14th May, 2021

MYOB product update for advisors – April

E-invoicing and a major AccountRight upgrade are just a few of the updates and enhancements to arrive in MYOB products in the past month.

April was a big month for MYOB with e-invoicing now readily available, a major AccountRight upgrade releasing, and announcements for PayAgent. With exciting software improvements, new features and unveiled release dates, MYOB has something for every business.

Keep reading down below to see what MYOB has in store for you.

Essentials & AccountRight Browser

During April there is now a new experience designed to make it easier to get started and use MYOB for a non-GST registered business in Australia and New Zealand.

With this new experience, a new non-GST registered customer will have a much better on-boarding experience as they will be asked whether they have an ABN (AU only), and whether their business is registered for GST or not (AU & NZ) when they set up their new file. If the customer selects ‘No’ under GST registration the following automatically defaults saving the customer time consuming manual data entry.

  • All the tax codes in the chart of accounts will be defaulted to ‘N-T’
  • The tax code column and tax inclusive/exclusive options will be hidden from the different data entry and allocation screens
  • Sales invoice settings will have tax codes changed from ‘GST’ to ‘N-T’
  • GST reporting method will be hidden under ‘Report settings’

Recurring transactions

Users can now set up a recurring transaction within Essentials or Browser. This feature, which is now GA, allows users to set up a regular invoice or bill within the product without the manual entry each time. You can create a recurring transaction off an existing invoice or by creating a new invoice as users normally would and set it up as recurring.

This initial release includes the Recurring Invoice Transaction prefill and templating functionalities.

Similar functionalities will be extended to other parts of the software in the near future.

Sales settings in MYOB
New e-invoicing capability has been added to MYOB products.

If you use MYOB Essentials or MYOB AccountRight in a web browser, you can register with a provider to use e-invoicing. Once you’re set up, anyone who can currently create invoices in MYOB will be able to send e-Invoices.

Available in Essentials and AccountRight, e-invoicing enables businesses to exchange invoices directly between their accounting software. This means improved security, less manual data entry, reduced risk of human error, and businesses will get paid faster.

Once you’re registered, you can send customers an e-invoice straight from MYOB and it’ll be delivered into their accounting software. No paper, no emails — just sent straight from your software into theirs.

You’ll also be able to track the status of the e-invoices you’ve sent so you’ll know when they’ve been received, approved, or if anything went wrong. Soon you’ll also be able to receive supplier e-invoices straight into MYOB.

E-invoicing was rolled out to Australian businesses in mid-April with New Zealand businesses to follow shortly afterwards. You can find more information at MYOB Help and our e-Invoicing Product Factbook.

MYOB Direct Payments (Australia only)

The ability to bulk pay business expenses by card (MasterCard, Visa Credit & MasterCard Debit) from both AccountRight Live and New Essentials into AU bank accounts.

Businesses can link their credit or debit card to their file in MYOB to batch pay their expenses in one simple transaction & get rewarded for it via MYOB Rewards!

For eligible payments made via credit card, users can also earn MYOB Reward points and redeem these points for digital gift cards to popular retailers like JB-HI-FI, Woolworths, Uber Eats, Endota Spa, Amazon. MYER, Red Balloon and more.

This feature is only available in Australia and is limited to sole trader and company entity types for the time being.

More information on MYOB Direct Payments can be found here.

My Account ‘Home’ page

A new My Account ‘Home’ page has been introduced in MYOB Essentials and MYOB AccountRight in the browser. This new ‘Home’ page will allow users to manage their product, billing, payment, admin and support requirements all under the one area.

My Account updates in MYOB
Introducing the My Account ‘Home’ page for MYOB Essentials and AccountRight.

This new page has brought together all of the My Account pages into one location, and has merged several menu items into one singular navigation to streamline the user experience. You can even use this page to access MYOB Academy.

AccountRight 2021.2

AccountRight 2021.2 has arrived and brings with it a powerful new way to send transaction information to customers using e-invoicing, as well as smaller fixes and enhancements.

As the first AccountRight release to be delivered via the new automatic update experience for PC installer users, a range of enhancements are now available:

  • Sending e-invoices — Both Australian and New Zealand users will be able to send e-invoices to customers using the service
  • Reporting enhancements — Data range restrictions on more reports have been removed. Now the multi period profit and loss, the multi period balance sheet and the profit and loss (with year to date) reports can be run over unlimited financial year periods
  • General improvements — We’ve made further performance optimisations in 2021.2, as well as fixing a couple of bugs that were causing AccountRight to crash when an update was installed in the background

AccountRight 2021.2 was released to all 2021.1 users as an automatic update in April 2021, and can be downloaded via my.MYOB. If you’re using AccountRight Server Edition, automatic updates will be available for you later this year. For more further instructions on how to install the Server Edition, please refer to this help guide.

Visit this page for more information on what’s new in AccountRight 2021.2 and installation.