Since MYOB Advanced was introduced to Australia in late 2015, more than 1500 businesses have since made the switch and have experienced immense value from one of the best cloud-based ERP Solutions money can buy.

Of these businesses, a significant volume is smaller business that has outgrown their basic accounting software like MYOB Accountright or Xero. However, many of those who made the switch are larger businesses, some of which turnover more than $100m annually. As a result, they are required to start reporting their activities from the 30th of September 2021.

What is Payment Times Reporting?

The Payment Times Reporting Scheme commenced on the 1st of January 2021. It requires businesses to submit a report on their payment terms and practices. Reports are due every six months of an income year, within three months of the end of the reporting period.

Therefore, the first reporting period is the 1st of January 2021, the 30th of June 2021, with the first report due by the 30th of September 2021.

Read more about the eligibility criteria and reporting requirements.

One of the critical initiatives behind the scheme is to help the 3.5m smaller businesses getting paid faster by the larger business to distribute cash flow to where it is more needed. So how does this work, and how do you know which of your suppliers are classed as small or large businesses.

How to report?

As previously mentioned, those that are required to report will need to do so twice a year, every six months. The first reporting window opened on the 1st of July 2021.

There is an early release of the Payment Times Reporting Portal is currently available. In addition, the Small Business Identification tool (SBI tool) assists large businesses to identify their small business suppliers.

Payment Times Reporting Template is available through the Australian Government PTRS Portal. The reporting template has three distinct parts:

The primary data component of the report template will be a .csv file.
A word file for the report signatures and associated declarations.
Instructions document includes precise definitions and validation requirements.

Reporting businesses will need to complete the template with their payment times information and submit this through the Portal. This information will then be available to the public on the Payment Times Reports Register.

Submit PTRS with MYOB Advanced

Suppose you are a larger business required to report the PTRS and are also one of the forward-thinking businesses that are already using MYOB Advanced.

In that case, you will be pleased to know that MYOB Advanced supports this through a very easy to install Customisation.

This plug and play customisation need to be installed into your MYOB Advanced environment first. To do this, you will first need to download the customisation, after which you will need to install the customisation project to your MYOB Advanced site. You might require assistance from your MYOB Advanced partner to obtain the free PTRS customisation for MYOB Advanced.

This customisation is effortless to set up and comes preconfigured with the required tools. However, there are a few caveats and very specific data requirements; for example, all suppliers will need to have their unique ABN numbers populated on the Supplier Master Data in MYOB Advanced.

Once the customisation has been set up, you can simply run the report and submit your activities per the government’s mandate.

If you require this functionality and need assistance, please feel free to contact Endeavour Solutions at info@endeavour.solutions, and we will be glad to assist you.

About Endeavour Solutions

Endeavour provides business software solutions and accounting solutions to mid-sized businesses from Melbourne, Sydney, Auckland, Wellington, and Christchurch branches. Started in the 1980s, they have hundreds of customers and provide solutions in many business sectors.

Their point of difference is building solid business relationships with their clients. Part of this is to make sure they share a common culture with their clients, and the most effective communication and processes are used. Its mission is to bring the best possible solutions to its clients using the highest level of service. They measure this in client satisfaction levels and longevity of their business relationships.

Payment Times Reporting with MYOB Advanced

What is Payment Times Reporting?

How to report?

Submit PTRS with MYOB Advanced

About Endeavour Solutions

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