Prism Finance and MYOB Overview
OVERVIEW OF BOTH SYSTEMS
The integration with MYOB allows Prism Finance users to manage finance transactions and billing processes in Prism, along with payment reconciliations and other accounting specific tasks in MYOB.
Specifically, MYOB is used to:
- set up Chart Of Accounts and Tax Rates;
- set up bank feeds; and
- reconcile payments to client invoices (exported from Prism into MYOB).
Prism Finance is used to:
- manage clients (horse owners) and their ownership on each horse;
- manage finance transactions (expense and credits) and allocate to correct accounts from Chart Of Accounts exported from MYOB;
- import client payments from MYOB to maintain their account balances; and
- generate and issue invoices to clients in each billing cycle.
PREREQUISITES
- Subscription to the Prism Finance module;
- A MYOB AccountRight plan (in any version Standard, Plus or Premier)
HIGH LEVEL PROCESS FLOWS
The following diagrams illustrate the processes required to initialise the MYOB and Prism integration.
Each step will be detailed in section 2 of this document, with screenshots.
Please refer to relevant MYOB documentation regarding configuring your MYOB account.
Please refer to the Prism Finance Manual for detail regarding using MYOB and Prism Finance in each billing cycle.
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