11th October, 2021
New updates to MYOB products throughout September mean more functionality to MYOB AccountRight, MYOB Practice and more users getting work done more easily.
It’s been a busy month for business and, in many cases more so, for their accounting and bookkeeping advisors as compliance and planning deadlines continue to arrive.
Minimising this burden of business administration and allowing faster business-critical decision making is exactly why MYOB continues to roll out enhancements and new features across its range of products.
For advisors, this past month has seen significant updates made to MYOB products. Here’s what you’ll need to know to make sure you and your clients are getting the most value from their software.
A recent update in MYOB Essentials (new) and AccountRight (browser-only) has allowed ‘Online Admin’ users to apply for bank feeds from within the product, where previously this was restricted to the File Owner only.
Reminder: Each company file’s user types can be identified under its Settings > User page.
For more information on how to apply for bank feeds, please refer to the relevant online help page.
This release includes the following enhancements and fixes:
Reminder for PC Installer users: This release is delivered via the new automatic update experience for PC installer users, meaning if users have been using the PC installer version of AccountRight 2021.4, there is no need to do anything. If customers are using an older version with a PC installer user, they will need to download the latest version 2021.5.
Reminder for AccountRight Server Edition users: For customers using AccountRight Server Edition to share offline files across a network, they will need to make sure that all users accessing those files are also using Server Edition, including those workstations accessing the server. This is to make sure that all versions of AccountRight across their network stay the same, since any PC installer versions will automatically update while the server version won’t.
For more information on what’s included in the latest release, please see the relevant help page.
New updates to MYOB Practice include improvements to data reconciliation, transactions and Working for Families and Student Loan schedules, tax return PDFs and more.
The following enhancements have been made based on user feedback to improve our software and experience in the long term
You can now choose to preview a tax return PDF in a new browser tab or download it directly, where previously you could only download. You can also choose to add a DRAFT watermark to the PDF.
As part of these changes, the Download button has changed to Preview (PDF) in the Compliance list > Tax return page, and the options are presented in a Preview documents window. Learn more.
When you scroll through a tax return, the Sync tax return data, Validate and Preview (PDF) buttons will remain visible.
For all of these changes and more, you can keep up to date via the relevant help page.
Changes to how you work with tax returns and an easier way to solve validation errors has arrived in MYOB Practice for Australian users.
You can now access the schedules/workpapers from within the tax return next to the label. Simply click the Related schedule/workpapers link. Learn more.
Click See a list of common errors to access the validation error help page that will provide guidance on how to fix the error. Clicking the validation message will also take you to the field you need to fix. Learn more.
The Validate, Prefill from ATO, and Preview (PDF) buttons will be visible when working on the tax return.
For all updates to MYOB Practice (Australia) please visit the relevant help page.
Within the Accountants Enterprise and Accountants Office 5.4.40 release, MYOB has included the following upgrades and enhancements.
When working in Client Accounting, users will find performance improvements have been made to simple tasks, such as clicking the Client Accounting tab, opening or adding workpapers, and posting journals.
An application called New Relic will be installed when installing this release. This software is designed to monitor time and performance of the Client Accounting module when performing certain tasks. Read more about New Relic here.
This release includes a feature that will enable you to move tax returns online effortlessly from MYOB Accountants Enterprise to MYOB Practice.
We’ve made it easy to roll back to Accountants Enterprise if there’s a problem moving a return online.
To learn more, see Getting started with MYOB Practice Tax (Australia-only).
There are more features coming soon to MYOB Practice Tax. These will be available as an online upgrade, and no install is required.
Release notes can be found here.
After a successful pilot program, MYOB Direct Debit now available for all Australian customers via MYOB Essentials (new) and AccountRight Browser.
MYOB Direct Debit makes it simple for our customers to set up recurring payments with their customers. This feature is ideal for businesses who issue recurring invoices or who run a subscription-based business such as gyms, fitness studios, education, real-estate agencies, bookkeepers, and accountants.
For businesses who invoice fixed amounts on a regular basis or who offer subscription services, MYOB Direct Debit allows them to set-up recurring payment plans with their customers.
Instead of manually sending separate invoices, a direct debit plan will automatically create and send the invoice as well as collect payment, based on the frequency, and amount determined.
Once the payment has been collected, the invoice will also be automatically reconciled and closed off. No more manual reconciliation or repetitive invoice creation required.
Want to find out more? Cut back on admin with MYOB Direct Debit
Need help getting started with MYOB Direct Debit? MYOB Direct Debit requests – MYOB Help Centre
MYOB holds an Australian Financial Services (AFS) Licence (No. 241059), which authorises MYOB to provide general financial product advice and deal in payment products and services.
Any information provided on MYOB Direct Debit is general in nature and does not take into consideration the personal objectives and financial situation of the business. Businesses should consider whether the information provided is appropriate for their needs and where possible seek professional advice from a fully licensed financial advisor.
Please read and save the relevant Financial Services Statement, Product Disclosure Statement and/or Terms and Conditions here.