Hike offers built-in integration with MYOB AccountRight and Essentials. By activating this integration, your business will have a seamless data-sync connection between your point of sale software and accounting software. By pairing Hike and MYOB AccountRight or Essentials, you can forgo laborious manual data entry, with precise accuracy of your data, that goes directly from Hike to your MYOB AccountRight or Essentials account.
As part of this integration, the following records sync will be activated for you:
- Products, inventory, stocktake, inventory changelog
- Customer profiles
- Sales transaction records with payments & discount details
- Layby & on account sales (with its paid/unpaid status)
- Purchase orders, supplier profiles
Note: Hike lets you connect with multiple MYOB AccountRight or Essentials account. This will be super useful If you’re using Hike at multiple outlets on a Multis-store subscription plan. This will enable you to get accurate sales history and more automatically posted to MYOB AccountRight or Essentials for all your outlets.
Important steps before you begin
Before you start the integration, we strongly recommend you speak to your accountant to discuss and get advice about the accounts you’d like to post data from Hike to MYOB AccountRight or Essentials. Please ensure that Chart of Accounts in your MYOB AccountRight has all the accounts that you require for data posting/mapping, especially in relation to:
- Payments - corresponding payment types in MYOB AccountRight or Essentials
- Revenue & COGS accounts designation for Inventory & non-inventory items
- Asset account for inventory
- Corresponding names for Hike payment methods in MYOB AccountRight or Essentials & related banking accounts
- Liability, asset and any other required accounts relating to loyalty points and gift cards
For instructions on how to edit or add accounts in your MYOB AccountRight or Essentials’ Chart of Accounts, please click here
Disclaimer: Throughout this article, we’ve made some suggestions regarding account types selections in MYOB AccountRight or Essentials’ Chart of Accounts. However, those suggestions are for the purpose of this tutorial only. For your actual account setup, we strongly recommend you speak to your accountant to obtain professional advice before deciding on accounts mapping criteria and selections for your business account.
Let’s start setting up the MYOB AccountRight or Essentials integration
You’ll set u the integration in 3 main steps:
- Activate Hike & MYOB AccountRight or Essentials connection
- Map MYOB AccountRight accounts
- Apply sync settings
Activate Hike & MYOB AccountRight or Essentials connection
1. In Hike, open the Menu tab, and click on Integrated Apps.
2. From there you will find a list of applications to which Hike connects to. Integrate your MYOB AccountRight or Essentials account, by clicking on Activate to the right of the MYOB icon.
3. You will then be directed to the Login page of MYOB.
4. Login using your MYOB AccountRight or Essentials credentials ( Note: If you’ve already logged into your MYOB account, MYOB will automatically skip this step for you.)
5. Click on the Allow Access button to authorize Hike to sync with MYOB AccountRight after Two-factor authentication. If you are using MYOB Essentials, you will not be asked for two-factor authentication.
6. Once your connection to MYOB AccountRight or Essentials is active, you’ll automatically be redirected to the MYOB AccountRight or Essentials integration settings screen in Hike.
Note: If you want to make sure that your MYOB AccountRight or Essentials integration with Hike has successfully been activated, Close the settings screen, and you’ll land back on Hike’s Integrations list page. You’ll notice that next to the MYOB Integration row, the Activate option has been replaced with Manage, which means you have successfully activated the Hike + MYOB AccountRight or Essentials connection.
Login to the company file
Map MYOB AccountRight or Essentials accounts
This is where we’ll map relevant account types in Hike to define how your data will be posted to MYOB.
Hike Outlet for Inventory Sync
Select the outlet to sync data to/from MYOB AccountRight or Essentials.
If you’re using Hike on multiple outlets, you can link those outlets to separate MYOB AccountRight or Essentials organisations by setting up a connection for each outlet separately. Get accurate sales history as Hike automatically posts to MYOB AccountRight or Essentials for all your outlets.
Generic Customer Name for Cash Sale Transactions
Select a common customer name for walk-in sales. All cash/walk-in sales will be sync'd to MYOB AccountRight or Essentials under this customer profile. Even though you won’t receive customer information to engage with them further if a generic name is used, you can still identify shopping trends, for all your walk-in customers.
Sales (Revenue) account for inventory items
Select a default sales/revenue account for your inventory products.
Purchase (COGS) account for inventory items
This is your default cost of goods sold (COGS) account for inventory products. Your cost-of-goods-sold (COGS) refers to the expenses involved in creating or purchasing the products that your store sells.
Inventory asset account
Select an asset account in MYOB AccountRight for your inventory. This is where inventory movement will get recorded because of a sale, purchase, stocktake or returns.
Adjustment (rounding) account for inventory
When undertaking a stocktake, you may find some discrepancies (and even occasional gains). The hike will record all inventory spillage/spoilage under this account.
Don’t have an inventory adjustment account? Create a new account in MYOB AccountRight or Essentials' Charts of Accounts. Normally, this is an Expense account.
Sales (Revenue) account for non-inventory items
Select one of the revenue accounts from MYOB AccountRight or Essentials’ Chart of Accounts, to be populated here. This is the account you will allocate revenue/income generated, from the sales of products or services with inventory tracking disabled.
Purchase (COGS) account for non- inventory items
When you sell a non-inventory item, the costs associated with that item will be recorded to this account.
This is where you will select how you’d like to sync your sale transactions from Hike to MYOB AccountRight or Essentials.
Detail each invoice: This option is suitable if you prefer to sync each individual sale as an invoice in MYOB AccountRight or Essentials. It provides you with more visibility options into your transactions, however, it also adds many more transactions into MYOB AccountRight or Essentials’ sales transactions list.
Send summary by account: Sync your total sales summary for the day by simply posting totals to relevant accounts. The total transaction summary is sent to MYOB AccountRight or Essentials as one big sale invoice at the end of the day when you close your cash register in Hike.
Please note: Hike will always sync ‘on account’ sales as individual transactions even if ‘Send summary by account’ is activated. Also, when this option is enabled, Hike will not sync product & inventory with MYOB. Thus, the initial stock of products and any stock adjustment performed in Hike won't trigger any journal creation in MYOB.
What works best: Sync details invoice or summary?
It depends on your industry, business size and what you wish to achieve from this integration. For example, some of our customers who run coffee shops, prefer to sync by sale summary as there are so many small transactions – mostly walk-ins with no customer details on the sale. There is little purpose for them to sync invoice details at it would unnecessarily clutter their Sales section in MYOB AccountRight or Essentials.
However, our users in the furniture industry, do prefer to sync with detailed invoices for each sale, as almost every sale has a customer associated with it, and the invoices sizes are comparatively large.
Accounts for Payments
Refunds are automatically posted to your Sales as negative values, using the ‘sales – refunds = net sales’ formula. However, when sales totals are less than the refunded amounts, it will result in the posting of a negative sales total for the day. MYOB AccountRight does not allow for the creation of negative invoices. Therefore, anytime that the daily sales are LESS than the refund totals, Hike will post the refunds to the account you have specified here.
To create a new refund account in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add New and select Current Asset for the account type.
Cash Rounding Expense Account
Small cash rounding can occurs with decimal values, tax calculations, and cash payments. For example, if an invoice total is $10.12 and the customer is paying with cash, it will result in a rounding of $0.02.
To create new rounding adjustment account in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add New and select Expense Account for account type. Name the account and save.
Account for Discount Given
Please specify a corresponding account in MYOB AccountRight for the discounts given to customers. You can either use an MYOB AccountRight or Essentials Revenue or an Expense account here.
To create new account for Discounts Given in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add New and select Expense Account or Revenue Account for account type. Name the account and save.
Accounts for Liability & Expense
Store Credit Liability Account
Hike lets you create credit notes. Here you can map customer credits to the corresponding liability account in MYOB AccountRight or Essentials. Whenever store credit is redeemed by a customer, your liability will be reduced in MYOB AccountRight or Essentials.
Accounts for Cash Management
Here you will be mapping for cash movements in Hike so that they will be posted into MYOB AccountRight or Essentials. Please note, incorrect mapping may result in wrong amounts posting or MYOB AccountRight or Essentials may decline to sync the transaction.
Cash In/Out Account
Create an account to post additional cash that you add to or remove from your cash register.
To create new Cash In/Out account in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add Account and select Current Asset for account type.
Cash Float Account
Your opening and closing cash float will be recorded to this MYOB AccountRight or Essentials account.
To create new Cash Float account in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add Account and select Income for account type.
Cash Register Discrepancy Account
When you close your cash register at the end of the shift/day, Hike will prompt you to enter ‘actual’ counted amounts against amounts ‘recorded’ as received. This account will be used to record any cash discrepancies between your actual cash takings and expected cash takings in Hike.
To create new Cash Discrepancy account in MYOB AccountRight or Essentials:
Go to Chart of Accounts and click Add Account and select Expense for account type.
MYOB AccountRight account for freight charges
This is the MYOB AccountRight or Essentials account where sale/order related freight charges will be posted to.
Tax Rates Mapping
Here on the left are all the tax options available in Hike. Use the pull-down menus on the right to map corresponding sales and purchase tax codes in MYOB AccountRight
To update/change tax rates in Hike, go to Store Setup > Tax Rules.
To update/change tax rates in MYOB AccountRight or Essentials, go to Settings > Chart of Accounts
Payment Methods Mapping
Every payment type in Hike must have a corresponding account in MYOB AccountRight or Essentials for transactions to sync properly. Normally, most Hike users would use a ‘Bank’ account type in MYOB AccountRight or Essentials as a corresponding account for payments. However, some retailers prefer to send payments to a Clearing Account first before reconciling.
If you decide to use a Clearing Account, retailers would usually label it as a Current Asset account.
For Card Payments, most Hike users prefer to map those against the corresponding Bank Account in MYOB AccountRight or Essentials so that receipts are easy to reconcile with automated bank feeds.
For Cash & Custom payments, Hike users mostly use a Clearing Account. A Clearing Account is where cash is parked until bank deposits are cleared. Normally, a current asset account, it’s likely you’ll need to first create a new Cash Clearing account in MYOB AccountRight or Essentials, if one has not already been set.
In the following example, we’ve mapped Hike card payments directly to our bank account – CARDS ANZ (AU) Card Payment – in MYOB AccountRight. Our cash payments are being sent to a cash clearing account in MYOB AccountRight or Essentials.
Here you will define sync direction. For example, if you do not wish to import existing customers from MYOB AccountRight or Essentials to Hike then define Hike to MYOB AccountRight or Essentials only for customer records. There are 5 types of data for which you can define sync direction: Customers, Products & Inventory, Sales, Supplier & Purchase Order.
Selecting this option will allow you to sync your data to and from Hike and MYOB AccountRight or Essentials.
Hike -> MYOB
Select this option if you want your data to be ONLY sent from Hike to MYOB AccountRight or Essentials. For example, by selecting Hike -> MYOB for Products & Inventory, all your Products & Inventory data WILL be shared from Hike to MYOB, but NOT from MYOB to Hike.
MYOB -> Hike
Select this option if you want your data to be ONLY sent from MYOB to Hike. For example, by selecting MYOB -> Hike for Sales, all your sales information WILL be shared from MYOB to Hike but not the other way around.
MYOB will generate its own reference number for every one synced from Hike. Therefore, Hike will enter the invoice number in Hike into either of the two fields, comment and customer purchase order number, as a reference. Please choose it as per your requirements.
Once you’ve completed all the necessary steps, it’s time to save and start syncing. Click on the Continue button either at the top or bottom of the page, to go on.
First Time Sync
If this is your first time syncing or if you’ve made any significant changes to your sync settings, you will be prompted with this screen.
If you’ve selected 2-way sync, you will need to confirm which platform is the primary source, which will then overwrite the other in the case of duplicate records. For example, we’ve previously selected Customers as our 2-way sync. Now you will need to advise which app will overwrite the other if a customer with the same name exists in both apps.
Hike -> MYOB: Selecting this option will make Hike the primary source.
MYOB -> Hike: Selecting this option will make MYOB the primary source.
Sync Past Transactions
Specify from which date you would like your existing sales records to start synching to and from Hike.
Hike Tip: If the Continue button is greyed out, it means you have not completed a step. Ensure you have completed everything on the page, before moving on.
Once you’ve selected your primary source and dates, simply select Save & Sync Now to finalize your sync settings, and Hike will immediately begin syncing with MYOB AccountRight or Essentials!
Note: Please be advised that syncing your data across may take some time (depending on the number of products and existing transactions to sync).
Add to or update an existing account within MYOB AccountRight or Essentials/ Chart of Accounts
While setting up accounts mapping for MYOB AccountRight or Essentials, if you need to edit an existing or create a new account within MYOB AccountRight ’s Chart of Accounts, it is accessible from MYOB AccountRight ’s List tab under Accounts or MYOB Essentials under Accounting -> Chart of accounts.
Here you will see a list of all your accounts, of which you’ll be able to filter through Assets, Liabilities, Expenses etc. You can also use the search bar to find the account you want by name. The instructions below are about creating accounts in MYOB AccountRight. The process is similar in MYOB Essentials.
1. To create a new account in MYOB AccountRight you will first need to select New.
2. From there a new box will appear for you to create a new account (or edit one, as seen here).
Note: Anytime you create an account in MYOB AccountRight you will be asked to enter a code. This code will make it easy for you to refer to, when you have the map the corresponding MYOB AccountRight accounts throughout this integration.
Hike Recommends: If you haven’t already spoken to your accountant, Hike strongly recommends that you do before commencing preparation of your MYOB AccountRight account for Hike integration.
MYOB AccountRight requires a complete integration when connecting the two applications. That means, if any piece of data is incorrect, all will be rejected. For example, if you performed the end-of-day sync, and one item had an error syncing, all data would be rejected.
Create a Bank Account in MYOB AccountRight
1. To create a Bank Account in MYOB AccountRight you must first navigate to your Chart of Accounts from the list and select Add Account and select type Bank.
2. Next you will be prompted to search for your Bank, and enter your account details.
Note: The unique account number you enter here will be the one you use to map in Hike.