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Invoicing application - MYOB

Invoicing or billing is perhaps the most critical activity in any business.

Generating invoices on a timely basis and sending it off to a customer ensures the inflow of cash, the life blood of every business.

Both MYOB Accounting and MYOB Premier feature a comprehensive invoicing module that fits every need a business may require.

MYOB Invoicing module

Some of the more standard business requirements are as follows:

  1. Customer name and address.
    MYOB features a card file that maintains this for you. All you need to do is create and save customer details once, and just select the record each time you need to invoice that particular customer. MYOB fills in the address so you don’t need to key it in every time. The address also includes details like contact person, telephone and fax numbers, etc.
  2. Invoice number.
    With MYOB, you can enter up to an eight digit number. These numbers increment automatically so you don’t need to remember what the next number should be.
  3. Invoice date. When you create a new invoice, MYOB automatically takes the current date from the system date. You can change it if necessary.
  4. Terms of payment
    You can define a number of terms of payment, including:
    - Cash on Delivery - Prepaid - Number of days from invoice date
    You can set these terms for each customer or you can select a payment term each time you invoice.
  5. Description of what you are invoicing the customer for.
    Enter one or more lines for each item sold or service rendered. MYOB also caters for descriptive or header lines as well as subtotals.

In addition MYOB offers the following options for your invoicing needs:

  1. Salesperson.
    Track sales by salesperson and export sales by salesperson to Excel for commission computation.
  2. Freight or transport charges.
    Enter the transport charge, if any, for a particular invoice.
  3. Tax
    Compute tax on each line, for example sales tax or service tax. You can have separate tax rates for each line.
  4. Shipment method.
    Specify shipment method for each invoice. For example, if you operate a fleet of vans or lorries for transporting your goods to your customers, you can select which van/lorry. This helps organise your deliveries according to shipment method.
  5. Jobs.
    If you engage in projects or simply wish to track sales by departments, use the job feature in MYOB to manage income and expenses. Comprehensive reporting provides you with income and expenses statements for project or department profitability.

Multi-currency invoicing

In addition to the above MYOB Premier enables invoicing in foreign currency. If you sell to customers overseas, you can create and send invoices in any number of currencies and track what the customer owes you in both your local as well as the invoiced currency.

Customising printed invoice

MYOB provides a WYSISYG (What You See Is What You Get) interface that you can use to customise your printed invoice. Arrange fields according to your requirement. Include your company logo on the invoice, select different fonts, font sizes, font colours, etc, and include any custom text like “Please make cheque payable to ABC Sdn Bhd”.

Behind the scenes.

In every business, while creating and sending invoices to customers on a timely basis is critical, it is equally important to:

  1. Keep track of each invoice issued
  2. Send statements to customers, also on a timely basis, to ensure that you are paid promptly when invoices are due.
  3. Keep track of which invoices have been paid and which are still outstanding.
  4. Analyse sales, not just in terms of dollars and cents, but also in terms of:
    - Who are your biggest customers?
    - Which products are services are you selling the most?
    - And so on….

Equally important would be ensuring that it is taken up in accounting.

Here is where MYOB really shows its forte.

Unlike with some accounting or billing applications where posting to GL and AR are on a batch basis, MYOB updates on a real time basis

When an invoice is recorded or saved in MYOB, the necessary details are updated in real time to the General Ledger, Sales Register as well as Accounts Receivable, and updates the relevant accounts for you.

MYOB Invoicing module

What this means is it that as a business owner or manager, you have instant real time information at your fingertips, making it easy for you to Mind Your Own Business!


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