Unlocking the Latest MYOB Updates

If you're a business owner using MYOB, staying on top of its latest updates can help you maximize efficiency and keep your operations running smoothly. Here's a breakdown of the key changes and features introduced this month, so you can make the most of MYOB's powerful tools.

If you are thinking about using MYOB use this guide to compare to the "others" you are considering. LDG accounting stays compliant in MYOB, Xero & Employment Hero to give you a holistic opinion on software so always ready for a chat.

Subscription Enhancements

For the latest pricing and plan details, check out MYOB Pricing. Whether you're a new user or an existing subscriber, the updated pricing page provides clear information to ensure you're on the best plan for your business needs. Honestly, on price alone MYOB Online is worth considering at the moment,

Dashboard Updates

Sensitive Amounts Hidden: The dashboard now ensures sensitive financial information is hidden by default, adding an extra layer of privacy. Especially if your screens are not particularly well "screened"
Super Payable Display: Payroll liabilities now explicitly show superannuation payable, offering better visibility for compliance.
Email Preferences: Email settings can now be configured within preferences, giving you greater control over communications.

Pro Tip: You can adjust the start date in MYOB, provided you haven't rolled over the financial year yet.

Streamlined Editing Features

Edit categories in bulk with ease by clicking "Edit Categories" on the dashboard.
GST fields can now be adjusted in bulk, saving you time on manual entries.

User Roles and Access

Advisors now default to the Administrator role, with access to all companies under the same serial number.
File users are limited to a single company.
New read-only access functionality allows for safer sharing without risking data integrity.

Sales and Invoice Customizations

Payment Options: You can now select from multiple payment types; "Mail" option is old fashioned cheque payments (do they still exist?).
Email Settings:

Use different "reply-to" email addresses for various communications.
Leverage placeholders for dynamic and personalized email templates

Template Flexibility:

Add up to four logos.
Customize layouts and columns for each template.

Unpaid Invoice Summaries: Automatically send reminders with all unpaid invoices in one go. (Did someone send a QBO invoice to MYOB?)
File Attachments: Attach relevant files directly to invoices before sending AT LAST….. Thanks MYOB
Recurring Transactions: Existing transactions can now be converted into recurring entries with minimal effort.
Online Invoice Tracking: Check when an invoice has been viewed by your customers.

Bonus: Fees can now be surcharged to your customers, giving you the ability to recoup processing costs.

Innovations in Purchases and Banking

Auto-Populate Purchases: MYOB can now auto-fill purchase data from source documents.
Supplier Feeds: Partnering with a wide network of suppliers, MYOB enables automated uploads of supplier feeds.
BSB Verification: Banking details like BSB numbers are verified for accuracy, reducing errors.

Banking Features

Secure Upload Portal: Use the secure portal for form uploads.
Banking Hub:

Import files in .qif or .ofx formats under 10MB.
Reconcile transactions efficiently with enhanced menu options.

Rules and Templates:

Set up rules for multi-line transactions.
Allocate amounts by percentage or dollar value.

Bank Reconciliation Reports: Enjoy better insights with detailed reconciliation reports.

Reporting and Year-End Tools

Exceptions Dashboard: Quickly identify anomalies.
Tax Review Tools: Simplify compliance with a streamlined tax review process.
End-of-Year Adjustments: Now included in reports for better accuracy.
Customizable Report Packs: Create professional templates tailored to your business needs.
ATO Integration: Link your file with the Australian Tax Office for seamless lodging, now supporting prior-period adjustments.

Ready to Take Advantage of These Updates?

MYOB continues to innovate, ensuring businesses like yours have access to tools that make accounting and financial management a breeze. Explore these features today and stay ahead of the curve!

Have a conversation with LDG - we love software.