MYOB product updates for advisors — May-June

Enhancements to Tax and EOFY releases for our small business and practice solutions have been the focus since the start of May.

It’s been a busy two months as New Zealand customers finished their EOFY and Australians head into it. Moving through that busy period has been reflected in MYOB’s areas of focus for product updates and released.

Discover the details of our new features and enhancements for small business and practice solutions in across both regions below.

Small business solutions

MYOB AccountRight and Essentials: EOFY release (Australia-only)

Tax tables are already available in the latest releases for AccountRight and Essentials users thanks to the new automatic updates.

Here’s what’s changing this EOFY:

• Tax table updates
• Closely held payees will have to report through STP from 1 July 2021
• The Super Guarantee rate changes from 9.5% to 10%. For files created before 1 July 2021, you will need to manually update the super guarantee rate from 9.5% to 10%. For new files created from 1 July 2021 onwards the rate will automatically be set to 10%

For further details, check out these help articles:

• MYOB AccountRight 
• Essentials (new) 
• Essentials
• AccountEdge 

Migrations to MYOB Essentials

MYOB’s migration service now makes it possible to move any active bank feeds from either an advisor’s own AccountRight file or their customers’ files to MYOB Essentials.

When the migration is complete, the bank feeds stop going into the AccountRight file and are automatically delivered into Essentials.

If you would like to learn more about what’s new in your MYOB Essentials upgrade, you can access training here through MYOB Academy:

• Course: What’s new in your MYOB Essentials (New Zealand)
• Course: What’s new in your MYOB Essentials (Australia)

Please note: Any AccountEdge or AccountRight customers who are using or have used Inventory in their files, the Essentials migration is not available yet. MYOB will be working on delivering this throughout the remainder of the year.

For NZ customers: Any customers using Ace Payroll, NZ Payroll & IMS cannot migrated to Essentials at this stage as integrated Payroll is not currently available in the product.

AccountRight 2021.3

The latest version of AccountRight is now available. This release brings some important enhancements and fixes to help make running your business that little bit easier. Included in this release are:

• E-invoicing improvements
• Payroll improvements (Australia only)

For all updates please see release notes here.

E-invoicing: Now available for New Zealand (early adopters)

E-invoices can now be sent through Essentials and AccountRight browser. E-invoicing allows the seamless exchange of transaction data between buyers and suppliers who are registered it.

MYOB is working to get this new feature ready for general release, with registrations for early adopters now open.

You can learn more about e-invoicing here.

Invoice financing (Australia-only)

We are proud to have partnered with invoice finance experts, Butn to deliver Invoicing financing to our customers.

Eligible MYOB Essentials customers can apply and get up to 85 percent of an unpaid invoice financed by Butn and access cashflow unlocking funds that are tied up in unpaid invoices.

This is currently in early access program and will be looking at continuing to move into general release through the coming quarter.

You can find out more information on Butn and invoice financing here.

Partner Program sign up experience

New MYOB partners signing up for the Partner Program will now have an improved experience.

• Faster turnaround for onboarding (from 14 days to within 48 hours)
• New sign up page: Prospecting partners can now sign up via our myob.com website
• Prospecting partners no longer need to supply their proof of qualification and bank account details

During sign up process you will now receive a call from MYOB’s ‘Partner Assist Team’.

All partners already in the program also now have access to product demonstrations and video tutorials.

Practice solutions

MYOB Practice Tax (Australia)

MYOB Practice Tax is an online solution for preparing and lodging  tax returns and activity statements. Tax 2021 was released in time for EOFY.

You can create 2021 tax returns in MYOB Practice Tax.

More enhancements that arrived in May, June:

• Compliance changes to Assets online
• Dividends in Corporate Admin
• The ability to add a Bank reconciliation workpaper in the Trial Balance

For all MYOB Practice updates please visit MYOB’s ‘What’s New’ pages

MYOB Practice (New Zealand)

May and June delivered some big features for Practice customers in New Zealand.

Access Management is now available for Tax notices and data reconciliation within MYOB Practice. This gives administrators more control over what other users can and can’t do in MYOB Practice Tax.

Learn more about Access Management in MYOB Practice Tax and how to opt-in for this feature.

More features new to MYOB Practice include:

• Business income schedule update
• Tax workpapers and schedule improvements
• Tax compliance updates

For all Practice updates please visit the ‘What’s New’ pages.