Powerful new features, consistent workflows, extensive reporting and more.

The new MYOB Essentials is simply powerful business management software.

Frequently Asked Questions

General Upgrade Information

UX/General Enhancements

Banking and Banking Rule Enhancements

Compliance

Payroll

Reports

Sales

Additional Information

General Upgrade Information

What is happening?

  • Essentials is getting a major upgrade
  • We’re enhancing the user experience to make it the easiest business management product on the market
  • We’ve introduced powerful new features, cleaner UI, a mobile responsive experience and significant workflow improvements

Back to top

When will my Essentials get the upgrade?

  • Any users who start a trial after we launch in March will be given the upgraded version of Essentials
  • Upgrades will be rolled out to the entire existing Essentials user base
  • These upgrades will commence in Q2 2020 and continue throughout Q2–Q3

Back to top

What new features are available?

UX Changes/General Enhancements
  • Clear visibility into business performance with real-time dashboards
  • Enhanced mobile responsiveness, allowing users to run their business off any internet-connected devices
  • Accessibly designed (Hi-contrast, UI-zoom and screen reader modes for vision impaired users)
  • Streamlined workflows (keyboard optimisation, improved readability and contrast, adding line items by number/name/etc – like chart codes, shortcuts to common actions)
  • Data protection, such as assigning specific roles and permissions to users and controlling what they see, and an automated EOY Rollover which locks down previous years – only bookkeepers or admins can change this)
  • Special entity set-up (trust/partnerships and setting % income allocations for entities with multiple owner accounts)
  • New integrations with over 150+ apps
  • Expanded quantities reporting in General Journals, Spend Money, Receive Money and in several reports (GL Detail, P&L, Cash Movement)
  • Completely redesigned, task-led onboarding to new files (both SMEs and Partners) to help users get started quickly and easily
Banking and banking rule enhancements
  • Rules can be set up as either a spend money ("withdrawal") or receive money ("deposit") rule
  • Add broad conditions for all withdrawals by setting up a spend money rule which you could then set to an expense account and vice versa for a receive money rule for deposits
  • Ability to choose which bank account to apply the rule to
  • Addition of description field in the rule
  • Users can add their own descriptions to line items, rather than use the description pulled through from the bank
  • Ability to temporarily mark bank rules as inactive
  • Ability to flag when the contact is required to be reported for TPAR (AU only)
Compliance
  • Lodge BAS directly from Essentials (supports simplified BAS, Prefill BAS for review incl. field for payroll users, lodge direct to the ATO, track status of lodgement)
  • Activity statement fields such as PAYG income tax instalment (PAYGI) and PAYGW (1-4) have been added
  • Tax codes (WET, WEG, LCT)
Payroll
  • Track and manage employee payroll and leave conditions (long-service leave, salary sacrifice, rostered days off, leave loading, time-in-lieu)
  • Enhanced user experience on the pay run, including the ability to see/edit all users on the same screen, error warnings (i.e. leave overuse)
  • Standard pay set up per user
  • Directly pay and report super contributions in product through Pay Super
  • Payroll reporting improvements (including category transactions, summaries, registers, activity, advice and balances)
  • Pay Item calculator: % of item, $ per pay period, limits
Reporting
  • Summary, details and hybrid views available in the same report (GST, GL report, etc)
  • Customise reports by adding/reordering/removing columns (Gross Amount, Qty), excluding/including zero balances, cash/accrual methods, negative amounts in brackets/with negative sign, include/exclude/only show year-end adjustments, etc.
  • Create reports that span multiple financial years (i.e. the Profit and Loss report)
  • Create budgets by importing CSVs or last year’s actuals
  • All reports can be exported to Excel and PDF
  • Seamlessly create and customise reports
    • Save reports as templates
    • Share them across to any of the company files that you work on and share them to others within your business
  • Add reports to your ‘favourite’ for quick access
  • Exception Reports (identify tax code exceptions that are different to the default codes, ensure receivables/payables reconcile with the GL) – drill down into transactions here
  • Reconciliation Reports (identify future dated transactions, pre-paid transactions and ensure they match the GL)
  • Produce consolidated balance sheets or P&L across multiple business entities for a rolled-up view across businesses (displayed in a single column)
  • Create customised, branded report packs
    • Add company logo and customs colours
    • Add disclaimers or watermarks
    • Create multiple styles and save them
    • Share templates to other people within your business and publish them to the different businesses that you work with
Sales
  • The new MYOB Invoice app
  • Advanced invoice customisation
  • Switch between Services or Service + Items layouts while creating an invoice
Purchases
  • Updated look and feel for the In Tray

Back to top

UX/General Enhancements

How do you lock down the EOY so that previous year’s work can’t be changed?

On the Business Details page, there’s a section called “Lock Date.” Tick the box that states, “Prevent changes prior to the lock date” and chose the lock date.

This section is only available to Administrators and Accountant/Bookkeepers.

Back to top

Can users export Essentials ledger data to third-party applications (i.e. exporting to HandiLedger, Xero, APS, Software Assist, etc.)?

Users will be able to export APS, MAS, HandiLedger and MYE to practice software.

Back to top

What formats can customers use to import contacts, accounts, items, etc?

.csv or .txt files.

Back to top

Will MYOB Essentials have accessibility features for vision impaired users?

The new MYOB Essentials will support hi-contrast, UI-zoom and screen reader modes for our vision impaired users.

Back to top

Will users be able to import MAS and AO Chart of Accounts into Essentials?

The CoA setup is very similar to how it has been in Essentials previously, which is an alphanumeric format up to 10 characters.

Users can edit charts, create new charts or import from MYOB AccountRight, AO or MAS.

If a chart is imported, headers will be created, however the user will need to manually link the sub-accounts to its parent header through the user-interface.

Back to top

To import a Chart of Accounts in Essentials, what format does the file need to be in?

You need to use a tab-separated txt file, set up with the following fields: AccountNumber, AccountName, Header, Balance, AccountType, TaxCode, InactiveAccount.

For more information, please check out this help page.

Back to top

Can you clone a chart from another business?

Not at this stage, however we anticipate that feature within the next 90 days.

Back to top

How will user access control be managed in the new Essentials? How will new Essentials files appear on the Transaction Processing page for specific individuals within a Practice?

If the Practice wants the file to appear on the Transaction Processing page (formerly Dashboard) for individuals, they would need to provide access through my.myob (similar to AccountRight).

For the Essentials file itself, any user invited will have their permissions set in Essentials.

Back to top

Banking and Banking Rule Enhancements

On the Bank Transactions screen, is it possible to see the balances for all bank accounts connected to that account?

No, the balance information displayed can only be applied to one bank account at a time.

Back to top

When a bank transaction has been allocated, will it show as the account name or account code?

Allocated bank transactions show the account name.

Back to top

Can you create a new account via the Bank Transactions screen when allocating transactions?

Not at this stage.

Back to top

What format can customers use to import bank statements?

QFX or QIF.

Back to top

Can users access the bulk coding report from the Banking screen?

No. This is accessible either from the Transaction Processing page (formerly Dashboard) in MYOB Practice or through the Reports section in MYOB Essentials.

Back to top

Can you apply for Bank Feeds in product?

Currently you need to apply for Bank Feeds through my.myob

This process will be moved into the product itself soon.

Back to top

Who can initiate a Bank Feeds application?

Currently only the owner of the file can apply.

Back to top

Compliance

Will custom tax codes be available in this update?

No, custom tax codes are not available currently.

Back to top

Which new fields can be pre-filled directly on the Activity Statements?

Activity statement fields such as PAYG income tax instalment (PAYGI) and PAYGW (1–4) will be available.

Back to top

Payroll

What leave accruals are available?

You can create your own wage items or leave accruals, based on salary or hourly basis, and regular rate multipliers or fixed hourly rates, including (but not limited to):

  • Long-service leave
  • Leave loading
  • Rostered days off
  • Salary sacrifice
  • Time in lieu

Back to top

How many decimal places can hourly pay items include?

Pay Items will support hourly rates up to 4 decimal places.

Back to top

Do I still have to use the Super Portal to pay superannuation?

The Super Portal is no longer available in MYOB Essentials.

MYOB Essentials users have Pay Super seamlessly integrated into Essentials.

When users go to pay superannuation, all the information is pre-filled and this workflow can be completed quickly and easily.

Back to top

Will it be possible to see a detailed report on Superannuation?

We will be adding additional superannuation reports in 2020, however they won’t be available at the early stages of the Essentials upgrade release.

New reports will include:

  • Accruals by category, fund summary and fund detail
  • Employee advice summary and details
  • Payments by employee and fund

Back to top

Reports

Are the Gross or Net Amount fields included on the General Ledger report?

You can easily customise many of the reports to add in non-standard fields, including (but not limited to):

  • Gross amount
  • Net amount
  • Tax amount
  • Quantity
  • Tax code

Back to top

When you move from report to report, will the dates be remembered, or do you need to re-enter them each time?

As you move from report to report, the dates will be remembered.

However, if you move from one report to another, change the date, and then return to the original report, the dates will have changed once you return to that original report.

Back to top

When you open the GST report in a new session, what time period does it default to?

It defaults to the last financial quarter.

Back to top

Which reports can you consolidate?

  • Profit and Loss
  • Balance Sheet
  • Cash Movement

Back to top

Can you consolidate a GST report across multiple files that use the same ABN and lodge one GST report for all?

No. There is no ability to consolidate a GST report. This user would still need to lodge multiple reports.

Back to top

Can you hide accounts in consolidated reports? For example, if the files have inter-entity transactions, can those accounts be hidden?

Not at this time. You can’t hide the accounts in consolidated reports.

Back to top

Is there a limit to how many entities you can consolidate in a consolidated report?

Up to 10 entities, depending on size.

Back to top

Can you consolidate reports across Essentials and AccountRight?

Not at this time.

Back to top

Sales

If you’re working with a new customer, can you create a card for them while creating an invoice? Or does this task need to be done prior to creating a new invoice?

You can now create customer and supplier cards at the same time as you’re creating an invoice or bill.

Back to top

When creating an invoice, can you switch invoice layouts during invoice creation?

Yes, you have the option to switch between a Services and Service & Items layout as you’re creating invoices.

Back to top

Additional Information

Does the new MYOB Essentials have jobs/categories?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Does the new MYOB Essentials have supplier/bill pay?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Can users send remittance advice in the new MYOB Essentials?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Does Inventory exist in MYOB Essentials?

Only import/export of items.

If users have more advanced inventory needs, they need to look at AccountRight.

Back to top