17th November, 2021
A raft of new updates to MYOB products brings major changes, including improvements to Essentials, AccountRight and Practice in New Zealand.
Looking at the list of changes, improvements and updates across the MYOB range in October, there’s a lot for accounting and bookkeeping advisors to catch up on.
Continue reading to find out what’s new in your MYOB products so that you can work more efficiently and keep your clients’ businesses running smoothly.
For existing users of MYOB’s online products, Essentials (new) and AccountRight in the browser, there are several upgrades and improvements to be aware of.
Firstly, MYOB has made it easier for small and medium business clients to get set up for working with their advisors by improving the Chart of Accounts, which automatically maps back to the advisor’s Client Accounting module, so there’s no need for manually inputting this information.
MYOB has also included general journals in recurring transactions, improving the automation of accounts further still.
AccountRight users will notice MYOB has changed how updates are rolled out.
If you’re using version 2021.5 or later, these released will be performed incrementally and that means less downtime for advisors and their clients.
MYOB has reviewed how bank feeds are used and have enabled a new feature where customers can cancel bank feeds they’re no longer using.
This change will directly benefit customers on all online products that have bank feeds linked to their account.
Customers are encouraged to carefully manage their feeds and can now cancel old or unused bank feeds.
Note: When cancelling bank feeds, it’s important to note that, should you wish to reactivate that feed later, an application process will be required. MYOB recommends good housekeeping and account maintenance prior to cancelling any current bank feeds to avoid any additional admin.
Advisors using MYOB Practice tools to manage their client workflows will also see a number of new features and enhancements have arrived in the past month, as detailed below.
MYOB has added a handy link in Data reconciliation, Tax return under the Compliance list to access all help topics and updates.
Click Help and support to access the page in the product or check out the page here.
MYOB Practice Administrators can now edit the default email and Portal task text that’s used each time you send a tax notice.
Edit the text in the Cover email text field in your MYOB Practice settings.
You can also learn more about setting the default text here.
You can create a Transfers received schedule that shows what a tax return’s Transfer from other returns value consists of.
The schedule displays the tax type, client names and IRD numbers associated with incoming refund transfers. Previously on tax returns, you could only see the outgoing details of transfer recipients.
Note: The IRD number, tax type and amount will also continue to be visible in the tax statement. Note that Account type has been renamed to Tax type in the tax statement.
For all updates landing in MYOB Practice you can keep up to date by visiting the relevant MYOB Help page.