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https://help.myob.com/wiki/x/JA90Aw
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Upgrading to MYOB Practice Tax
- Make sure you've activated the contact sync. This lets you access your client data online and is a requirement for upgrading to MYOB Practice Tax. The best time to activate contact sync is at the end of the day or week as it can take some time to move your contacts online. See Sync your contacts for more information.
- Ensure your practice and client's tax settings are up to date, as these settings will be moved online when you upgrade.
- Keep your AE/AO Tax Manager data reconciliation up to date.
- Speak to your account manager about the best time to upgrade for your practice
We've simplified the workflow, so it might be different to what you're used to in AE/AO Tax.
For example, the review and approval process is visible, so you can track the progress of tax returns and tax notices. MYOB Practice Tax is also integrated with the client portal, so you can send tax returns or tax statements via the portal, directly through MYOB Practice Tax, without having to print, scan and upload it to the portal first.
We have free, online, self-serve training modules available in MYOB Academy.
However, if you want a training experience tailored for you and your team, we have consultant-lead training services available at a cost.
We recommend completing the training courses in MYOB Academy first to identify the type of content and training you'd like our consultants to focus on, so we can adapt to the change and accommodate the learning style of your team.
Speak to your account Manager about training options.
Costs will be established depending on the depth of training the team in the practice require.
What's moved | What's not moved |
---|---|
Agent settings Client tax settings MYOB and IRD transactions
| Tax notices Tax returns Tax return summary data for 2018 and prior years Tax return summary data for tax returns with a status of In Progress
|
You'll need to upgrade to MYOB Practice Tax to continue to prepare and file tax returns after 31 March 2020.
Other benefits of upgrading to MYOB Practice Tax include:
- full screen real-estate for easier navigation
- data reconciliation refresh is an all-in-one view of IRD and MYOB data
- more flexibility in how you reconcile transactions
- browser-based, so you can work anywhere at any time.
No. You’ll still be able to view historical tax manager data and tax returns on the desktop.
The upgrade is self-serve, so you can and should upgrade at a time that suits your practice.
There's no cost to upgrade to MYOB Practice Tax.
Tax returns
This is on the roadmap planned for the end of 2020 to early 2021. Initially the pre-filling of salaries & wages from IR, followed by the pre-filling of interest and dividends from IR. Ultimately, the practice will have 70% of the data pre-filled from online client accounting.
We are investigating this currently. At this point the plan is to be able populate it from client accounting workpapers
The tax statement is currently not customisable. However, in Q1 2021 we're aiming to give you the ability to edit the footer of the tax summary templates
Tax returns are not customisable.
You can prepare tax returns for 2019 and prior years in AE/AO on the desktop, but you’ll need to file them manually with Inland Revenue.
Working with portals
Documents sent via the client portal can be digitally signed by clients without having to print them.
When the client approves the document, it then comes back into MYOB Practice as the signed version. If you are running MYOB Document Manager, the signed/approved version is uploaded into Document Manager automatically.
There are multiple ways to do this.
For example, if you want to send financial statements with the tax return when you send the tax return via the portal, you would need to download, then drag and drop into the portal pop up (that already has the Tax return attached).
Data reconciliation
From the ‘All Clients’ view, initially you will only be able to see if there is an alert/outstanding from IR. You cannot filter by alert type, though you can sort by all customers with alerts.
- Data reconciliation
Currently all tax clients with 1 or more unreconciled MYOB or IR transactions are automatically sorted to the top of the list with a warning icon. However, in Q1 2020, we plan to release filter on the alerts, so you can filter on tax type, year and transaction type. - Tax notices
Currently notices have no alerts, but you can use the existing filter to understand which notices are outstanding (i.e. need your action) or are overdue by filtering by due dates and statuses.
In Q1 2020, we plan to release alerts and filtering. The range of alerts are overdue, tax pooling, ratio/AIM, nil balance. The range of filters are partner, manager, staff, nil balance, delivery method.
This functionality has been requested multiple times and is now in the development roadmap to be implemented in a future release. However, you can add attachments to any transaction. Some users are planning to add notes as attachments.
We'll automatically reconcile transactions where MYOB transactions and IRD transactions are:
- a similar amount (within $0.05 of each other).
- the transactions are dated within 7 days of each other.
- they have the same transaction type.
For example, the following transactions will be automatically reconciled:
Transaction | Type | Date | Amount |
---|---|---|---|
MYOB transaction | Transfer in | 10/12/2020 | 199.95 |
IRD transaction | Transfer in | 16/12/2020 | 200.00 |
This time frame was set after going to market and getting feedback. The dates can't be too far apart, or the risk would be that unrelated transactions for the same amount could be incorrectly auto reconciled and that would cause more issues. However, once Practices are using MYOB Practice tax, feedback will be taken on board and if enough Practices request that the date parameter is widened, we will widen it.
Tax notices
Not yet, but we aim to have this feature available in the first quarter of 2021.
You won't be able to customise tax notices at this stage.
There are 3 ways to view missed payments:
- By downloading a Missed payments report from the All clients > Tax notices page.
- By filtering the All clients > Tax notices page.
- From the Data reconciliation.
Student loan repayments are planned to be released in Q1 2021. As an interim solution, in Q4 we are planning to release SLS tax type transactions to be available in Data reconciliation. In this view IRD sends through SLS assessment transactions with owed SLS repayment amounts. These amounts can be added to the provisional tax notices as voluntary amounts.