Welcome to this blog, where we delve into the latest updates and improvements in project-specific inventory tracking, compliance tracking, mobile app enhancements, joint payment functionality, and much more in MYOB Advanced 2023.1. From the deprecated initialisation process to the enhanced display of availability information, we cover a range of features that will streamline your project accounting processes.
Improvements in Tracking Project-Specific Inventory
In MYOB Advanced 2023.1, several changes have been introduced to project-specific inventory tracking:
- Deprecated Initialisation Process
- Redesigned Inventory Tracking by Project Quantity
- Enhancement to the Display of Availability Information
The Initalise Stock button has been removed from the Recalculate Project Balances form. The redesign of the inventory tracking the LocationID attribute is no longer stored in the INCostStatus database table and only tracks the project budget key and warehouse.
The enhancements to the Display of Availability Information has adjusted the following forms:
- Receipts (IN301000)
- Issues (IN302000)
- Adjustments (IN303000)
- and Transfers (IN304000)
Availability Information
How the information is displayed depends on the Cost Layer Type and whether it is included in a Project or a Non-Project. Check out the Release Notes for Developers for a complete list of changes.
Improved Lien Waiver Functionality
In MYOB Advanced 2023.1, the functionality related to compliance tracking has been reworked to simplify the use of lien waivers. Also, support has been added for several additional user scenarios related to lien waiver processing.
The Lien Waiver Setting tab on the Compliance Preferences (CL301000) form has had changes to improve the UI and Workflow. The Cheques and Payments (AP302000) form has a new Set as Final button on the Compliance tab.
Migration Mode for Pro Forma Invoices
Starting MYOB Advanced 2023.1, migration mode has been introduced in the project accounting functional area. Users can now turn on migration mode and import pro forma invoices with their balances, original amounts, and dates without affecting the general ledger. Also, the user can create or link these pro forma invoices to the corresponding AR documents.
Also included are new pre-defined Import Scenarios to simplify financial data migration from third-party software to MYOB Advanced.
Mobile App Enhancements
In MYOB Advanced 2023.1, the new Progress Worksheet mobile screen has been introduced in the MYOB Advanced mobile app. The user can now view, create, and update progress worksheets using this screen. Also, the user can now view progress worksheets related to daily field reports from the Daily Field Reports mobile screen.
Enhanced Joint Payment Functionality
Starting MYOB Advanced 2023.1, the joint payment process has been revised and enhanced. The system now automatically specifies the maximum available balances for the payment lines at the moment of payment as the amounts to be paid for the main supplier and joint payees. Multiple changes have been made to the user interface to streamline the process of preparing joint supplier payments. Also, the workflow of mass-processing joint payments has been improved.
New Productivity Report for Progress Worksheets
In the construction industry, project managers and site foremen often need to review the progress of a project up to a particular date. MYOB Advanced Construction Edition 2023.1 introduces the ability to prepare a progress report based on a project's released progress worksheets.
Improved Design for Project and Construction Reports and Inquiries
In MYOB Advanced 2023.1, multiple reports and inquiries related to project accounting and construction have been redesigned to improve their readability and provide a unified design.
After careful analysis, the reports have been extended to present new data that is significant in different business scenarios. Additional report parameters have been introduced to filter the reports even more.
For a complete list of reports and inquiries, review the Release Notes, located under Wrapping Up.
Other Improvements
In MYOB Advanced 2023.1, multiple improvements to the project accounting and construction have been introduced:
- Improvements to the Cost Projections Form
- Ability to Specify the Date and Financial Period in Allocation Reversal Transactions
- Enhancements in Specifying Project-Related Information in Payments
- Improved Configuration of an Approval Map
- Ability to Specify the Tax Category for Commitments in Change Orders
- Enhancements in Substantiated Billing Reports
Below is an example of the Allocation Rules (PM207500) new section for Transaction Reversal settings. For more information on Other Improvements, view the full Release Notes.
