Essentials is more
powerful than ever

Why MYOB Essentials is the best solution for you and your clients.

Frequently Asked Questions

UX/General Enhancements

Banking and Banking Rule Enhancements

Compliance

Reports

Sales

Additional Information

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.

Back to top

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.

Back to top

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

.csv or .txt files.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

Can you clone a chart from another business?

Not at this stage, however we anticipate that feature within the next 90 days.

Back to top

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).

  1. Login to my.MYOB as a Partner Administrator
  2. Select the Practice account from the account drop down on the top right of the screen
  3. Click on Mange Online File Access
  4. Select the company file on the left and select the practice users that you would like to give file access to
  5. 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.

Back to top

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.

Back to top

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

Allocated bank transactions show the account name.

Back to top

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

Not at this stage.

Back to top

What format can customers use to import bank statements?

QFX or QIF.

Back to top

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.

Back to top

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.

Back to top

Who can initiate a Bank Feeds application?

Currently only the owner of the file can apply.

Back to top

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.

Rules

  • 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.

Back to top

Compliance

Will custom tax codes be available in this update?

No, custom tax codes are not available currently.

Back to top

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.

Back to top

Reports

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
  • Quantity
  • Tax code

Back to top

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.

Back to top

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

It defaults to the last financial quarter.

Back to top

Which reports can you consolidate?

  • Profit and Loss
  • Balance Sheet
  • Cash Movement

Back to top

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.

Back to top

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.

Back to top

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

Up to 10 entities, depending on size.

Back to top

Can you consolidate reports across Essentials and AccountRight?

Not at this time.

Back to top

Sales

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.

Back to top

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.

Back to top

Additional Information

Does the new MYOB Essentials have jobs/categories?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Does the new MYOB Essentials have supplier/bill pay?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Can users send remittance advice in the new MYOB Essentials?

Not at this stage, however we are actively exploring it for a future release.

Back to top

Does Inventory exist in MYOB Essentials?

Only import/export of items.

If users have more advanced inventory needs, they need to look at AccountRight.

Back to top