MYOB product updates for advisors – August 2020

MYOB continues to double down on product updates and enhancements throughout August, with the launch of AccountRight 2020.3, more Essentials upgrades and a suite of improvements made to the Transaction Processing Dashboard.

While August saw Victoria and parts of New Zealand thrown back into lockdown, just as many were beginning to look forward getting back to ‘normal’.

But, lockdown has proved to be a busy time for MYOB’s product design and development teams, with some major releases being made available throughout the month.

Here’s a recap of what’s been happening in MYOB software this August.

AccountRight 2020.3 released

August saw a major update for MYOB’s AccountRight clients. The latest version 2020.3 is now more reliable, flexible and easier to use.

Just some of the improvements in the latest release include:

• Payroll updates — A notes field has been added for employee payslips, alongside easier payroll reversals and better information prompts when deleting or reversing payruns.
• Multi-currency enhancements (Australia-only) — Multi-currency enhancements mean it’s now easier to work in different currencies. These updates include foreign currency general journals, selectable currency gain/loss accounts, better visibility of gains and losses as well as adding foreign currency support for more reports.
• Bug fixes and stability improvements — There’s a new fix for the most common issues that were causing AccountRight to crash, along with a number of other bug fixes to improve product stability.
• Item improvements — Item displays increased from 12 to 30 characters when creating or editing, the ‘Item Location’ field has been added to the Packing Slip form and the full item number is now visible when entering transactions.

You can view the release notes here for more information.

Changes to the Transaction Processing Dashboard

The Transaction Processing Dashboard is great way for MYOB Partners to create, manage and work on clients’ business files all in the once place.

You can now assign staff members to a client in MYOB Practice and filter by staff member within the dashboard so you can easily find files you or certain staff are responsible for. Previously, you could only assign staff through the product itself, but now it can be done all in one place.

Some other improvements to the dashboard include automatically hidden columns, more client detailed view and a new icon to easily identify which files aren’t linked to a client file.

For more information on these enhancements please see the release notes.

Essentials and Connected Ledger upgrades

Sometimes the smallest things make the biggest difference. August saw the release of some minor product releases and enhancements that pack a big punch.

Some of the releases we saw through the month were:

• Pay Reversal (Australia-only) — Authorised users in the (new) Essentials file can now process a pay reversal. The reversal will provide an audit trail for payroll users and help the ATO with prefill for BAS. For more information on how to use the Pay Reversal function in MYOB Essentials, please refer to the relevant MYOB Online Help page.
• Quarterly payroll (Australia-only) — Currently, eligible small business can apply to the ATO to report their STP on a quarterly basis through their agent or bookkeeper. Until recently, there was no quarterly reporting pay cycle in the latest version of MYOB Essentials, making it a time-consuming process for our users. That problem is now resolved. The ability to process quarterly payroll and payroll reporting is now in (new) Essentials.

There’ve also been improvements to the Sales and Purchasing widgets, now showing open and overdue sales and invoices of the last 12 months. This provides a more powerful snapshot, insights and prompts — all on the dashboard. We’ve also added a Payrun widget to the MYOB Essentials dashboard (except for Connected Ledger-only subscriptions).

Other small but notable enhancements include:

• Users will now be warned of any changes they are making to the Financial Year Information. You can also be able to cancel and revert any changes made.
• You can now see the status of bank feeds application from the ‘Manage bank feeds’ screen.
• We have re-introduced the bulk unallocated button to allow users to bulk unallocated/unmatch multiple bank feeds on the bank transaction page.
• Automatically created’ transactions will be unmatched and deleted when a user clicks on the ‘Unmatch’ button under the allocate tab or uses the bulk ‘Unallocate’ function from the bank transaction screen.

You can keep up to date with all Essentials releases through the community forum.