One of the great things about MYOB AccountRight is that you can set up bank rules to allocate transactions automatically. Here are some tips for how to create rules that work correctly, every time.
Keep the rule conditions as simple as possible. For example, maybe a recent payment to your mechanic comes up as ‘EFTPOS BAY AUTOMOTIVE AU’. Sure, you could create a rule that tells MYOB to allocate any transaction with these exact words to Motor Vehicle Expense, but instead, take a moment to simplify the rule conditions. For example, create a rule that tells MYOB to allocate any transaction with the words ‘BAY AUTOMOTIVE’ to Motor Vehicle Expense. This way, if you pay by credit card rather than EFTPOS next time, or the mechanic changes their merchant facility so that the bank statement text shows differently, the rule is more likely to remain correct.
Keep rule names informative and easy to identify. MYOBdefaults to using the whole description from the text on your bank statement as the rule name. Using the above example, the rule name becomes ‘EFTPOS BAY AUTOMOTIVE AU’. Don’t accept this default, but instead always edit rule names to make your rules easier to find in the future. For example, a good rule name for this transaction is probably ‘Bay Automotive Vehicle Repairs’, as this name includes both the relevant bank statement text, as well as the type of expense.
When creating a rule, always go to Advanced Options and enter the supplier or customer name in the bottom-right corner. Although selecting a card isn’t mandatory, remember that unless you select a card, you won’t be able to look up all transactions for this customer or supplier in the future. This absence of detailed transaction history can be a real pain, so take the extra moment to add this information every time you create a new rule.
When using Internet banking to make electronic payments to suppliers, think carefully about how the description is going to appear on your bank statement. Ask yourself, are you going to be able to create a rule based on this description? The answer to this question depends both on your bank and on whether the name of the Payee always appears on your statement. One tip is to save supplier details and payment descriptions in your Internet banking so that exactly the same text appears each time. This way, you can create a rule based on that specific text.
Keep an eye out for duplicate rules. Go through your list of rules from time to time and double-check how you’ve set your conditions. If you can see two rules that have the same conditions, either delete one of the rules or vary the rule conditions.
Get MYOB to split personal percentages automatically. For expenses you regularly split between business and personal (for example, maybe you always allocate 75 per cent of petrol to business and 25 per cent to personal), use the advanced options to create a rule that does this split automatically.
When in the Bank Feeds window, always rest your mouse on the Rule Applied icon before clicking Approve. This way, MYOB displays what account the transaction is going to be allocated to, and you can check that the rule is working correctly.
Don’t create a rule with the condition that any transaction containing the word ‘BP’ gets allocated to petrol. Why not? Because if you do so, every BPAY transaction, no matter whether it’s for electricity, telephone or tax, will get allocated to petrol, simply because ‘BPAY’ contains the letters ‘BP’.
If you have a high volume of transactions, consider specifying the rule name in the Memo field when creating a rule. For example, if you create a rule with the condition that every transaction containing the words ‘Katoomba Au’ is allocated to Motor Vehicle Repairs (because Katoomba Au in this case stands for Katoomba Automotive’), one trick is to go to Advanced Options and as the Memo for this rule, type ‘Transaction Created Using Katoomba Automotive Rule’. This way, if you’re reviewing transactions at the end of the quarter or the end of the year and you find that transactions have been allocated wrongly, you know which rule has caused things to go wrong.
Used correctly, bank rules can save up to 90 per cent of data entry time, and virtually eliminate the need for time-consuming bank reconciliations.
What is better AccountEdge or MYOB Essentials? Different companies demand different types of Online Accounting Software. To understand well which service meets your needs, think about evaluating various options feature by feature along with their terms and costs. Similarly, you can get a quick idea of their overall efficiency and customer feedback by having a look at our smart scoring system.
Features of MYOB Essentials cloud accounting software in our income, expenses. MYOB Essentials 502e206 – Process and Apply a Credit Note to an Invoice.
The results are: AccountEdge (8.6) vs. MYOB Essentials (9.0) for overall quality and efficiency; AccountEdge (100%) vs. MYOB Essentials (100%) for user satisfaction rating. Examine their high and weak points and decide which software is a better choice for your company. A simple, practical tip is to note down the strengths and weaknesses of both applications next to each other and find out which solution is better.
We did our best to review all popular Accounting Software solutions offered out there, but among all the ones we reviewed these three caught our special attention: Sage 50cloud, FreshBooks, NetSuite ERP.
NOAWARDS YET
OUR SCORE8.6
CUSTOMER EXPERIENCE100%
Starting from $499
Free
Monthly payment
One-time payment
Annual Subscription
Quote-based
Accounts List
Record Journal Entries
Retainer, Escrow, and Trust Accounts
Budgeting
Track Mileage Reimbursement
Transfer Money
Company Date Auditor
Business Insights
Bank Register
Spend Money
Receive Money
Reconcile Accounts
Prepare Bank Deposit
Sales Register
Create and Track Quotes, Orders, and Invoices
Process Web Orders
Salesperson Commissions
Receive Payments
Print Receipts
Activities List
Prepare Time Billing Invoice
Multiple – Billing Rate Levels
Activity Slips
Timesheets
Activity Log
Purchases Register
Create and Track Quotes, Orders, and Bills
Pay Bills
Prepare 1099’s
Process Payroll
Payroll Timesheets
Pay Liabilities
Prepare Payroll Tax Forms
Manage Inventory and Non-Inventory Items
Build Items
Receive Items
Manage Inventory Counts
Manage Inventory Locations
Maintain Lead, Customer, Vendor, and Employee Contact Details
Set Reminders
Print Mailing Labels
Create Personalized Letters
AccountEdge Pro is available for $499 for a new user. Optional upgrades are available for $359 single-user upgrade and $399 for multi-user/Network Edition upgrades.
There is also a great 30-day free trial of AccountEdge available that lets you try out all the key features of their service.
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Constance Kay, Global Surf Industries, Taylor Family Vineyards, Blast Gallery, Most Remarkable LLC, Matt McGee Photography
Credit Card Merchant Account
Full Service Payroll
Payroll Tax Forms Service
Shopify e-Commerce
Checkout Point of Sale for Mac
Windows
Linux
Android
iPhone/iPad
Mac
Web-based
Windows Mobile
Small Business
Large Enterprises
Medium Business
Freelancers
email
phone
live support
training
tickets
AccountEdge is a complete small business desktop accounting and management solution for your Mac or Windows office.
Acclivity LLC 300 Roundhill Drive, Suite 2 Rockaway, NJ 07866
Comparision
Score
Gusto Alternatives9.4
PaySimple Alternatives8.9
Netsuite OneWorld Alternatives8.8
Zervant Alternatives8.7
HRTrace Alternatives8.0
NOAWARDS YET
OUR SCORE9.0
CUSTOMER EXPERIENCE100%
Starting from $27
Free
Monthly payment
One-time payment
Annual Subscription
Quote-based
Bank Feeds
Automatic Updates
Easily track GST and PAYG
Optimized for Phone and Tablet
Instant Payment
Phone and LiveChat support
Auto backup up to the cloud
Contact MYOB and know more about their MYOB Essentials basic and enterprise pricing options.
Starter – $27/month
Great for people new to accounting
Keep on top of GST & BAS
Works on both MAC & PC
Always up-to-date
Securely backed up online
MYOB BankFeeds (25 transactions per month)
Create five invoices per month
Payroll for One – $45/month
All Starter features
Payroll for one
Unlimited MYOB BankFeeds
Unlimited invoices
Unlimited Payroll – $55/month
All Payroll for One features
Unlimited Payroll
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Chinese
German
Hindi
Japanese
Spanish
French
Russian
Italian
Dutch
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Polish
Turkish
Swedish
Ronald McDonald House of Charities, OneWorld, Nippy's Octet
Windows
Linux
Android
iPhone/iPad
Mac
Web-based
Windows Mobile
Small Business
Large Enterprises
Medium Business
Freelancers
email
phone
live support
training
tickets
An online accounting suite designed for small, growing businesses.
MYOB Head Office Level 3, 235 Springvale Rd Glen Waverley VIC 3150 Australia
Comparision
Score
QuickBooks Alternatives9.4
QuickBooks Online Alternatives9.3
Tipalti Alternatives9.1
Roboeyelabs Alternatives8.0
AccountsIQ Alternatives8.0
OUR SCORE9.8
CUSTOMER EXPERIENCE99%
Starting from $15
Free
Monthly payment
One-time payment
Annual Subscription
Quote-based
Online Invoicing
Customizing your invoice
Tracking Invoice Views
Puting Business on Auto-Pilot
Getting paid with deposits
Getting paid with credit cards
Customizing due dates
Quick discounts
Estimates
Online Payments
Late Payment Fees
Recurring Invoices & Auto Payment
Multi Currency & Multi Language
Client Portal
Late Payment Reminders
Sales Taxes
Client Credit
Track Offline Payments
Send Emails or Snail Mail
Automated Tax Circulations
Invoice Previews
Knowing when the customer has seen the invoice
Expense Tracking
Automatic expense import
Snaps
Tracking spending per project
Remember vendors
Tax friendly categories
Easy-to-read categorization
Attach receipts (PDF or Image)
Expense Report Filters
File import
Recurring Expenses
Assign & Rebill Expenses
Time Tracking
Timer
Team timesheets
Clear breakdown of the day
Tracking against clients and projects
Detailed Time entry notes
Automated bills for tracked hours per project
Project Managers
Track Unbilled Time
Different Rates for each Project
Generate Invoices
Projects
Sharing images and files
Collaborating with clients, contractors, and employees
Project due dates
Centralized conversations
Current Project overviews
Payments
MasterCard, Visa, and American Express
Quick bank deposits
Automatically recorded payments
Fees recorded as expenses
Single-click setup
Safe & secure
Simple payment experience
Accounting Reports & Taxes
Accounts Aging
Profit & Loss
Balance Sheet
Expense Reports
Item Sales
Sales Tax
Export to CSV or Excel
Invoice Details Reports
Accounts Aging Reports
Filters for report customization
Summary of outstanding revenue
Clear spending breakdowns
FreshBooks offers a flexible SMB and enterprise pricing scheme where plans are tailored to suit the needs of every business or small accounting team. What is more, the company offers a 30-day free trial where you can examine the features prior to choosing the most suitable plan. The difference between plans depends on the number of active clients you intend to bill, while functionalities remain the same allowing you to:
Customize and send unlimited invoices
Invoice status tracking and updates
Automatic late payment reminders and fees
Easily accept online credit card payments
Easily add and categorize expenses
Track your time by project and clients
Clear and simple reports and dashboards
Work on any device – computer, tablet or mobile
Data that’s 100% secured and automatically backed up
These are the pricing details for each available plan:
Lite – $15/month
Bill up to 5 active clients
Plus – $25/month
Bill up to 50 active clients
Premium – $50/month
Bill up to 500 active clients
Note that the company also offers discounts for annual payment.
FreshBooks integrates with the following business systems and applications:
Google Apps for Work
Gusto
OneSaas
Shopify
Stripe
Capsule
Acuity Scheduling
Partial.ly
hurdlr
You don’t need a CRM!
Yalla
123 Form Builder
Revamp CRM
EazyBI
FUNDBOX
Zapier
HubSpot
Braintree
Solve
Zendesk
LiveChat
Automatic
MileIQ
ReceiptBank
Xpenditure
Wufoo
MailChimp
Authorize.net
PayPal
PAYMENTEVOLUTION
Basecamp
Citrix Podio
Bidsketch
Proposify
Blacktimer
Chrometa
ChronoMate
Hours
toggl
Avalara TrustFile
RightSignature
Windows
Linux
Android
iPhone/iPad
Mac
Web-based
Windows Mobile
Small Business
Large Enterprises
Medium Business
Freelancers
email
phone
live support
training
tickets
FreshBooks is the winner of our 2018 Best Accounting Software Award. It is a great cloud accounting app for small business that makes billing easy and effective.
35 Golden Avenue, Suite 105 Toronto, ON M6R 2J5 Canada
Comparision
Score
QuickBooks Enterprise Alternatives9.5
Zervant Alternatives8.7
e-SignLive Alternatives8.5
eResource Scheduler Alternatives8.0
Eze Software Investment Suite Alternatives7.7
Almost as important as useful features and client support quality are pricing options made available by AccountEdge and MYOB Essentials. Even though price should not be a deciding aspect it’s without a doubt a key thing to think about. You should try to find a flexible pricing plan that can be matched with your business size and easily scaled up if your company expands. Be sure that you don’t select packages that include complex features that you won’t find useful and always try to contact with the vendor directly as big companies can usually count on discounts. You should also try out a free trial or demo of every solution to spend at least some time working with it. It’s a valuable experience that doesn’t require you to pay any money and offers a reliable overview of what it’s like to work with AccountEdge and MYOB Essentials.
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