Product updates for advisors – November 2021

With tweaks, changes and updates arriving in your software every week, this article will get you up to date on what’s changed in MYOB this November.

Despite having only been launched the month previous, MYOB Business is already seeing enhancements. There’s also new features in AccountRight and a heap of bugs fixed.

Read on for the full detail on all the latest MYOB product updates.

AccountRight 2021.7: New features and bug fixes

When using AccountRight in a web browser, invoices now support longer alphanumeric invoice prefixes in invoice numbers, allowing for greater flexibility.

Performance improvements have also been made to the Adjust Inventory window for ease of use.

In terms of bug fixes, MYOB recently fixed an error that was causing AccountRight to close when recapping Transfer money, and another that was causing AccountRight to close when deleting a Receive money transaction.

Opening balances are no longer shown for profit and loss accounts in the Accounts List (Detail) report, after rolling over to a new financial year. This ensures correct balances are being represented on the report.

Plus, MYOB has added general performance improvements to AccountRight, which you can find out all about, plus more, on the relevant MYOB Help page.

MYOB Practice: Tax returns and more

Some MYOB transactions will be automatically created in Data reconciliation when you file a tax return after 4 November 2021:

• When you file an IR3 or IR3NR with an attached Student loan (SLS) or Working for families (WFF) schedule, transactions created will include tax return assessments and transfers in
• When you file an IR526 for Tax credits (REB), the transactions created will include tax return assessments, refunds and transfers out

Learn more about these changes in tax returns here.

Student loan terminal tax field improvements (individual entities only)

We’ve added to and renamed the student loan fields in the terminal Tax notices page to make them more useful and informative.

• Student loan repayment obligation –– We’ve renamed this field from Student loan repayment. This field is editable and you’ll need to manually enter the value. We’re working on making this field automatically calculate its value in a future update.
• SLS payments, transfers and other — This new field displays reconciled IR student loan transactions from the Data reconciliation page.
• SLS expected payments, transfers and other — This new field displays unreconciled MYOB student loan transactions from the Data reconciliation page.
• Student loan owing — We’ve renamed this field from Student loan repayment amount. This field displays the amount owing to IR.

If you’ve been using voluntary adjustments for recalculated student loan amounts, you’ll no longer need to use this workaround. These student loan field updates will automatically display the recalculated amounts.

We’re continuing to work on bringing even more student loan improvements and you can stay up to date with those changes, here.

More tax notice email customisation options

If your MYOB Practice Administrator’s added a footer or logo in the MYOB Practice Email notifications settings, the logo will be included when you send a tax notice.

If you edit the default tax notice email or Portal task text, it’s easier to apply formatting. Choose from the Cover email text field options, or click the source code icon () to use HTML elements. There are also more Insert Field variable options.

Learn more about these changes here.

Role to manage task templates

MYOB Practice administrators can assign users to a role that allows them to manage task templates. Learn more about creating task templates and assigning roles.