How to Set MYOB Export Options
Overview
This tutorial will show users how to set the MYOB Export Options. This is a prerequisite to exporting invoices from SMS to MYOB.
Location in SMS: Finance > MYOB tab > MYOB Export Options
NOTE: This exclusive feature is only available for Performance and Compliance Plus Package subscribers. Unlock the full potential of your SMS with the Performance and Compliance Plus Package. To upgrade your plan and access this feature, please contact our Support team.
IMPORTANT
- Make sure that your MYOB is integrated with your SMS before going through this process.
- Refer to this tutorial for MYOB-SMS integration: How to Integrate/Establish Connection between SMS and MYOB
Step Tutorial
1. Export invoices to MYOB by checking the “Export to MYOB” checkbox.
2. Set the following required fields for exporting to MYOB:
- Date of First Invoice for Export to MYOB - refers to the date on which the first invoice or financial transaction is recorded in the accounting software that will be exported to MYOB.
- Tuition - refers to the amount of tuition and/or administration fee charged to a client for a unit of competency or module.
- Resource - refers to charges associated with the provision of learning materials, equipment, and other resources necessary for a student to complete their training program.
- Other - refers to charges beyond tuition and resource fees that students may be required to pay during their enrolment. These fees can vary between RTOs and may cover a range of services and materials.
Note: Only specific MYOB account codes are compatible for Invoices. Common examples include Income Accounts, Expense Accounts, Asset Accounts, Liability Accounts.
IMPORTANT NOTE - GST in MYOB
When setting up Fee items in your Student Management System (SMS), it’s important to map them accurately in MYOB to ensure GST is reported correctly. Assign each Fee item to the appropriate account from your MYOB Chart of Accounts and use the correct tax codes for GST reporting. For example, Fees without GST should be mapped to accounts in MYOB and assigned the “FRE” (GST Free) tax code, while Fees that include GST should be mapped to accounts and assigned the “GST” tax code.
You may refer to this page for the list of MYOB Tax Codes (https://www.myob.com/au/support/myob-business/accounting/financial-control/accounts-list/gst-codes)
You may refer to this page for the list of MYOB Tax Codes (https://www.myob.com/au/support/myob-business/accounting/financial-control/accounts-list/gst-codes)
SUMMARY
In conclusion, familiarising yourself with the process of setting MYOB export options is vital for ensuring a smooth and accurate integration of financial data with the SMS.
Related tutorials
- How to Integrate/Establish Connection between SMS and MYOB
- How to Export Invoices from SMS to MYOB with Multiple Item Lines
Congratulations on completing this tutorial. We hope this has been helpful to you and your organisation. For any questions or concerns regarding this function, please reach out to us via email at support@eskilled.com.au.