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MYOB AE/AO release notes—2021.0 (New Zealand)

Release date—25 March 2021

Pre-filling IR10 in MYOB Practice Tax

To save time and reduce data entry errors, you can export IR10 data from AE/AO (in a CSV format) and pre-fill into the IR10 Financial statements summary in MYOB Practice Tax. This makes preparing a tax return with an IR10 summary quicker. The exported data from AE/AO comes from the Tax integration (IR10) workpaper.

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Client Accounting

  • Custom Account groups and Balance Forward AccountsWhen migrating from old Essentials to New Essentials, it will now retain custom account grouping and the balance forward accounts at the Client level.

  • Balance sheet changesIn the Balance sheet for a trust or a club/society, we've changed the description from Retained earnings to Accumulated funds.

  • Statutory reporter compliance updates

We've updated the reports and paragraphs to meet 2021 regulatory obligations:

Entity type

Master paragraph

Changes

Companies

Minutes of AGM - disclosures

We've removed the following paragraph as references to section 211 of the Companies Act.
Any failure of the financial statements to comply with the provisions of the Companies Act 1993, as permitted by section 211 of that act, or any other statute is hereby approved.

We've updated the:

reference from New Zealand Institue of Chartered Accountants to Chartered Accountants Australia and New Zealand (CA ANZ).

the special purpose reports to:
The shareholders elect to prepare special purpose financial statements in accordance with A Special Purpose Financial Reporting Framework for use by For-Profit Entities (SPFR for FPEs) published by Chartered Accountants Australia and New Zealand.

All entities

Accounting Policies

Resolution of Directors

Resolution of Shareholders

We've updated the reference from New Zealand Institue of Chartered Accountants to Chartered Accountants Australia and New Zealand (CA ANZ).

Companies

Note 1 - Company Special Purpose

The Financial Reporting word is now added to These financial statements have been prepared in accordance with 'A Special Purpose Financial Reporting Framework for use by For-Profit Entities...

The following additional paragraph will print: The financial statements have been prepared for the entity's owners and Inland Revenue.
In the above paragraph, if the financial statements are prepared for any other reason, then edit the paragraph to change entity's owners and Inland Revenue

All Entities (excluding companies and Not-for-profit)

Accounting Policies - Note 1 - Special Purpose

The existing paragraph: 'These financial statements are of special purpose and have been prepared for taxation purposes on the principles contained in the Income Tax Act 2007, and for internal management purposes. The accounting policies adopted are not in conformity with generally accepted accounting practice. Accordingly, the financial statements should only be relied on for the expressly stated purpose.

is replaced with:

These financial statements have been prepared in accordance with A Special Purpose Financial Reporting Framework for use by For-Profit Entities (SPFR for FPEs) published by Chartered Accountants Australia and New Zealand. 'The financial statements have been prepared for the entity's owners and Inland Revenue.
In the above paragraph, if the financial statements are prepared for any other reason, then edit the paragraph to change entity's owners and Inland Revenue.

Resolution of directors - special purpose financial statements

We've updated the paragraph under Special purpose financial statements to:
These financial statements have been prepared in accordance with A Special Purpose Financial Reporting Framework for use by For-Profit Entities (SPFR for FPEs) published by Chartered Accountants Australia and New Zealand.

Other fixes

This release includes the following hotfix updates:

Performance improvement when upgrading to MYOB Practice Tax. See AE/AO 5.4.36 hotfix 59868757 (New Zealand) and AE/AO 5.4.36 hotfix 59873538 (New Zealand).

The release that corrects the System.OutOfMemoryException error. See AE/AO hotfix 59067576 5.4.36 (Australia and New Zealand)

Update to the contact sync icons. See AE/AO hotfix 59067593 5.4.36 (Australia and New Zealand).