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Task 1. Review your imported accounts
We've done our best to categorise and sort the migrated accounts, but there are a few things you need to check:
- Check accounts that are listed as uncategorised, and choose the right account type for them.
- Make sure the tax rates for each account are correct. Some of them may be set to NTR (not reportable) or E (Exempt) and you may want to change them.
In MYOB Essentials, go to your Accounts list ( business name > Accounts list).
The Accounts list appears. Any uncategorised accounts are listed at the top of this page.
Click Edit accounts.
For each uncategorised account, select the right account type.
- Next, check all accounts for their tax rates, especially those with the NTR code (Australia) or E code (New Zealand). Make any changes as necessary.
- When you're done, click Save to save your changes.
Task 2. Set your GST reporting period
It's important, particularly for BAS/GST reporting, that you check your GST settings. To do this, visit the GST Settings page, located by clicking the business name in the top-right corner of MYOB Essentials and choosing GST settings. From here, you can set your GST Reporting frequency (Monthly, Quarterly or Annually).
Task 3. Check your clients' business details
Check your clients' business details. You will need to check and enter address and contact details, the ABN, and the financial year settings.
Task 4. Check bank feeds
Your bank feeds will be copied from MYOB BankLink to MYOB Essentials, but you should check that they have been set up correctly. To do this, click the business name in the top-right corner of MYOB Essentials and choose Manage bank feeds . The Manage bank feeds page appears, showing a list of all your bank feeds. For more details, see Managing your bank feeds.
Once you have checked that your bank feeds are working and you're receiving transactions, you will need to send a delete request from MYOB BankLink Practice.
Before you send the delete request
- Enter the opening balances of all bank accounts and credit cards:
- If you're an MYOB AO/AE practice do this via an MYOB Essentials General Journal or use the Opening Balance Review tool in Client Accounting.
- If you're a Handisoft, APS(XPA), Xero or CCH iFirm practice, click the business name in the top-right corner of MYOB Essentials > Accounts list > Edit accounts and enter the balances as at the opening balance date. Remember to click Save.
- Run a Balance Sheet in MYOB Essentials (via the Reports menu) at any date after the bank feeds have started in MYOB Essentials; and compare the bank/credit card balances back to the same date in MYOB BankLink.
- Once you're confident that all bank accounts and credit cards are flowing in the MYOB Essentials file, you can confidently send a delete request from BankLink Practice.
What's next?
Now that you've completed the tasks, you can:
- Set up your memorisations (called banking rules in MYOB Essentials): You can set up rules from the Manage rules page under the Banking tab. You can also create rules while you allocate or code bank transactions. If you have many memorisations, you may want to save a List Memorisations report from MYOB BankLink (Reports > Listings > List Memorisations) and use that as a basis.
- Learn about what's different in MYOB Essentials
- Explore MYOB Essentials
Troubleshooting
If things aren't going to plan, check these FAQs for an answer.
This error can display if you already have an MYOB account but you're clicking Sign me up.
Instead, click Already have an MYOB Account to link your MYOB login to MYOB Essentials.
Make sure your bank feed accounts are linked to a bank or credit card account code.
You can do this by clicking the business name in the top-right corner and choosing Manage bank feeds, then selecting the appropriate linked account. This is the MYOB Essentials account that transactions from your bank or credit card account will be automatically imported to.
You'll need to set up your linked accounts in your Accounts List before you can link them.
Do this by clicking the business name in the top-right corner and choosing Accounts List, then click Add New. The account code will need to be allocated with either Banking or Credit Card as the type.
Make sure that your filters are applied correctly. You can filter by the type of transactions you want to show, filter by bank accounts and filter by date range.
Inactive Accounts – No transactions
The account that you've migrated to MYOB Essentials may be inactive (bank account delete request not set from BankLink previously).
Check with your client to see if they're still using the bank account or not. If they're not using it, you'll need to cancel the bank account. If the account is not required in MYOB Essentials, you can click on the X under Manage Bank Feeds to remove the account from the MYOB Essentials file.
The file is currently set as Not Registered for GST.
Click the business name in the top-right corner and choose GST Settings to set the file as registered for GST. Please note that GST will only be calculated from the time that you switch on GST in the file.
You need to switch on Taxable Payment Reporting by clicking your business name in the top-right corner and choosing Business Details.
From the Bank Transactions page, select the transactions you want to include in your coding report then click Generate Report.
Make sure you scroll down the page to load all your transactions (50 or more) before clicking on the select all tick box, otherwise only the first 50 transactions will be included in your report.
File users will not be able to see the tick boxes next to the transactions. Speak to your MYOB Administrator or MYOB Support to make sure that your file access is set up correctly.
Yes, the General Journal function is located under your business name.
Learn more about General Journals.
This can be done by clicking your business name and choosing Business Details.
The Financial year settings is located on the bottom left hand side of the page.
Yes
No
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