuration changes to any live environments. Please provide feedback and details if you experience any issues when testing.
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Ian
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