The new Connected Ledger is packed full of powerful new features

MYOB make it easier than ever to manage your business from anywhere, any time.

Frequently Asked Questions

General Upgrade Information

UX/General Enhancements

Banking and Banking Rule Enhancements

Compliance

Reports

General Upgrade Information

What is happening?

  • MYOB Essentials Connected Ledger is getting a major upgrade
  • Connected Ledger has been fully rebuilt with powerful new reporting, a completely reimagined UI, and new functionality

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When will my MYOB Essentials Connected Ledger get the upgrade?

  • Any users who start a trial from the end of March on will be given the upgraded version of MYOB Essentials Connected Ledger
  • Banklink users can upgrade to the new Connected Ledger starting in April/May
  • Upgrades will be rolled out to the entire existing Connected Ledger user base
  • These upgrades will commence in Q2 2020 and will continue throughout Q2–Q3 2020

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What about Connected Ledger + Payroll and all the other Essentials Products?

We wanted to give our partners access to the new reporting (and other updates) as soon as possible. However, we need to complete more work before we can roll this upgrade to the rest of the Essentials line.

Rollout timelines for the rest of the Essentials line will be announced later in the year.

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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
  • Lodge GST and provisional tax directly from the product
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
Reporting
  • 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)
  • 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 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
Purchases
  • Updated look and feel for the In Tray

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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 HandiLedger, Xero, APS, Software Assist, etc.)?

Users will be able to export APS, MAS, HandiLedger 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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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.

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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 file, set up with the following fields: AccountNumber, AccountName, Header, Balance, AccountType, TaxCode, InactiveAccount.

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 anticipate that feature within the next 90 days.

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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?

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).

For the Essentials file itself, any user invited will have their permissions set in Essentials.

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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 file, set up with the following fields: AccountNumber, AccountName, Header, Balance, AccountType, TaxCode, InactiveAccount.

For more information, please check out this help page.

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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.

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

Not at this stage.

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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 (formerly 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 2020.

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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

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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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Which reports can you consolidate?

  • Profit and Loss
  • Balance Sheet
  • Cash Movement

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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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