MYOB AE/AO release notes—2019.1 (New Zealand)

We've added a few new workpapers:

• Imputation credit account to retained earnings reconciliation—Identify tax in retained earnings. Reconcile this amount with the Producing a detailed Imputation Credit Note in Statutory Reporter (NZ) closing balance.
• Shareholder continuity—Record the minimum holding of each shareholder throughout the year. Check that the company hasn't breached allowances that rely on the holding.
• GST analysis by period—Include a detailed account of all returns for the year. You can compare this to the general ledger data. The following amounts will be carried through to the GST reconciliation workpaper:
  
  • The GST outstanding at the balance date.
  • The net difference between GST returns and the general ledger.

We've made enhancements and corrections to the following workpapers:

• Wages Reconciliation—We've added shading to the General Ledger Reconciliation fields to help you see them.

• Provision for Income Tax—The dividend withholding tax paid is available as a link from the Dividends Received - Net workpaper.
• Accounting for Investments, the Mark to Market Profit/(Loss) accounts section—Credit balances are negative balances for reconciliation purposes.
• Current Account - interest on overdrawn—If the shareholder's current account is overdrawn, interest is calculated on the average balance for the month. This is calculated by subtracting the starting balance from the ending balance, and dividing by two. The interest was previously being calculated on the end-of-month balance.
• Home Office Expenses—We've added a section to calculate using the square-metre rate option.
• Entertainment - Adjustment required—In box 9, the calculation for GST adjustment is 15% of the non-deductible, rather than the non-deductible being GST inclusive.
• Entertainment - Adjustment required, and Entertainment - 50% GST claimed—We've fixed a rounding issue.
• GST Reconciliation:
  • We've corrected calculation errors. The amount of GST payable was being reduced instead of increased.
  • We've added an explanation to the top of the template to help with adding the GST analysis by return template.
•  Prepayments: 
  • We've moved the descriptions closer to the date buttons and fields. This makes it easier to see which date a description refers to. 
  • We've removed some unnecessary space in the date fields.
• Income Tax Expense:
  • You can include dividends received net of imputation credits.
  • We've added a field for assessable income that's not included in accounts. For example, taxable foreign investment fund (FIF) income.

The online ledger stores quantity values from workpaper journal. The values were previously stored in the local database.

The online ledger stores the values when you post the journal. For example, when you want to capture sales.

You can see if there are any quantities when you view transactions in Workpapers. The View Transactions window will display a Quantity column.

Running reports for 2018 and 2019

When you run a report for:

• 2019, quantity values come from the online ledger
• 2018, quantity values come from the offline data table, as they did previously.

Requirements for quantity values to be stored online

Your system will use this functionality when you create a new period, if:

• your configured ledger is an Essentials Accounting or Connected ledger.
• all existing full-year periods are completed, or you're not using yearly workpaper periods.

We've added an exciting new feature—Statutory Report Designer! It lets you create new reports for your practice.

To use the designer, your client manager will need to help you get set up and organise training for you. These consulting sessions are paid services.

Contact your client manager to find out more.

We’ve updated the following in financial statements:

Partnerships

We've updated the detail in the Sale of goods note:

"Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Partnership and specific criteria relating to the type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

Revenue is recognised when the business is entitled to it."

All entities

We've updated the detail of the Accounting policy > Revenue and other income > Sale of goods note:

"Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

The above paragraph applies to all entities that have a balance in the account group SALES."

Paragraphs are colour-coded to make it easy to tell if and how someone's edited them.

• Orange indicates a practice-level change.
• Blue indicates a client-level change. 
• Black indicates no change.

• Farming reports—If you add a page break, it appears in the section that you selected. Previously it appeared at the top of the report.
• Practice reports—We've removed the word Accountants from footer paragraphs. We've found it's not usually needed.
• Livestock trading accounts—We've updated the label Average to Average price.