MYOB M-Powered Invoices User Guide

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1 MYOB M-Powered Invoices User Guide

2 MYOB Australia Pty Ltd ABN Website: MYOB Technology Pty Ltd 2006 All rights reserved. Disclaimer Information supplied by the member companies of the MYOB group (whether in user documentation and other literature, video or audio material, training courses, websites, advice given by staff, or provided by other means) is intended only to illustrate general principles, and may not be complete, accurate or free of error. As accounting standards, taxation requirements, legislation and the circumstances of individual businesses vary widely, this information cannot be considered authoritative and may not apply to specific situation. You should obtain competent advice from a qualified accounting, taxation, informationtechnology or legal professional before acting on such information. To the extent permitted by law, member companies of the MYOB group are not liable for any special, consequential, direct or indirect damages arising from loss of function, profits or data resulting from application of such information. In the event that any of the above limitations are found to be unenforceable, the MYOB member company's liability is limited to the return of any fees or monies paid for the purchase of the product or service. Trademarks MYOB, MYOB Accountants Office, MYOB AccountEdge, MYOB Accounting, MYOB Accounting Plus, MYOB BusinessBasics, MYOB ClientConnect, MYOB FirstEdge, MYOB M-Powered, MYOB M-Powered Services, MYOB M-Powered bank statements, MYOB M-Powered invoices, MYOB M-Powered MoneyController, MYOB M-Powered payments, MYOB ODBC DeveloperPack, MYOB ODBC Direct, MYOB PowerPay, MYOB Premier, Accountants Office, AccountEdge, Accounting Plus, BusinessBasics, ClientConnect, FirstEdge, M-Powered, ODBC DeveloperPack, ODBC Direct, PowerPay and Premier are registered trademarks or trademarks of MYOB Technology Pty Ltd and their use is prohibited without prior consent. Ceedata, Solution 6 MAS and Xlon are registered trademarks or trademarks of Solution 6 Holdings Limited, a member of the MYOB group. 4D Tools is a registered trademark of 4D S.A. Bankcard is a registered trademark of the Bankcard Association of Australia. BPAY is a registered trademark of BPAY Pty Ltd, ABN CaseWare is a registered trademark of CaseWare International Inc. HandiLedger is a registered trademark or trademark of HandiSoft Software Pty Ltd. POSTbillpay is a registered trademark of the Australian Postal Corporation. Adobe, Acrobat, Acrobat Reader, Adobe Reader, PDF, and PostScript are trademarks or registered trademarks of Adobe Systems Incorporated. Brio Intelligence and Hyperion Intelligence are trademarks or registered trademarks of Hyperion Solutions Corporation. Crystal Reports is a registered trademark of Crystal Decisions, Inc. in the United States or other countries. MasterCard is a registered trademark of MasterCard International Inc. Microsoft, Access, Excel, Internet Explorer, Office, Smart Tags, Windows and Word are registered trademarks or trademarks of Microsoft Corporation in the United States or other countries. Quicken and QuickBooks are registered trademarks of Intuit Inc. VISA is a registered trademark of Visa International Service Association. Other products mentioned may be service marks, trademarks or registered trademarks of their respective owners. Writers Marcia Bascombe, Hedley Finger, Suchitra Govindarajan, Gerry Gowan, Sheetal Laviena, Steven Rao, Mirjana Sicevic, John Wilson, Janet Wood. MYOB M-Powered Invoices

3 Contents Overview How does business benefit? How do customers benefit? Getting started Payee numbers for more than one company Non-numeric invoice numbers and MYOB M-Powered Invoices Setting up invoice templates Printing POSTbillpay in person payment barcodes How to pay section requirements table Using MYOB M-Powered Invoices Reading payment advice Recording customer payments Payment adjustments Making a refund

4 4 MYOB M-Powered Invoices

5 Chapter Overview What is MYOB M-Powered Invoices? Overview What is MYOB M-Powered Invoices? MYOB M-Powered Invoices is a service that enables you to generate invoices that offer customers an extended range of payment methods. It also provides a convenient and secure method of receiving and recording customer payments. You can offer customers the following payment methods: BPAY : customers can pay you using phone or internet banking services. Credit Card: customers can pay using an automated phone system or visiting a website on the internet. Your customers can use VISA, MasterCard or Bankcard. POSTbillpay in person: customers can pay invoices at any Australia Post outlet. Your customers can pay in cash or by EFTPOS. How does business benefit? More payment options for customers: By offering customers a wide range of payment methods some of which can be accessed 24 hours a day, seven days a week it s easier for customers to pay you, and pay you on time. Improved cashflow: By making it easier for customers to pay you the way they want and by reducing the time it takes for their money to arrive in account you can get money faster, improving cashflow. Reduced payment processing time and cost: Because payments are automatically deposited into business bank account as cleared funds, there s no need to waste time writing up cheque payments, processing credit cards or queuing at the bank. More secure payments: By having customer payments credited directly to business bank account, MYOB M-Powered Invoices reduces the security risks associated with cash and cheque handling, as well as the potential for fraud. How do customers benefit? Paying you the way they want to: By using MYOB M-Powered Invoices, customers can pay you the way that suits them: using BPAY, by credit card, by paying over the counter at any one of 3900 Australia Post outlets, or by using any other payment methods business is currently offering. An alternative to cheques: It is often said that small businesses prefer to pay by cheque. Yet, in recent years cheque usage in Australia has declined by about 50%. Many find the process of writing and recording cheques tedious. In addition, from a customer s point of view, not knowing whether a cheque has been presented is a further disincentive to pay by cheque. Easier payment scheduling: If customers are paying invoices through BPAY online, they have the option to pay immediately, or on some future date (such as the due date). Registered to BPAY Pty Ltd ABN MYOB M-Powered Invoices User Guide 5

6 Chapter Overview What is MYOB M-Powered Invoices? Security: MYOB M-Powered Invoices payment methods offer a high level of security. Receipt numbers are issued for all transactions made using the service, and customers don t have to worry about carrying large quantities of cash, or have concerns about cheques going astray. Cost savings: MYOB does not charge customers for using MYOB M-Powered Invoices to pay you. Also, by paying electronically, they can save on postage and cheque fees, as well as save time and effort with their own accounts processing. How does MYOB M-Powered Invoices work? 1 You generate invoices using MYOB software and send them to customers. MYOB M-Powered Invoices templates are different from the standard invoice templates in that they have a How to pay section, as shown below. 2 Your customer pays the MYOB M-Powered invoice using one of the payment methods offered, such as BPAY, Credit Card or POSTbillpay in person. 3 The payment is credited to the Commonwealth Bank, our sponsoring bank. 4 Details of payments made by customers are sent to MYOB M-Powered Services each day. 5 MYOB M-Powered Services instructs our sponsoring bank to transfer funds to nominated bank account. 6 A payment advice is ed to you each business day detailing all payments made by customers and the total amount credited to nominated bank account. 7 You record the customer payments in company file. This can either be done manually or by importing the payments. These payments are then automatically reconciled against the invoice. See software s user guide for more information. 6 MYOB M-Powered Invoices

7 Chapter Overview What is MYOB M-Powered Invoices? The following diagram summarises the process. You You send send the the invoice invoice to to customer. customer. Your Your invoice invoice is is paid, paid, money s money s in in the the bank bank and and accounts accounts are are already already updated! updated! MYOB s you all the MYOB s you all the information about all information about all customers customers payments, so you can payments, so you can simply import and simply import and automatically update automatically update records. records. Your Your customer customer pays pays you: you: From cheque or savings account. By credit card (phone or internet) In cash or via EFTPOS You You track track all all the the information information about about the the payment: payment: which which invoice invoice was was paid paid when when was was it it paid paid how how was was it it paid paid how how much much was was paid paid All All customers customers payments payments for for the the day day are are processed processed and and one one consolidated consolidated amount amount is is deposited deposited in in nominated nominated business business banking banking account. account. MYOB M-Powered Invoices User Guide 7

8 Chapter Getting started Entering registration information Getting started Entering registration information To start using MYOB M-Powered Invoices you must enter MYOB M-Powered Invoices registration information in company file. This information was ed to the address specified in application form when application was approved. The contains details such as: payee number the BPAY biller code the BPAY biller name the maximum payment value per invoice (for credit card payments). Payee numbers for more than one company If you use software for more than one company and would like to use MYOB M-Powered Invoices for each one, you need to complete a separate application for each company. Unique payee numbers are then provided for these companies when the application is approved. NOTE A payee number is linked to a company file name and cannot be used by another company file. Non-numeric invoice numbers and MYOB M-Powered Invoices You cannot issue an MYOB M-Powered invoice that contains non-numeric characters in the invoice number. If you need to use non-numeric characters in invoice numbers, use a current invoice template for these invoices, not the templates specific to MYOB M-Powered Invoices. If you print an invoice that contains a non-numeric invoice number, the How to pay section of invoice will be printed with the words Not Available. This indicates that customers won t be able to use the methods of payment offered by MYOB M-Powered Invoices. Setting up invoice templates The invoice templates you use with MYOB M-Powered Invoices must have a How to pay section. You can either: create a new template based on an MYOB template that already includes a How to pay section, or add a How to pay section to a current template. 8 MYOB M-Powered Invoices

9 Chapter Getting started Entering registration information For instructions on setting up invoice templates, see the user guide that accompanied software. Printing POSTbillpay in person payment barcodes Since the POSTbillpay in person payment method requires a barcode, you must make sure that barcodes are printed correctly on invoices. Most laser and inkjet printers will print barcodes on MYOB M-Powered Invoices correctly. NOTE Barcodes should not be printed using a dot-matrix printer. Before you start printing barcodes, it is important that you check printer for: toner Do not print invoices containing barcodes when the printer toner is low one invoice per page Set up printer so that it prints one invoice per page compress mode Do not set printers to compress mode paper Barcodes should only be printed onto a white background. How to pay section requirements table Description Symbol/Text Minimum field height [cm] Minimum field width [cm] Requirements MYOB M-Powered Services logo Must be displayed in the top-right position of the How to pay section of invoice. Logo must not be re-sized. BPAY logo Must be displayed. BPAY logo and customer reference box are to be displayed together. Payment details advice must be colocated with the logo and customer reference box. The depth of the customer reference box must align to the depth of the BPAY logo. BPAY biller code BPAY biller name Biller code: Must be displayed. Must be entered as per the allocated biller code for company file. Biller name Must be displayed. Must be entered as per the allocated biller name for company file. BPAY text Contact financial institution to make this payment from bank account (excluding credit cards). Minimum payment $ The following biller name will appear on bank statement [Enter biller name here]. Text must be displayed with the BPAY payment method. The minimum payment amount cannot be changed from $ MYOB M-Powered Invoices User Guide 9

10 Chapter Getting started Entering registration information How to pay section requirements table (continued) Description Symbol/Text Minimum field height [cm] Minimum field width [cm] Requirements Australia Post POSTbillpay logo Must be displayed with the In-person logo. Postbillpay logo must be displayed in conjunction with the barcode. Payment details advice must be colocated with the logo and barcode. Cheque payments not accepted text cannot be changed. The minimum payment amount cannot be changed from $10.00 The maximum payment amount cannot be changed from $10, In-person logo The symbol must be displayed directly under the Postbillpay logo. Australia Post barcode Credit Card symbol Font size: 10 Type: Arial Style: Regular Each end of the barcode must have a space of 3mm from other printed data The symbol must be displayed with the Credit Card payment details advice. The words Quote Ref and the corresponding Customer Reference number must be on one line. Credit Card text To pay via Bankcard, MasterCard or VISA. by INTERNET: myob.com.au/ezybillpay by PHONE: Minimum payment $ Maximum payment [Value]. Quote Ref: [Ref] 10 MYOB M-Powered Invoices

11 Chapter Using MYOB M-Powered Invoices Introduction Using MYOB M-Powered Invoices Introduction When customer payments are deposited in business bank account, an is sent to you that day by MYOB M-Powered Services. This has two attached files: the payment advice and the M-Powered payment file. The payment advice, with the extension.pdf, provides information for you to record customer payments. It lists each payment received and the invoice it relates to. The total amount deposited into business bank account is also shown. Additionally, at the end of each month you will receive a monthly statement. This statement summarises the transactions processed for a particular month, and it also serves as a tax invoice for the MYOB M-Powered service charges and fees. The M-Powered payment file, with the extension.myc, can be imported into some applications. This enables payments to be automatically recorded in company file. NOTE Import limitations Some accounting software cannot import the M-Powered payment file. Consult the user guide that accompanied software for more information. MYOB M-Powered Invoices User Guide 11

12 Chapter Using MYOB M-Powered Invoices Introduction Reading payment advice A sample of a payment advice is shown below. B C D A E F A Date paid The date customer made the payment. B Invoice The reference number of the M-Powered invoice you generated from accounting software. C Type and Method The type of payment (and which method of that particular type) was used by customer to pay the invoice. If the payment is made using a credit card (either by phone or via the internet), this column displays Credit Card. D Amount The amount customer paid against the invoice. E Your bank statement reference The code that appears on bank statement. It indicates that the payment was made using an MYOB M-Powered invoice. F Deposit amount Total of all the amounts paid on this particular day. Recording customer payments You use the information provided in the payment advice to record customer payments in company file. For instructions on recording customer payments, see the user guide that accompanied software. 12 MYOB M-Powered Invoices

13 Chapter Using MYOB M-Powered Invoices Introduction Payment adjustments From time to time payment advice could include a payment adjustment and a corresponding bank withdrawal. A payment adjustment may occur for a number of reasons, such as: a correction for a BPAY payment error by customer (approval from you is requested before processing) a correction for an erroneous bank transaction you have requested a credit card refund. A payment advice which includes payment adjustments is shown below. A B C D E F G A Date adjusted The date the adjustment was made. B Invoice No The invoice that the adjustment relates to. C Type The payment method used to make the payment. Credit card payments made either by phone or via the internet are not distinguished, therefore, this column displays Credit Card for all credit card payments. D Reason The reason for the adjustment. E Amount The amount adjusted. F G Your Bank Statement Reference Withdrawal Amount The code that appears on bank statement. It indicates that the withdrawal was made using an MYOB M-Powered invoice. Total of all the amounts withdrawn from the nominated bank account on this particular day. MYOB M-Powered Invoices User Guide 13

14 Chapter Using MYOB M-Powered Invoices Introduction Adjustments need to be recorded in company file. NOTE Record customer payments from all previous payment advices Payment adjustments are related to previous payment advices. Therefore, to be able to record adjustments make sure that you have recorded the customer payments from all previous payment advices. Making a refund You may need to provide refunds to customers for goods and services they paid for using MYOB M-Powered Invoices. Customers may request to have their refund processed: by cheque by applying a credit note to their unpaid or future sales by crediting their credit card. For instructions on how to issue a refund, see the user guide that accompanied software. To apply a refund to the customer s credit card 1 Check whether the payment for which you are making the refund was made using the Credit Card method. You can do this by looking at the payment advice for the day the payment was made. 2 Collect the following information about the payment from customer: receipt number (if customer can provide it) credit card number invoice number original transaction amount payee number amount to be refunded. 3 Make a refund request by filling in the Credit Card Refund Request form. Contact the MYOB M-Powered Services support team, either by ing m-powered@myob.com.au, or phoning (Monday to Friday, 9.00am-5.30pm AEST), to obtain this form. The form can be returned by fax to (03) or mailed to: MYOB M-Powered Services PO Box 371 Blackburn VIC 3130 MYOB M-Powered Services will process the refund after following security procedures, and advise you when the refund has been made. MYOB M-Powered Services will withdraw the requested refund value from nominated business bank account. The adjustment will be shown on a subsequent payment advice. 4 Record an adjustment note. For instructions on recording adjustment notes, see the user guide that accompanied software. 14 MYOB M-Powered Invoices