Powerful new features, consistent workflows, extensive reporting and more

The new MYOB Essentials is simply powerful business management software

Frequently Asked Questions

General Upgrade Info

UX/General Enhancements

Banking and Banking Rule Enhancements

Compliance

Reports

Migrations

Additional

General Upgrade Info

What is happening?

  • In April, we released MYOB Essentials Connected Ledger’s major update, in which we gave it powerful new reporting, a completely reimagined UI, and new functionality
  • At the end of September, we will apply this update to MYOB Essentials Starter and MYOB Essentials Accounting

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What will change in MYOB Essentials Starter and MYOB Essentials Accounting?

  • Any users who start a trial of Essentials Starter or Essentials Accounting (from all sales channels) from the end of September will sent to the new version of Essentials
    • This will include a huge deal of new features, an enhanced mobile experience, the new reporting suite and a completely reimagined UI
    • With this update, we have removed payroll from Essentials Starter and Essentials Accounting
  • This update is only for NEW users. We don’t yet have a timeline for upgrading existing customers to this version of Essentials.

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Will users still be able to purchase the older versions of Essentials Starter and Essentials Accounting?

  • We will sell the old version of Essentials Starter and Essentials Accounting for users with the following needs:
    • Users who need to migrate data from a competitor
    • Partners who user Client Accounting and have clients that use quantities (currently quantities do not import into Client Accounting)
    • Franchise specific needs that aren’t yet functional in the checkout cart
  • Essentials Payroll and Essentials Accounting + Payroll are only available on the older version and will continue to be sold.

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When will users currently on MYOB Essentials Connected Ledger, Essentials Starter and Essentials Accounting get this upgrade?

  • Connected Ledger: we will be upgrading NZ Connected Ledger files starting in Q4 2020. There are some exceptions such as those with multi-domain access management needs, those on Connected Ledger + Payroll, etc)
  • Essentials Starter and Essentials Accounting: we will upgrade these users in 2021. No specific timeline defined at this stage.
  • Banklink: migrations are available for various users dependent on product/migration needs. We will open this up to wider audiences in 2021.

If a customer wishes to purchase Connected Ledger + Payroll, Essentials Payroll, and Essentials Accounting + Payroll, can they get these products on the new version of Essentials?

  • No. Any user requesting these products will need to use the older versions of Essentials. We are still working on the payroll module within these products and will roll out the update once it is available.

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When will current users on Connected Ledger + Payroll, Essentials Payroll, and Essentials Accounting + Payroll get the upgrade?

  • Upgrades will begin in 2021, with more specific timelines to be announced later.

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What new features are available?

  • UX Changes/General Enhancements
    • Clear visibility (real-time dashboards give the user instant insights into their business and provide shortcuts to the most common workflows)
    • Run your business from anywhere, anytime (any internet-connected devices)
    • Accessibly Designed (Hi-contract, 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, in-line calculator across all transaction types, quick add accounts/contacts/items/jobs)
    • Data protection (assign specific roles to users and control what they see)
    • Automated EOY Rollover (locks down previous years so you don’t mess up completed work – only bookkeepers or admins can change this)
    • Setting up special entities like trust/partnerships and setting % income allocations for entities with multiple owner accounts
    • Integrates with the tools businesses already use (connects with hundreds of add-ons), including the new MYOB for Excel Add-In (coming soon)
    • Completely redesigned onboarding for new files (both SMEs and Partners)
    • Lodge GST and provisional tax directly from the product
    • Job tracking and job tracking reports
    • 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
    • Chart of Accounts enhancements (Improved accounts list import/export ability, support for header/detailed account codes, creating account/job codes in workflow, ability to limit CoA changes to administrator and accountant/bookkeepers, ability to auto-generate account numbers)
    • Record and duplicate across Spend Money, Receive Money and General Journals
  • Banking and banking rule enhancements
    • Ability to add an adjustment when reconciling a bank feed line
    • 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
      • Ability to create invoice or bill rules
      • 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
  • Reporting
    • Global report setting
    • 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, payments/invoice views, 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)
    • Improved tools for creating budgets (or 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 and Reconciliation Reports (identify tax code exceptions that are different to the default codes, ensure receivables/payables reconcile with the GL, and drill down into transactions)
    • 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
  • Sales & Purchases
    • The new MYOB Invoices app
    • Switch between Services or Service + Items layouts while creating an invoice
  • Partner specific workflows
    • Consistent data presentment across all MYOB products, making it easier to switch between clients/programs seamlessly (CoA, tax codes, payroll accruals and pay items, banking rules and reporting)

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Are there any differences between the AU and NZ versions of Essentials Starter and Essentials Accounting?

  • The NZ versions do not contain payroll, Pay Super or MYOB Team
  • AU includes invoices payments which is not available in NZ
  • ABN lookup
  • TPAR not available/not applicable

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UX/General Enhancements

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

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Can users export Essentials ledger data to third-party applications (i.e. exporting to Xero, APS, Software Assist, etc.)?

  • Users will be able to export APS, MAS, and MYE to practice software

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What formats can customers use to import contacts, accounts, items, etc?

  • .csv or .txt files

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Will MYOB Essentials have accessibility features for vision impaired users?

  • MYOB Essentials (New) will support hi-contrast, UI-zoom and screen reader modes for our vision impaired users

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Adding a new GL account on the fly in Essentials meant losing your place after refreshing. Is this fixed?

  • Yes, all drop-down lists include a quick add option

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Will users be able to import MAS and AO Chart of Accounts into Essentials?

  • Yes, MAS and AO Charts can be imported
  • Import flexibility has been enhanced as users can import with parent accounts (hierarchy) defined
  • Charts must be imported in a certain format and it’s best to reach out to support to get access to a master chart template

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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 or CSV file
  • Columns required are:
    • Account Number
    • Account Name
    • Account Type
    • Header
    • Parent Account Number
    • Tax Code
    • Balance
    • Inactive Account
  • For more information, please check out this help page.

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Can you clone a chart from another business?

  • Not at this stage, however we recommend the following workflow:
    • Export the chart you were wishing to clone
    • Link up the header/detail account codes
    • Import it into the new file
    • We will either include the ability to clone a chart (including headers and linked accounts)

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How will user access control be managed in the new Essentials? How will new Essentials files appear on the Transaction Processing page for specific individuals within a Practice?

  • For the Essentials file itself, any user invited will have their permissions set in Essentials
  • Currently only administrators can invite others to the file. Once the invitation is sent, the user role can then be set.
  • If a user would like to invite a Practice, they will need to invite them through the Essentials file as a Administrator so the Practice can invite others and set up services in the file
  • 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).

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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

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When a bank transaction has been allocated, will it show as the account name or account code?

  • Allocated bank transactions show the account name
  • When the mouse cursor is placed over the account name, it will display the account number as well

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Can you create a new account via the Bank Transactions screen when allocating transactions?

  • Yes, you can create a new account via the Bank Transactions screen by clicking on the ‘Create New’ button under the account list drop down

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When doing a bank reconciliation and the user needs to add a new bank transaction, can the user do this and then return to the exact same place in the original reconciliation or will they have to start over?

  • We will add a resume functionality, however it is not available yet.

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What format can customers use to import bank statements?

  • QFX or QIF

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Can users access the bulk coding report from the Banking screen?

  • No. This is accessible either from the Transaction Processing page (Dashboard) in MYOB Practice or through the Reports section in MYOB Essentials.

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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

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Who can initiate a Bank Feeds application?

  • Currently only the owner of the file can apply

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Compliance

Will custom tax codes be available in this update?

  • No, custom tax codes are not available currently
  • They are a candidate for the roadmap in 2021

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Can tax file declarations be filled out within Essentials Connected Ledger?

  • No, tax file declarations cannot be filled out within Essentials

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Reports

Are the Gross or Net Amount fields included on the General Ledger report?

  • You can customise many of the reports to add in non-standard fields, including (but not limited to):
    • Gross amount
    • Net amount
    • Tax amount
    • Quantity
    • Tax code

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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

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When you open the GST report in a new session, what time period does it default to?

  • It defaults to the last financial quarter

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In the General Ledger and GST reports, will the Description or Notes fields appear? Or can the reports be customised to include these fields?

  • Yes, both the General Ledger and GST reports we will be adding 2 fields – the Name field and the Description field
  • The Name field will be pulling information from two places, the hierarchy being:
    • Payment to/from
    • General bank transaction description
  • The Description field will pull information from two places, the hierarchy being:
    • Line Item Description
    • Notes
  • Account Numbers will be included as a standard field on the report

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Which reports can you consolidate?

  • Profit and Loss
  • Balance Sheet
  • Cash Movement

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If you consolidate reports across different entities and their chart of accounts are set up differently (i.e. file #1 shows 6-1100 and file #2 shows 6-1101), how will this display?

  • If the accounts/headers don’t line up, both line items will be displayed.

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Can you configure the consolidated reports to show each business’s account totals in separate columns? For example, business #1 in column A, business #2 in column B, and totals in column C?

  • Not at this time

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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.

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Is there a limit to how many entities you can consolidate in a consolidated report?

  • Up to 10 entities, depending on size

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Can you consolidate reports across Essentials and AccountRight?

  • Not at this time.

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With the new customised reports once you’ve drilled down, when you go back will it return you to the exact same place that you were at?

  • We encourage users to open a drilled down item in a new tab rather than the same window. This means that their exact position is still open.
  • If a user doesn’t open in a new window, then they can get back to their position using the back button. It will remember the filters the user added but won’t go to the exact position on the page.

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Migrations

Can you convert files from AccountEdge to the new MYOB Essentials?

  • Not at this stage

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Can you convert files from AccountRight to the new MYOB Essentials?

  • Not at this stage

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Can you convert files from AccountRight Classic (v19) to the new MYOB Essentials?

  • Not at this stage

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Can you convert files from Xero to the new MYOB Essentials?

  • We are in the final stages of testing this migration
  • There will be data loss if the clients use features unsupported in MYOB Essentials

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Additional Information

Will Payees be available in this release?

  • No, payees are not available currently

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