MYOB product updates for advisors — August

Automatic QR codes and plenty of updates for MYOB Practice take centre stage in MYOB product updates for August.

The second half of the calendar year has already seen a host of updates and enhancements to MYOB products.

These include features to help you invoice and get paid faster, as well as significant improvements to MYOB’s Practice suite, aiming to help advisors become even more effective in delivering their services.

Below, we detail all the main changes made to MYOB software in August this year.

Small business solutions

Invoice QR codes

View (and pay)* online invoices with automatic QR codes

An automatically generated, unique QR code will now be displayed at the footer of invoices created within MYOB Essentials and AccountRight in the browser (standard invoice template only).

That means people can easily view and pay the invoices you send them, simply by scanning the QR code.

Benefits of using QR codes:

• Offers more ways to view and collate invoices, meaning you’re more likely to get paid on time
• Helps people organise and track invoices they’ve received
• Easily pay invoices with a debit or credit card and an Online Invoice Payment (Australia-only)

* Please note: QR code is not supported on customised AccountRight invoice templates).

Solutions for your practice

MYOB Practice Tax (Australia)

Tax estimation & calculation workpaper

A new tax workpaper is available to enter the PAYG instalments and HECS-HELP study loans. This data can also be pre-filled from the ATO report. Find out more here.

Key details:

• The PAYG instalments and study and loan repayment amount will be calculated and appear on the tax estimate
• You can add study loan repayments for Australian residents and non-residents. The calculation for part-year residents is coming soon
• You can use pre-fill data using the ATO prefill report in this workpaper

ATO pre-fill data (EAP)

In MYOB Practice, you can now pre-fill data using ATO reports.

By using the pre-fill data from the ATO, you can save time, and avoid errors that can happen with manual data entry.

• Pre-fill from the tax year 2020 onwards for an individual tax return
• You’ll be able to only pre-fill a tax return only once successfully
• During the pre-fill, the schedules will be auto-created
• The pre-fill data will be populated in the income details schedule and will then flow into the respective tax return items
• You can edit the pre-fill data if required

Other enhancements in MYOB Practice Tax (Australia):

• Printing — Print a pdf copy of the tax return and estimate at any time
• Rental property sharing — You can now share the rental property income between tax individual tax returns
• Estimate enhancements — MYOB has improved workflows in the Tax estimation & calculation workpaper, and enhanced estimate calculations
• Rental property sharing — You can now share the rental property income between tax individual tax returns in Practice Tax AU. Learn more

Stay up to date with these and other releases in MYOB Practice here.

MYOB Practice (New Zealand)

Improvements in Data reconciliation and Tax notices

Improvements made to MYOB Practice in NZ mean that you can now see the Unreconciled transactions panel in Data reconciliation even when there are no currently unreconciled transactions. This means you can always access the Add MYOB transaction function. Learn more.

Also, in the Data reconciliation and Tax notices sections, wherever there were references to IRD in the user interface, these references are now displayed as IR.

We’ve added a Data reconciliation heading above the filters in the All clients view.

Easily access IRD numbers

Advisors can now see their clients’ IRD number on the top right of MYOB Practice. This is convenient as a quick reference when working on data reconciliation, tax notices or tax returns.

The IRD number is displayed on any page when you select a client from the Contact list or client sidebar.

Delivery preference filter option on Tax notices

We’ve added a Delivery preference drop-down to the More filters options in the Tax notices filter bar. This filter lets you choose whether to display tax notices that are set to Send manually, Send task to client, Send email to a specific client or All.

This is a useful filter to apply when selecting tax notices to send in bulk.

For tax notices that need to be sent manually and therefore can’t be sent in bulk, this filter lets you easily exclude them. It also allows you to see just those tax notices that you need to prepare for sending manually. Learn more here.

Assign users to roles in bulk

Now there’s an easier way to control which users can perform certain actions in MYOB Practice in bulk. See how it works here.

To catch all the detail regarding releases happening in MYOB Practice, click here.