In today's competitive market, GCs, homebuilders, subs and engineering firms are having to manage the same or more amount of work with fewer resources and are looking for a solution that will help them automate their project based operations while tying into their backend accounting system. For firms that use the Australia Edition of MYOB AccountRight, Corecon offers a turnkey solution which will help all departments improve project execution and eliminate work arounds and duplicate data entry. The three application components of this solution are listed below.
- Eliminates Duplicate Data Entry
- Use MYOB AccountRight for general accounting functions and Corecon for job costing
- Import/Export/Synchronize Customers, Vendors and Employees
- Setup MYOB Jobs using Corecon Project data
- Export Corecon Bills, Sub Invoices and Miscellaneous Expenses to MYOB's Bills, Credit Card or Check feature
- Export Corecon Progress Invoices to MYOB's Invoice feature
- Export Corecon Timecards to MYOB
The CoreconLink for MYOB application transfers information from Corecon V7 to MYOB AccountRight Premier and Enterprise editions. This application can be downloaded from within Corecon V7 and is typically installed in the accounting department. The points of integration between Corecon V7 and MYOB AccountRight are listed below.
| Startup Phase |
| Companies || <---> || Customers |
| Typically, an organization has been using MYOB before they decided to puchase Corecon and are not implementing both at the same time. Given this scenario, the CoreconLink application would be used immediately to copy customers and vendors that are active in the accounting system to Corecon. One could also import Companies from Microsoft Excel or Outlook but the accounting system usually has the most up to date information. |
However, after the implementation phase is complete, the estimating staff will pursue project leads and generate estimates in Corecon. If a lead has been awarded, the new customer and those vendors that have supplied the most competitive pricing are transferred to MYOB if they are not already present.
| Employees || <---> || Employees || Like customers and vendors, employees are typically copied from MYOB to Corecon in the implementation phase. |
| Payroll Items || Linked || Payroll Items || Payroll Items or Categories (Straight Time, Overtime etc.) are required for establishing employee payroll rates in Corecon and MYOB respectively. In order to facilitate the transfer of timecards from Corecon to MYOB, these items should be identical in both systems and linked. |
| Tax Codes || Linked |
| Tax Codes || In Australia, Tax Codes usually represent Good and Service Tax (GST) and are referenced on financial transactions such as those shown below. Like Payroll Items, these Tax Codes should be identical in both systems along with the rates. Having these codes linked will alleviate the accounting administrator of having to specify the correct code when sending transactions over to MYOB. |
Note: If Tax Codes are already setup in MYOB, one can import these codes into Corecon.
| Project Setup Phase |
| Projects || ----> || Jobs || If a Project in Corecon has been awarded, management or accounting staff would then setup the Project Directory, Job Cost Codes, Prime Contract and budgets. With exception for the Project Directory, Corecon includes wizards that can automatically setup this information from a Corecon estimate or spreadsheet. Once this is complete, the CoreconLink would then be used to create the Job in MYOB. |
| Job Cost Codes || Linked || Items |
Chart of Accounts
| All financial transactions in MYOB (i.e. AP Invoices and AR Invoices) require an Item reference for the line items. Since project financial transactions will be entered in Corecon and then transferred to MYOB, the CoreconLink has a feature to create relationships between Corecon's Job Cost Codes and MYOB's Items. Similar to linked Tax Codes, this will alleviate the accounting administrator of having to specify the correct item when exporting transactions. |
| Project Transactions: Accounts Payable |
| Bills * || ---> || Bills |
| Vendor Bills that originated from a PO must be entered in Corecon first and then sent to MYOB. Typically, these type of transactions are for materials or simple services. |
| Sub Invoices * || ----> || Bills |
| Sub Invoices derive from Subcontracts and the invoice process in Corecon changes based on the contract type: fixed lump sum, cost plus or unit price. In addition, Sub Invoices can include holdbacks (i.e. retainage). Like Bills, Sub Invoices are entered in Corecon and then exported to MYOB. |
| Project Transactions: Accounts Receivable |
| Prime Invoices * || ----> || Invoices || Prime Invoices are entered in Corecon and then exported to MYOB. Like Sub Invoices, the billing method for these transactions are based on the contract type and can include holdbacks. |
| Project Transactions: Labor Timecards |
| Labor Timecards || ----> || Time Trackings || One of the benefits of Corecon in an organization is the ability of estimators and project team members to enter their own timecards. Thus, the accounting department can completely restrict access to MYOB since timecards can be exported from Corecon to this accounting system. |
* - If the transaction has a negative total, it will then appear as a credit in MYOB.
Lined Records are manually linked.
<---> Data can be imported/exported to either system
----> Corecon exports to MYOB
<---- MYOB exports to Corecon
What versions of MYOB are supported? Australia: 2011 Premier and Enterprise
MAC Users --> CoreconLink for MYOB is NOT compatible with the MAC editions of FirstEdge or AccountEdge.
What operating systems are supported? CoreconLink for MYOB can only be installed on Windows Vista or Windows 7 operating systems.
What is the price of the CoreconLink? $10 per month per company
Can I install the CoreconLink on multiple computers? Yes
How should MYOB AccountRight be setup so that it links with Corecon? All project financials are entered in Corecon and are then sent to MYOB AccountRight. In a nutshell, Corecon will provide the job cost reporting and MYOB AccountRight will perform the general accounting functions. When financials are sent from Corecon to MYOB AccountRight, the Corecon Job Cost Code will be replaced with the MYOB Service Item which will then hit the GL Expense or Income Chart of Account.
How is Retention or Holdbacks tracked in Corecon and how does that affect MYOB AccountRight? Corecon tracks retention or holdbacks for both Prime Contract Invoices (AR) and Subcontract Invoices (AP). In addition, the CoreconLink for MYOB has options to either remove or include the retainage amount when exporting transactions. In either case, the net invoice amount will be the same. It just affects how the transaction details are exported.
| || Australia |