Learn about general feature changes after upgrading

You sign in to your upgraded software at: app.myob.com

To reconcile your accounts go to the Banking menu > Reconcile accounts. Some reconciliation fields, buttons and functions are different in MYOB Business.

For the differences in fields and buttons, see the following diagram and for information on reconciling in your new software, see Reconciling your bank accounts. 

A: Show/Hide reconciled button has been removed. All transactions, reconciled and unreconciled, appear for the reconciliation period.

B: New Undo function. Previously, you could undo a bank reconciliation from Bank Reconciliation Reports. Now you can you can undo the last completed reconciliation by clicking Undo on the Reconcile accounts page. For more information, see Undoing a bank reconciliation.

C: Allocation column has been removed. To see how a transaction has been allocated click the down arrow next to it.

D: New Closing bank statement balance ($) field. This is the closing balance that appears on the statement your bank sent you. If you are reconciling as at the end of the week or month, and your statement has transactions dated after that date, type the closing balance for the last day of the period you’re reconciling.

Status column and symbols – which indicate, for example, if a transaction has been automatically or manually reconciled – have been removed.

E: Buttons at the bottom of Reconcile accounts have been removed or renamed:

• Save is now called Save progress and appears at the top right of the Reconcile accounts page. When you click Save progress, changes you make to the Reconcile accounts page, such as selecting transactions, are saved when you go to other pages.

• Complete reconciliation. Complete reconciliation has been renamed Reconcile and now appears at the top right of the Reconcile accounts page.

• Update reconciliation. To update a previous reconciliation, you must now undo it and redo it.

• Print report. You can now run a bank reconciliation report by going to the Reporting menu > Reports > Banking reconciliation report. When you run this report, you need to choose a statement date and/or specific accounts to filter the reconciliation list. See Banking reports.

Bank reconciliation in MYOB Business is really designed to work with bank feeds. If you've got bank feeds, the Account, Date last reconciled, Closing bank statement balance and Statement date are filled in for you, based on the most recent information received in your bank feed. If you're working off a bank statement, you'll need to enter these yourself.

Want to know more about bank reconciliation in MYOB Business? Take the free, interactive course:

Previously, if you wanted to add a discount to a sale or purchase, you could create an item with a negative price and add it to an invoice or bill. This method won't work in MYOB Business.

Now, invoices and bills with a Services and Items layout have a Discount (%) column, where you can add a discount:

Alternatively, you can add a separate line to the invoice or bill with a negative figure in the Amount ($) column. Or, you can apply a discount when you receive a customer payment or pay a bill.

See: Customer discounts or Supplier discounts.

The transactions you would search for in the Sales history, Purchases history and Transaction history pages can now be found in one location—the Find transactions page (available from the Banking menu).

Just as with transaction history pages, you use Find transactions to view customer sales, supplier bills and payments or to look for transactions for a particular bank or credit card account over any period. It works a bit differently however.

As it's a combined transaction search page, we've added the ability to narrow down your search for particular types of transactions by filtering by source journals. Source journals are simply a way of organising accounting entries.

There's also 3 tabs in Find transactions:

• Debits and credits—a detailed view of transactions including their associated debits and credits and affected accounts

• Transactions—a simplified view of transactions including a description, source journal and amount

• Find and replace—use this view to replace the account or tax code in one or more transactions.

For more information, see Finding transactions.

We recommend you check your financial year settings:

• If you were working in a previous financial year, the upgraded business will be rolled forward to the current financial year – click the business name > Business settings > Financial year section to check your financial year settings:

  
  You can still enter transactions in prior years. You'll need to unlock the period if you want to enter transactions in a locked period. See Locking transactions.

• There's now a Start new financial year option. When you click Start new financial year, account balances will be updated (the current earnings will be moved to retained earnings).
  

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  If you use Client Accounting, you'll need to start a new financial year as your client's ledger doesn't automatically roll over at end of year.

• It's now easier to see the journal entries for end-of-year adjustments – you no longer need to run the General Ledger report, you can see them on the Find transactions page (available from the Banking menu):

  

For more information about EOFY tasks, see End of financial year in New Zealand.

When you receive a bank feed in your upgraded business, MYOB Business tries to automatically match transactions from your feed with existing MYOB transactions – even if you had the preference, Auto-match bank transactions to MYOB Essentials transactions, turned off in old MYOB Essentials.

If a transaction has been wrongly auto-matched or if you've accidentally matched it to the wrong transaction, you can unmatch it.

On the Bank transactions page, click the down arrow  to open the matched transaction and click Unmatch, then click Unmatch again to confirm.

Learn more about unmatching transactions.

And if there are two identical transactions, a match won’t happen — you're able to review the possible matches and select the right one:

Want to turn off automatic matching?

You can turn off automatic matching for bills and invoices. Go to Banking > Bank rules and deselect the option Automatically match bank transactions to MYOB bills and invoices.

Learn more about how matching works in MYOB Business.

You may have previously used the MYOB Invoices for Essentials app to create quotes, invoices, customers and suppliers on your mobile device.

This app doesn't work with MYOB Business. You'll need to set up the new MYOB Invoice app.

You get more features with the new app, for example, you can see when an invoice is emailed or viewed and you can view and share invoices and quotes as PDFs.

See Using the MYOB Invoice app.

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In the old MYOB Essentials, you added notes to transactions directly in the Coding report. In MYOB Business, you do this via the edit description function on the Bank transactions page:

So if you notice missing notes in the Coding report, refer to the previous reports and edit the transactions on the Bank transactions page.

You can set all of your report preferences in the one place, so when you run a report it automatically displays just the way you like it on the Report settings page (click your business name > Report settings).

There are two groups of settings:

• Business settings – select what accounting basis to report on and whether you want exception alerts to appear when you run reports. Any changes you save to these settings apply to all users in the business.

• User preferences – select how to present reports. These preferences only apply to you – other users can set their own user preferences.

You can override these default settings when you run reports.

The Report settings options you see after upgrading to MYOB Business depend on whether your business is registered for GST.

If your business isn't registered for GST, you'll only be able to select whether you report on a Cash or Accrual accounting method:

If your business is registered for GST, you'll see additional options for how you report GST:

Check that you have the correct GST reporting method options selected – these options didn't exist in MYOB Essentials and are specific to GST reports. If you're not sure about which ones to select, please check with your accounting advisor.

You can change whether your business is registered for GST by clicking your business name and going to Business settings > GST settings tab:

Find out more about:

• Report settings

• Changing your GST settings.