What's new in Client Accounting in MYOB Practice

December 2025

Fines and Penalties workpaper

We’ve released the Fines and Penalities workpaper that works similarly to a Non-deductible expenses workpaper and automatically defaults non-deductible expenses to 100%.

Non-deductible expense workpaper

Companies and trust

We’ve released the Non-deductible expense workpaper to automatically track the non-deductible expenses for income tax reconciliation. You can enter the amount as a percentage or dollar amounts, and it automatically calculates the deductible vs non-deductible portions. This workpaper also includes optional GST adjustment calculations, exports results for tax calculation integration, and ensures data integrity with period-specific storage.

Minor fixes

• You can now choose to export stakeholder details with zero balance. These are not included by default, but you can select to include them in the export if needed.

• We’ve updated the Stakeholders and Directors section in the Entity information workpaper, so only the first name is mandatory for Stakeholders.

• We’ve reviewed and fixed some of the account pickers that were in the incorrect account ranges in the Income tax calculation workpaper.
  We’ve added the following to the Other income account ranges:

  • Add - Capital gains

  • Less - Non-assessable income

  • Less - Profit on disposal of tax exempt assets

Motor vehicle expense workpaper

We’ve released the motor vehicle expense workpaper, which lets you select accounts for line items and summarises all motor vehicle accounts used.

Minor fixes

We have updated the:

• Wages reconciliation workpaper for Company & Trust entities. The non-deductible late payments will automatically flow through to the Income tax expense calculation workpaper.

• Income tax expense calculation workpaper to include non-deductible expenses from the wages reconciliation and the Non-deductible expense workpaper.

November 2025

Bank loan summary workpaper

We’ve released the Bank loan summary workpaper that will show an overview of all bank loan liabilities from other bank loan workpapers. This will help you detect any variation with unrecocnciled indicators. You can click the loan names that link to the detailed workpapers. The workpaper only appears when the Bank Loan account template is used.

Wages reconciliation workpaper

We’ve released the wages reconciliation workpaper to include gross wages (W1) and PAYG withholding (W2) from the BAS Summary. Complete the BAS Summary first to populate W1/W2, then use the workpaper to reconcile against your payroll records and account balances.

Changes to the Entity information workpaper

We’ve made it simpler and easier to manage Stakeholder information in Client Accounting.

We’re adding a new Stakeholder section to the Entity Information workpaper. A central location for all your stakeholder information. Learn more

Other fixes

• The Income tax expense calculation workpaper is now available for trust entities.

• When exporting the Financial report, the footer will show the Firm name that is used on the Compilation report

• We’ve changed the bank loan account workpaper, so you can now enter the loan details

Income tax payable or refundable workpaper

Companies only
We’ve released the Income tax payable or refundable template to help you verify the balance in the Income tax payable (liability) or Income tax refundable (asset) account in the balance sheet.

Some Account code changes

• Added a new account number - 2.12040 Credit cards under 2.12000 Trade and other payables to help with tracking credit card obligations.

• Updated the name of account 6.0101 to Accounting and bookkeeping fees to Accounting fees.

• Added 2 new account codes under 6.01000 Administrative expenses:

  • 6.01035 - Bookkeeping fees

  • 6.01105 - Materials and consumables

• Added account code - 6.0504 - Merchant card service fees under 6.05000 Finance costs

Minor fixes

• We’ve updated the Trade and other payables note to include the non-current portion of loans to associates.

• We’ve added a new account code under 2.10000 Current Liabilities to view the current and non-current breakdown of the lease liabilities.

  • 2.15000 Lease liabilities

• We’ve made changes to the account codes under 1.23000 Investment properties, so it is consistent with the other fixed account assets

  • 1.23012 - Investment properties - accumulated depreciation

  • 1.23013 - Investment properties - accumulated impairment

October 2025

Prepaid borrowing expenses workpaper

We’ve released the Prepaid borrowing expenses workpaper. This workpaper calculates the amortisation of borrowing expenses over a period of 5 years.

Bank loans and Dividend received workpapers

We’ve released 2 workpapers.

• Bank loans
  This workpaper reconciles bank loan liabilities and estimates current vs non-current balances based on repayment schedules. The current liability estimation calculator calculates the monthly interest and principal. You can make manual adjustments and confirm the total balance against the ledger.

• Dividends received
  This workpaper reconciles the dividend income received during the financial year from different sources against the revenue account balance. Also record franking credits, withholding tax (TFN Tax), and gross‑up amounts to ensure accurate income tax reporting.

Intercompany loans, Franking Assets, Interest received and Term Deposit workpapers

We’ve released 4 new workpapers to help you with the calculations

• Intercompany Loans
  This workpaper checks inter-entity loans and other balances within a group to make sure they match. It compares what each entity records, highlights any differences, and flags balances that don’t net to zero so they can be investigated for errors.

• Franking Assets
  Companies only
  This workpaper tracks franking credits and debits throughout the year, providing a full audit trail and automatically rolling forward balances. 

• Interest Received
  This workpaper reconciles interest income and withholding tax, including the withholding tax percentage. 

• Term Deposits
  We’ve created this workpaper for account code 1.24050 Term Deposits. It reconciles ledger balances to bank statements and calculates accrued interest, with journal posting functionality. 

Minor bug fixes

• Income Tax accounting policy: The policy was always printing a policy number even when unstarred, causing numbering gaps. This is now fixed.

• Borrowings note: We’ve updated the note so that non-current borrowings are considered when printing the note.

• Income tax expense calculation workpaper: We’ve fixed the issue where a circular reference error was visible on the workpaper.

Income tax expense calculation workpaper

Companies only

We’ve released the income tax expense calculation workapaper to calculate taxable income by applying adjustments to Net profit/(loss) from the Income statement. You can attach this workpaper to the expense section.

We provide a fixed list of common items you can add to or subtract from Net profit/(loss). You can also add your own items at the end of each section, either from an account or type the amount in manually.

Based on the taxable income, calculate tax and record an adjustment journal.

Minor fixes

• We’ve updated the Hire purchase workpaper to include future Adjustments in the reconciliation balance total.

• We’ve updated the description of account code 1.19000 from Other current receivables to Other current assets in the Chart of Accounts.

September 2025

Logo improvements

Your logos will now print in high definition. You can insert logos into headers, footers on the main report pages and on cover pages.

Minor fixes

In the Hire purchase workpaper, the reconciliation balance total includes future adjustments.

Division 7A, Interest Expense and Summary of Hire Purchase templates

We’ve released 3 new workpapers to help you with your calculations.

Division 7A loan: Identifies and analyses loans or payments made to shareholders or associates that may be treated as unfranked dividends under Division 7A of the Income Tax Assessment Act.

Summary of hire purchase: Provides a consolidated view of all hire purchase agreements for the year, supporting asset and liability reconciliation.

Interest Expense: Details interest expenses incurred on loans and other borrowings, supporting deductibility and cash flow analysis.

Minor fixes

We have removed account code 1.26044 Software -movements account from the chart of accounts. If you have previously mapped an account here, you will need to remap it

August 2025

Accruals and Hire purchase templates

We’ve released 2 new account templates.

Accruals template: Use this template to record and allocate incurred but unpaid expenses or earned but unpaid income over their applicable periods. This will then accurately show the timing of expenses recorded and comply with accrual accounting principles in the Financial reports.

Hire Purchase template: Use this template to record and manage finance asset agreements by calculating the total finances, allocating monthly repayments between principal and interest using the effective interest rate method, and incorporating adjustments or a final payment. The liability can then be reconciled for the current and non-current portions if applicable.

Prepayment account workpaper

We’ve released a Prepayments account workpaper designed to support the reconciliation, allocation, and documentation of prepaid expenses across reporting periods.

GST fields in the standard account template

We’ve updated the standard account template to include a date column and GST calculations.

You can now import data into the reconciliation table. Refresh the page to show the correct column labels if Show GST is selected.

The description field is mandatory to ensure that reconciliation changes are adequately recorded.

The standard template will be defaulted to all account codes that don't have a specified account template (i.e. this will not show on bank accounts allocated to the 1.11010 account, as these will get the bank reconciliation workpaper)

Make sure you create a new export to include all account templates.

July 2025

Save your financial statements in MYOB Practice

You can send your financial statements in MYOB Practice so you can keep all your client’s documents in one place.

Exporting workpaper bundles

You can now export your workpapers to send to your client along with the Financial statements, or save for your audit purposes

Bank overdraft note

In the financial statements, there is now a bank overdraft to show the current and prior year comparatives.

We’ll show an amount if the mapped accounts with credit balances to either/or
a. Cash and cash equivalents range starting [1.11]
b. Bank overdraft [2.11]

The flip accounts workpaper will analyse the account ranges to determine which note the accounts are presented in.

Credit balances will be displayed in the Bank overdraft note and Debit balances will be displayed in the Cash and cash equivalents note.

The bank overdraft note should be starred to ensure:

• note numbering to show on the balance sheet

• to appear in the export

Trade creditors workpaper enhancement

We’ve heard your feedback and have updated the trade creditors workpaper to always show the trade creditors listing.

Minor fixes

We’ve corrected the spelling error in account names:

• 1.12042 Loans to related entities

• 1.25220 Loans to related entities

We've removed 9.53000 Change in reserves account from the chart so that you no longer have to record a change to a reserve in a separate account.
If you've mapped an account to this range previously, you will need to remap this account in the mapping window.

June 2025

Financial reporting is now available for key entity types in Client Accounting

• Partnership

• Trusts

• Company

• Individuals

Financial reporting for Partnerships and Sole traders

You can now create financial reports for partnerships and sole traders. We’ve updated the following workpapers:

• Income Allocation workpaper (Partnerships only)

• Income statement

• Balance sheet

• Introduction

• Basis of preparation

• Notes - Stakeholders' current accounts

• Declaration

May 2025

New expense account for interest expenses

We’ve added a new expense account to our chart of accounts - 6.05030 Interest expense.

Now you can map interest expenses to this account, and they will be shown as a separate line item in the Income statement rather than included in the Borrowing expenses.

Font size on the cover page

We’ve heard your feedback that the client name on the cover page was too large, so we changed the default template to a smaller font size.

Updated note for Borrowings

We’ve created a note for Borrowings in the financial statements for all entities. This will help you identify the current and non-current borrowings of the entity.

April 2025

AI mapping is here!

Mapping your chart of accounts just got easier! Our AI tool saves you time by suggesting the accounts that match your client’s ledger, including multiple accounts that are a match. Learn more.

Financial reporting for Trust entities

You can create financial reports for Trust entities. We’ve updated the following to include trusts.

• Entity information (is visible only when the entity is Trust)

• Introduction paragraph

• Basis of preparation paragraph

• Income statement

• Balance sheet

• Notes to Stakeholders Current Accounts

New templates

In the Financial Statement workflow, we’ve added new templates:

• Income allocation workpaper

• Statement of changes in equity

• New accounting policy note for Investment properties

• New Notes for Investment properties and investments.