MYOB Acumatica 2024.2: Smarter Financial Control

The Autumn 2024.2 release of MYOB Acumatica brings a fresh wave of enhancements to financial management—empowering finance teams with smarter controls, streamlined approvals, and greater visibility across the board. From automating reconciliation workflows to enhancing AP bill approval with estimated PPV logic, these updates are designed to save time, reduce errors, and improve financial accuracy. In this blog, we’ll walk you through the key financial features that will make your month-end smoother and your forecasting sharper.

Approval of Reconciliation Statements

With MYOB Acumatica 2024.2, administrators can configure the approval process for reconciliation statements to align with the organisation's internal control and financial audit protocols. This configuration enables designated users to approve or reject reconciliation statements as needed. This feature is accessible in the system when the Approval Workflow option is activated on the Enable/Disable Features (CS100000) form.

Key benefits of the feature include:

• Enhanced Internal Control: Guarantees that all reconciliations undergo thorough review and approval by the designated personnel, ensuring robust oversight.
• Improved Financial Audit Procedures: Optimises the audit process, simplifying the tracking and verification of reconciliation document approval histories.
• Segregation of Duties: Mitigates risks of fraud and error by clearly delineating responsibilities for executing and approving reconciliations.

The following sections outline the changes to the UI and document processing to support this functionality.

Changes to the Approval Maps Form

On the Approval Maps (EP205015) form, the following UI changes have been made:

Image: UI changes on the Approval Maps form.

1. Within the Entity Type box, a new option for Reconciliation Statements has been added. This allows an administrative user to configure an approval map specifically for these documents.
2. On the Conditions tab, under the Reconciliation Statements entity type, the Entity column now includes the Approval and Reconciliation Statements options. The administrative user can define the conditions for the approval step or rule here.

Changes to the Cash Management Preferences Form

Image: The new type on the Cash Management Preferences form.

In the Cash Management Preferences (CA101000) form, a new option for Reconciliation Statements has been introduced on the Approvals tab. This tab lists all approval maps that the system employs to allocate cash documents to employees for approval. An administrative user can choose Reconciliation Statements in the Type column and then select an approval map associated with the Reconciliation Statements entity type. This chosen approval map will be applied to the reconciliation statements generated by users within the system.

Changes to the Reconciliation Statements Form

On the Reconciliation Statements (CA302000) form, the following UI changes have been made:

Image: UI changes on the Reconciliation Statements form.

1. The Approve and Reject buttons have been introduced to the form toolbar. Selecting the Approve button updates the document's status to Balanced, while selecting the Reject button updates it to Rejected. 
2. A new Pending Approval status has been incorporated into the Status box, which the system assigns to reconciliation statements awaiting approval.
3. Additionally, an Approvals tab has been added to the form, allowing users to access the approval history of reconciliation statements.
   

Image: The Approvals tab of the Reconciliation Statements form.

Changes to the Approvals Form

The Approvals (EP503010) form shows records with the Reconciliation Statement type that are pending approval.

Default Email Template

Image: The Reconciliation Statement email template.

Within the Email Templates (SM204003) form, a new Reconciliation Statement email template has been introduced. This template serves as the default notification for pending approval of reconciliation statements. The system automatically dispatches emails to the approver when a reconciliation statement is ready for their evaluation.

Understanding Feature Use in MYOB Acumatica: Autumn Release 2024.2

A staff accountant can perform the reconciliation process; however, to enhance control, this process can be configured to require approval from a manager or CFO.

Reconciliation Statement Processing

The workflow of reconciliation statement processing now includes the following steps:

Step 1 - The user selects Remove Hold from the toolbar on the Reconciliation Statements (CA302000) form.

• Verifies if the reconciliation statement is balanced. If not, an error message is displayed, and the status remains On Hold.
• If balanced, the status is updated to Pending Approval.
• Creates a record with a Pending status for each approver on the Approvals tab of the Reconciliation Statements form.
• Saves the reconciliation statement.

• Displays the Enter Reason dialog box if the Reason for Approval is set to "Is Optional" or "Is Required" on the Rule Actions tab of the Approval Maps form.
• Updates the approval record's status to Approved on the Approvals tab of the Reconciliation Statements form and saves the record.
• If the current approver is the final one, updates the reconciliation statement's status to Balanced. If there are additional approvers, the status remains Pending Approval.
• Saves the reconciliation statement.

Watch the video below to see a demonstration of the Approval of Reconciliation Statements.

Prepayment Invoices

The newly introduced prepayment invoice feature is particularly beneficial for companies that receive prepayments, as it is generally necessary to report taxes on these prepayments during the period they are received. Users have the ability to generate prepayment invoices for customer-ordered items and services. The system automatically calculates taxes for each prepayment invoice. Once the prepayment invoice is settled, the company can report the taxes in the same reporting period in which the prepayment was received. This enhancement guarantees precise tax reporting and aids in streamlining the payment processing workflow.

The finance enhancements in the 2024.2 release are all about giving your team more control, less manual work, and greater confidence in financial reporting. With smarter approvals and streamlined workflows, you’re equipped to make faster, more informed decisions.

Want to learn how these finance features can benefit your business? Contact our team to book a walkthrough or get support with the upgrade.

Access the full release notes here.