Product updates for advisors – October 2021

A raft of new updates to MYOB products brings major changes, including improvements to Essentials, AccountRight and Practice in New Zealand.

Looking at the list of changes, improvements and updates across the MYOB range in October, there’s a lot for accounting and bookkeeping advisors to catch up on.

Continue reading to find out what’s new in your MYOB products so that you can work more efficiently and keep your clients’ businesses running smoothly.

Upgrades to MYOB Essentials, AccountRight

For existing users of MYOB’s online products, Essentials (new) and AccountRight in the browser, there are several upgrades and improvements to be aware of.

Firstly, MYOB has made it easier for small and medium business clients to get set up for working with their advisors by improving the Chart of Accounts, which automatically maps back to the advisor’s Client Accounting module, so there’s no need for manually inputting this information.

MYOB has also included general journals in recurring transactions, improving the automation of accounts further still.

Ongoing improvements and fixes:

• Payroll – payrun dates are now auto-filled based on the last payrun date, with the previous payrun’s data displayed in the review screen
• Banking – you can now toggle auto-matching for invoices or bills on and off, with the ability to toggle on or off auto-approval for bank feeds also arriving in AccountRight. You’ll also find the software now remembers filters set on the bank transactions screen
• Bank feed rules – these rules can now continue running over beyond a financial year boundary
• Essentials Dashboard – this screen now shows all bank accounts as default
• Connected Ledger – you can now create electronic bank file payments for spend money transactions (top five banks supported).

AccountRight updates move to incremental deliveries

AccountRight users will notice MYOB has changed how updates are rolled out.

If you’re using version 2021.5 or later, these released will be performed incrementally and that means less downtime for advisors and their clients.

Cancelling unused bank feeds

MYOB has reviewed how bank feeds are used and have enabled a new feature where customers can cancel bank feeds they’re no longer using.

This change will directly benefit customers on all online products that have bank feeds linked to their account.

Customers are encouraged to carefully manage their feeds and can now cancel old or unused bank feeds.

Note: When cancelling bank feeds, it’s important to note that, should you wish to reactivate that feed later, an application process will be required. MYOB recommends good housekeeping and account maintenance prior to cancelling any current bank feeds to avoid any additional admin.

MYOB Practice

Advisors using MYOB Practice tools to manage their client workflows will also see a number of new features and enhancements have arrived in the past month, as detailed below.

Compliance: Easier access to help

MYOB has added a handy link in Data reconciliation, Tax return under the Compliance list to access all help topics and updates.

Click Help and support to access the page in the product or check out the page here.

Edit default tax notice email or Portal task text

MYOB Practice Administrators can now edit the default email and Portal task text that’s used each time you send a tax notice.

Edit the text in the Cover email text field in your MYOB Practice settings.

You can also learn more about setting the default text here.

Details about transfers from other returns (Transfers received schedule)

You can create a Transfers received schedule that shows what a tax return’s Transfer from other returns value consists of.

The schedule displays the tax type, client names and IRD numbers associated with incoming refund transfers. Previously on tax returns, you could only see the outgoing details of transfer recipients.

Note: The IRD number, tax type and amount will also continue to be visible in the tax statement. Note that Account type has been renamed to Tax type in the tax statement.

More updates:

• Document tile in Compliance — Access and upload documents for a particular year within the compliance module
• Performance improvements on locked forms — MYOB has improved the time it takes to open locked forms when you’re lodging a return
• Save time with task templates — You can save time by creating and using a task template when sending general tasks to your clients.

For all updates landing in MYOB Practice you can keep up to date by visiting the relevant MYOB Help page.