MYOB Product Update for Advisors — March 2021
Payroll changes, software updates and demo files are each amongst MYOB’s product updates for March.
In what was yet another busy month for MYOB, users have been provided with various resources to make the ever-evolving features of MYOB software even more effective and helpful. With recent changes to software, payroll compliance and information hubs, there is plenty on offer from MYOB.
Keep reading down below to see what MYOB has in store for you.
MYOB AccountRight Clearwater Demo File
If you have the AccountRight PC Edition 2021.1 or later, you can now download and use Clearwater Demo Files.
If you have sample files from a previous version, you can open and upgrade one of those to the latest version of AccountRight. Click here to learn how.
If you don’t already have any sample files, you can download copies of our AccountRight sample files here. Then, simply follow these instructions to find out how to download and open your sample files.
For more information on how to use sample files in MYOB AccountRight, please refer to our MYOB Online Help.
Payroll Compliance Update (NZ only)
The 2021 NZ compliance updates for MYOB Ace Payroll and MYOB Payroll are now available, while MYOB Essentials will have started automatically updating from 1 April.
These updates include key compliance changes that take effect from 1 April 2021:
- New Tax codes and thresholds for annual income greater than $180,000
- Updated ESCT threshold, adding a new top rate of 39%
- Updated student loan thresholds for the 2021-2022 financial year
- Payday filing changes to the way payday filing information is declared
Also, starting 1 April 2021, the adult minimum wage will increase from $18.90 to $20.00. If employees are currently on the minimum wage, they will need to be updated in their software.
Access information about all the updates here.
Recurring Transactions (EAP roll out)
Not only can the recurring transaction feature create transactions automatically with scheduling, but you can also use its entries as a template to prefill transactions.
We are aiming to help customers save time and avoid repetition that they’ve had to endure. Hence why our focus is currently on the recurring transaction prefill/templating functionality.
How do users create recurring invoice transactions?
Creation of Recurring Transactions will be available from the Sales navigation menu or when creating an Invoice.
Move to MYOB Essentials (new) from Xero, QuickBooks (desktop) or Reckon
Starting March 1st, Practice and SME customers are now able to migrate directly from Xero, Reckon and QuickBooks (desktop) to the latest version of MYOB Essentials.
New customers can migrate their Xero, Reckon or QuickBooks (desktop) files to:
- Essentials Connected Ledger
- Essentials Connected Ledger + Payroll
- Essentials Starter
- Essentials Accounting
- Essentials Accounting + Payroll
What are the benefits?
- For SME customers, moving to MYOB means they can make the most of smart, time saving features that automate their daily admin.
- For Practice customers, moving to MYOB reduces work in progress and ensures more efficient workflows.
- It’s quick, easy and free – customers can try free for 30 days.
- Retain past records – easily bring them over to their new MYOB file.
For more information, please visit our Australian or New Zealand resource pages.
Minor updates to MYOB Essentials include:
- Users will now receive a meaningful import error log for:
- Chart of accounts
Contacts (AU only)
- Auto pre-fill addresses when creating or updating Customer, Supplier or Personal contacts under the ‘Contacts’ menu
Tactical Access Management
- Users — Remove action links for those without permission to use them
- Users — Removing my.MYOB link for File Users in list screen
- Users — Adding my.MYOB Retries
- Users — Re-invite link for access removed
- Users – Improved delete and duplicate user functionality to prevent future cases of users losing access
IRD session (NZ only)
- Automate ‘Terminate IRD session’ to reduce time and effort on support requests
- The new ability for customers to combine tax codes
Online tax (GST/BAS)
- BAS Electronic Lodgement — FBT 2021 form will be ready for April 2021.
MYOB Essentials Introduction Video
New to MYOB Essentials? Or still getting familiar with the 2021.1 update?
Here’s a helpful video that will take you through all the handy features in the latest version of MYOB Essentials
MYOB Practice Tax (NZ only)
Several small yet extremely beneficial features have been added to MYOB Practice Tax to help you streamline your day-to-day work:
- Create tax notices for multiple clients at once – You can now create provisional and terminal tax notices for the current period, for multiple clients
- Prepopulate association details when you create a tax return – You can now prepopulate the names and IRD numbers of shareholders, beneficiaries and partners
- Prepopulate tax return data directly from Inland Revenue – When you add a tax return, we’ll download data directly from Inland Revenue to prepopulate into your client’s tax return.
- View Taxable Income and Residual Income Tax (RIT) at a glance – We’ve added two new columns to the Tax Notices page to help you decide which tax notices need work.
- Improvements when sending tax notices – We’ve updated the wording in the email and portal message template used to send tax notices. Prefer to personalise your messages? You can still edit the wording when you send tax notices.
Learn about every MYOB Practice Tax update here.