Good News and Bad News with MYOB LiveAccounts

So I got a call this morning from Darren, a lovely chap from LiveAccounts tech support (well, he sounded lovely at any rate, it’s hard to tell these things over the phone), attentive to the woes of my most recent LiveAccounts encounter.

I’m greeted with a mixture of good news and bad:

The first bit of bad news is that I can’t set up bank feeds for a bank account that’s a liability. I can of course set up my home equity loan account so that it appears as a negative asset. This will make my Balance Sheet look a bit weird of course, but I’ll go for this solution — I’d much rather compromise a little on this front so that I can have bank feeds.

The second bit of bad news is that no, I can’t change the bank account of a transaction after I’ve imported it. In other words, if I import a transaction into my cheque account, but I should have imported it into a different account, I can’t then re-allocate this transaction.

The third bit of bad news (Darren is sounding quite apologetic by now, and I’m feeling vaguely guilty for some reason) is that once you import a transaction into LiveAccounts, whether via a bank feed or a manual import, you can’t delete it. This seems pretty catastrophic to me – after all, the ability to delete your mistakes seems vital to someone as accident prone as myself.

Then comes the good news. If I ask nicely (and I’m being very nice at this point, I assure you) then the LiveAccounts mob can go ‘into the back end’ (is it just me, or does that sound weird?) and delete these transactions for me. Great. I explain to Darren what transactions I imported into the wrong account, and he assures me that it’ll be fixed by the time the sun comes up tomorrow.

By the way, Darren does take the time to explain the logic of this apparent inflexibility. Previously, the LiveAccounts team had the theory that if a transaction is imported from a bank account then it must be the gospel truth and that deleting this transaction could only cause pain and grief. Turned out that they hadn’t thought about people like me doing silly things such as importing transactions to the wrong bank account, or importing transactions as well as having a bank feed. Happily, Darren assures me that the ability to delete bank feed or imported transactions will be available in a future release.

Meanwhile, time for a cup of tea and some imaginary chocolate cake. (I’m on a no-sugar diet, so I just visualise chocolate when I’m having a cup of tea these days. A poor substitute indeed.)

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About veechicurtis

a one-woman geekspeak to plain-english converter
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10 Responses to Good News and Bad News with MYOB LiveAccounts

  1. Beverly Edquist says:

    So after briefly reading this, am I to assume this is just banking needs mostly. We need Accountedge on line. Is that what this is yet? We don’t need tie up to our bank. We need to be able create purchase order, invoices, inventory in and out, etc. And be able to access it on line so that our parent company in California (we’re in Seattle) can access all those documents also at any time. Is this what you are offering at this time?

  2. I’m not aware of an MYOB online version available for the U.S. — LiveAccounts is only available for Australia/NZ. Also, LiveAccounts doesn’t yet have inventory.

  3. Jeff Maltby says:

    Veechi.

    In one swift move you have exposed the real weekness of Xero and products like it.

    I have no idea how the data is managed but I think you can figure that one massive data base is used and “your transactions” have a “flag” that ties them to your account. As a result you can not do a traditional backup so that when something goes wrong you simply restore. Yes there is a back up BUT is a csv format of your transactions.

    Now to let you maniplate your data in this big pond is very dangerous. Hence the nice Daren could go in through the back door ????? I wonder. He’s done a fair bit of work for nice you.

    So the point of this note is as follows:-
    1. In the cloud is where it’s at and will grow.
    2. The Xero’s and the like make transaction take up easy BUT stuff up and there are real consequences.
    3. Confirms that QuickBooks on line is a far safer alternative – though using “older technology” where you can backup before importing changes and thus restore when there’s a mess.

    Jeff

  4. Interesting comments Veechi.

    If you are making these errors others will too.

    Thanks for sharing,

    Heather

  5. Dom Willson says:

    Hi Veechi,
    I’m following your cloud accounting blog with great interest!
    Having had the issues you had with MYOB live accounts, do you know whether Xero lets you delete transactions, or reallocate them to a different bank account, or set up bank feeds for liability accounts?
    Regards,
    Dom

    • veechicurtis says:

      Hi Dom,
      In reply to your question (and as far as I understand — but remember I’m just figuring all this out too!)

      YES, Xero lets you delete transactions.
      NO, You can’t reallocate transactions to a different bank account (which I must say isn’t normally a problem if you’ve set up bank feeds because the bank account will always be right) but I guess if you did import transactions into the wrong account, you could always delete the transaction and re-import it.
      NO, you can’t set up bank feeds for liability accounts, and this limitation extends to credit cards. (But interestingly enough, you can set up credit cards for bank feeds in LiveAccounts).

  6. Matt says:

    Hi Veechi,
    Love your blog!
    Have you had experience of matching transactions that are just transfer from one account to another? Live wants me to allocate to any account EXCEPT the other bank account which is the one it actually relates to.
    Cheers,
    Matt

    • veechicurtis says:

      Hi Matt

      I had this problem too. What you’ve go to do is record the transfer manually using the Transfer Accounts command and then you can match the transaction against this transfer.

      How’s everything else going with LiveAccounts? I’d love to know.

      Best regards

      Veechi

  7. Pingback: A Candid Review of CashBook Online | Cloud Accounting Review

  8. Karen Yu says:

    Hi Veechi, I am looking for a consultant who might be able to set up LiveAccounts for me. could you suggest where I can start please?

    thanks
    Karen

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