Starting a New Project

In MYOB Advanced, a project is a piece of work with a start, an end, and various steps and milestones that can be tracked to completion. For example, you might have one project for quarterly BAS, another for year-end BAS and another for an audit.

By using projects, you can split corporate activities into separate tasks. Each task is a set of services provided to different customers. This lets you track task progress to estimate a project’s profitability.

Simple Project Billing

If your practice has multiple entities that will do different tasks for a client, we recommend that you start a separate project for each entity. For example, if you have different billing companies for a financial planning entity, an audit entity and a business services entity, you should create a project for each of them.

This keeps your project billing simple. Whereas if you were to have one project with multiple tasks belonging to different entities, billing would quickly get messy.

Start a New Project

Note: To make it faster to start a project, you can create templates on the Project Templates screen. For example, you might want to create a template for tax advisory. That way, you don’t have to manually select all the same settings every time you do a tax advisory project.

  1. Go to the Projects screen.

  2. On the toolbar, click the New Record icon.

  3. Check the Project ID and add a Description.

  4. Select the Client this project is for.

  5. If your practice uses project templates, you can select one in the Template field.

  6. Click the Summary tab.

  7. In the Project Properties section, enter a Start Date for the project and, optionally, an End Date.

  8. In the Billing andAllocation Settings section:

    1. In the Billing Period field, select how often your client should be billed for this project.

    2. In the Terms field, select the credit terms for this project.

      What you select includes the instalment option (one payment or multiple instalments), the payment schedule, and the terms for a cash discount (for only the single instalment option)

    3. In the Allocation Rule field, select the default way transactions for tasks in this project will be allocated.

    4. To ensure transactions are correctly allocated, select the Run Allocation on Release of Project Transactions checkbox.

    5. In the Billing Rule field, select the default billing rule to be used for this project’s tasks.

      In MYOB Advanced, billing rules automate the calculation of amounts being billed to customers for a particular project. You assign a particular billing rule to each project task, and the rule defines which transactions should be used for billing and which accounts should be used to record the transactions that are generated in the billing process.

    6. If your practice has multiple branches, select a Branch. This associates the branch with the project and the project’s billing entity.

  9. On the main toolbar, click Activate Project.