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Linking with MYOB Essentials - Account Code Selections

Account Code Selections

Part of setting up the link with MYOB Essentials involves setting the default accounts to post income, expenses and payments received when sending an invoice in Tradify to MYOB.

There are no other integration options available for MYOB Essentials like you have with MYOB Accountiright due to limitations with the MYOB API (Application Program Interfacing Tool). MYOB Essentials integration is therefore limited to Customers and Customer Invoices and Payments Received.

This article explains the purpose of each account code selection.

There are three default Account Code selections:

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Sales of Labour & the Sales of Materials Accounts

Tradify uses these accounts to post Revenue or Income derived from Labour and Materials, as they appear on Customer Invoices.  

These must be allocated to an Income or Sales Account Type in MYOB as shown below. 

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The default account codes in this account type range, based on a default Chart of Accounts in MYOB, are 4-100 to 4-9999 as well as 8-1000 to 8-9999.  

As shown in the Tradify image above, the Sales of Labour and Sales of Materials have been allocated to 4-2400 - Sales 1 and 4-2600 - Sales 2, but you can select whichever accounts you want in the Income Account Type range.   Of course you can also create additional Sales Accounts in MYOB specific for this purpose and name them according to whatever is more appropriate for your needs.

You have the option of splitting the Sales posting for Labour and Materials, however, they can also be posted to the same account if required.  Splitting them between two different Sales Accounts allows you to see at a glance, in your financial reporting in MYOB, the Income derived from Labour and the Income derived from the Sale of Materials.

The accounts set in Tradify under Settings > Accounting System are defaults that apply to Labour and Material lines entered on a Customer's invoice.

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The Account Codes can be altered on the invoice lines, unless they have been hard coded on the individual Billing Rates or Price List Items.

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Sales Account Codes entered on individual Price List Items or Billing Rates (see below) overwrite the default Account Codes that apply to the invoice lines from the Accounting System settings and therefore are hard coded.  They also cannot be changed on the invoice lines.

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In the example below you will notice the two extra lines added to the invoice as per the Price List Item and Billing Rate shown above.  Notice how the Account Codes set on these items, appears on the invoice lines and are different to the defaults.

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While you are still able to edit the Account Codes for these lines on the invoice, the system will ignore what is entered on the line and use the Account Codes specified on the individual Billing Rate and Price List Item records.

This option provides an additional level of integration with MYOB where specific Item codes can be posted to different Sales Account Codes where required.  If the Account Code fields on each Billing Rate or Price List Item are left blank, the default Account Codes specified in the Accounting System set up will apply to the invoice lines.

Bank Account

Tradify uses this account to post Payments Received from customers, as they are applied to invoices created in Tradify.  The account selected here must be a Bank Account

Under Settings > Invoice, Quote & Purchase Settings > Payment Methods tab, you are able to set which Account Code is to be used for each payment method.

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Each Payment Method has a place where you can define the Bank or Payments Account you wish to post Payments Received to.

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Price List Items, Billing Rates and Miscellaneous Costs entered on Customer Invoices automatically create or update an inventory item in MYOB Essentials, as shown below.

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Below is an example of how the Tradify invoice lines above create the same Item Codes in MYOB Essentials.

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