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Frequently Asked Questions
- How do you lock down the EOY so that previous year’s work can’t be changed?
- What formats can customers use to import contacts, accounts, items, etc?
- Will MYOB Essentials have accessibility features for vision impaired users?
- 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 you apply for Bank Feeds in product?
- Who can initiate a Bank Feeds application?
- 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?
- 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?
- When the file is upgraded, what role will users be assigned?
- When users upgrade, there are lots of new options around banking rules. Will all the current banking rules come across as is or will users need to re-enter banking rules?
General Upgrade Information
What is happening?
- Essentials is getting a major upgrade
- We’ve introduced powerful new features, a cleaner UI, an enhanced mobile responsive experience and significant workflow improvements
What new features are available?
UX Changes/General Enhancements
- Real-time Dashboards giving clear visibility and instant insights into business performance
- Enhanced mobile experience designed for any internet-connected device
- Accessibly designed for vision impaired users (Hi-contract, ui-zoom and screen reader modes)
- Streamlined workflows (keyboard optimisation, improved readability and contrast, adding line items by number or name, shortcuts to common actions)
- Protect your data by assigning users specific access to control what they see and what they can edit
- Automated EOY Rollover locks down previous years so users can’t change completed years’ work
- Setting up special entities like trust/partnerships and setting % income allocations for entities with multiple owner accounts
- Extend you software through seamless integrations with over 150 apps
- Quantities in General Journals, spend money, receive money and in several reports (GL Detail, P&L, Cash Mgmt) and the details ill flow through to Client Accounting
- Job tracking and job tracking reports
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)
- Create rosters, approve timesheets, track worksite locations and sync all the information directly to your software.
- Track and manage employee payroll and leave conditions (long-service leave, salary sacrifice, rostered days off, leave loading, time-in-lieu, etc)
- User experience improvements on the pay run, expanding out the person for additional info, leave overuse warnings
- Standard pay set up per user
- Directly pay and report super contributions through PaySuper
- 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
- Switch between Services or Service + Items layouts while creating an invoice
- Updated look and feel for the In Tray
- Pay suppliers directly in bulk using a bank file for fast, secure and accurate payments.
- Let a supplier know you’ve paid by sending a remittance advice at the same time you make a payment.
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.
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.
Banking and Banking Rule Enhancements
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 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, however we will enable all users to be able to initiate a Bank Feed application very soon.
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.
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.
When the file is upgraded, what role will users be assigned?
Once the file is upgraded, all users will become an ‘administrator’.
To change a user’s access level, users can access these instructions.
Users can learn more about access levels here.
When users upgrade, there are lots of new options around banking rules. Will all the current banking rules come across as is or will users need to re-enter banking rules?
The majority of banking rules will continue to function once the upgrade is complete.
The only unsupported rules are those set up with the options ‘begins with’ or ‘ends with’.
These options will be reintroduced during the third quarter of 2020 (July-Sept) so users will be able to re-set them at a later stage.