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Frequently Asked Questions
- How do you lock down the EOY so that previous year’s work can’t be changed?
- Can users export Essentials ledger data to third-party applications (i.e. exporting to HandiLedger, Xero, APS, Software Assist, etc.)?
- What formats can customers use to import contacts, accounts, items, etc?
- Will MYOB Essentials have accessibility features for vision impaired users?
- Will users be able to import MAS and AO Chart of Accounts into Essentials?
- To import a Chart of Accounts in Essentials, what format does the file need to be in?
- Can you clone a chart from another business?
- How will user access control be managed in the new Essentials?
- On the Bank Transactions screen, is it possible to see the balances for all bank accounts connected to
- When a bank transaction has been allocated, will it show as the account name or account code?
- Can you create a new account via the Bank Transactions screen when allocating transactions?
- What format can customers use to import bank statements?
- Can users access the bulk coding report from the Banking screen?
- Can you apply for Bank Feeds in product?
- Who can initiate a Bank Feeds application?
- What will happen to existing Bank Feeds?
- Will custom tax codes be available in this update?
- Which new fields can be pre-filled directly on the Activity Statements?
- What leave accruals are available?
- How many decimal places can hourly pay items include?
- Do I still have to use the Super Portal to pay superannuation?
- Will it be possible to see a detailed report on Superannuation?
- Are the Gross or Net Amount fields included on the General Ledger report?
- When you move from report to report, will the dates be remembered, or do you need to re-enter them each time?
- When you open the GST report in a new session, what time period does it default to?
- Which reports can you consolidate?
- Can you consolidate a GST report across multiple files that use the same ABN and lodge one GST report for all?
- Can you hide accounts in consolidated reports? For example, if the files have inter-entity transactions, can those accounts be hidden?
- Is there a limit to how many entities you can consolidate in a consolidated report?
- Can you consolidate reports across Essentials and AccountRight?
- 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?
- When creating an invoice, can you switch invoice layouts during invoice creation?
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
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
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)
- 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)
- 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
- 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
- The new MYOB Invoice app
- Advanced invoice customisation
- Switch between Services or Service + Items layouts while creating an invoice
- Updated look and feel for the In Tray
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.
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.
What formats can customers use to import contacts, accounts, items, etc?
.csv or .txt files.
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.
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.
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.
Can you clone a chart from another business?
Not at this stage, however we anticipate that feature within the next 90 days.
How will user access control be managed in the new Essentials?
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).
- Login to my.MYOB as a Partner Administrator
- Select the Practice account from the account drop down on the top right of the screen
- Click on Mange Online File Access
- Select the company file on the left and select the practice users that you would like to give file access to
- Click on Update to invite selected users to access the Essentials file
All users added via Manage Online File Access in my.MYOB will automatically given the ‘Administrator’ file user role in Essentials however, they can update these permissions accordingly if required from within the file.
Caution: Only send invitations to people who require access to the file. The business owner will be able to see a list of all the practice users added to the file if they have access to Manage Users on the Essentials file.
More information can be found here.
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.
When a bank transaction has been allocated, will it show as the account name or account code?
Allocated bank transactions show the account name.
Can you create a new account via the Bank Transactions screen when allocating transactions?
Not at this stage.
What format can customers use to import bank statements?
QFX or QIF.
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.
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.
Who can initiate a Bank Feeds application?
Currently only the owner of the file can apply.
What will happen to existing Bank Feeds?
Bank Feeds will be automatically redirected to the new upgraded file. All existing allocated and unallocated Bank Feeds transactions will display on the banking transactions screen just like the previous version of MYOB Essentials.
There is no need to re-sign a Bank Feeds application form for existing active Bank Feeds accounts.
- The majority of the banking rules will continue to function once the upgrade is completed.
- Transferred rules will apply to all bank accounts in the upgraded file.
- Rules will be transferred as ‘spend/money’ based on how they were used previously in old Essentials.
- Unsupported rules are rules containing the conditions of ‘begins with’ or ‘ends with’. These options will be reintroduced during Q3 of 2020 so users will be able to recreate them at a later stage.
Will custom tax codes be available in this update?
No, custom tax codes are not available currently.
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.
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
How many decimal places can hourly pay items include?
Pay Items will support hourly rates up to 4 decimal places.
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.
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
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
- Tax code
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.
When you open the GST report in a new session, what time period does it default to?
It defaults to the last financial quarter.
Which reports can you consolidate?
- Profit and Loss
- Balance Sheet
- Cash Movement
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.
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.
Is there a limit to how many entities you can consolidate in a consolidated report?
Up to 10 entities, depending on size.
Can you consolidate reports across Essentials and AccountRight?
Not at this time.
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.
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.
Does the new MYOB Essentials have jobs/categories?
Not at this stage, however we are actively exploring it for a future release.
Does the new MYOB Essentials have supplier/bill pay?
Not at this stage, however we are actively exploring it for a future release.
Can users send remittance advice in the new MYOB Essentials?
Not at this stage, however we are actively exploring it for a future release.
Does Inventory exist in MYOB Essentials?
Only import/export of items.
If users have more advanced inventory needs, they need to look at AccountRight.