MYOB AE/AO release notes—5.4.41 (Australia)

Updating Quantities

If you have a New Essentials/MYOB Business file configured, and when you add a journal with quantities and post it, New Essentials/MYOB Business ledger was not updating with the quantities. This means the Statutory reports were incorrect.

• After installing this release when you add a new workpaper period and post a journal with quantities it will then post it into New Essentials/MYOB Business ledger. This will not affect any existing workpapers with quantities, so when you add a new workpaper it will not double up the quantities.

  

  Existing workpapers: If you add a journal with quantities to an existing workpaper, it will not post it the New Essentials/MYOB Business

• For ledgers that are yet to be migrated from Essentials Accounting to New Essentials, the quantities will be posted correctly in the New Essentials file for any new and existing workpapers (full and partial financial years).

Migrating custom account groups

If you have any customised chart of accounts in your practice account group, you can copy them from MYOB Essentials (Pre March 2020) into the New Essentials/MYOB Business ledger.

This will override any practice account group settings but will not override any client account groups. This change will happen to all clients regardless of the industry and entity types.

To copy the custom account groups

1. Go to Maintenance > Maintenance Map > Client Accounting > Practice Report Settings.
2. On the Tasks bar, select Account Groups. The Statutory Reporter - Account Groups or (NZ) Statutory Reporter - Tax Account Groups window opens.
3. Select MYOB Business/AccountRight/Essentials (New) from the Product from the drop-down.

4. Click Apply Chart of Accounts from the banner.
   

   

   

   You'll not see this banner if you selected anything other than MYOB Business/AccountRight/Essentials (New) in the Product drop-down.

5. Select Apply Chart of Account if you want to apply your practice level custom account groups. A progress bar will appear with the status of the update.

KNOWN ISSUE

There is a display issue where the progress bar will always show a total of 25 accounts updated. This will be fixed in a future release. In the meantime, all your customised account groups in the chart of accounts will still be copied in the background despite the progress bar showing a total of 25.

• In Trial balance, when clicking View transactions > Export to Excel, the excel sheet was not opening. This is now fixed.
• The Summary Department report showed incorrect net profit or loss for each department. This is now fixed.
• When adding a journal in AE/AO, accounts that have been made inactive in New Essentials were shown in the list. This is now fixed.
  If an account is deactivated in New Essentials after you add a journal in AE/AO, then when you post the journal, you will see an error that stops you from posting the journal to New Essentials.

Compliance changes

ATO validation rules

• Self Managed Fund return (version 2021.2)
  • Two new SMSF aliases are added to Item 7C Electronic service address alias:
    • BGLSF360
    • wrkrSMSF

• • International Dealing schedule (IDS) (version 2021.2)
    The following rules have been updated

• • Company tax return (version 2021.5)
    • CMN.ATO.CTR.430225 Tax on taxable or net income incorrect. Check rate calculation and Company entity type.
      Rule updated: To include a zero check for field Item 19: Retirement Savings Accounts - Label V: net taxable income from RSAs.

Rates

• HELP repayment rates: the ceiling for 8% has been corrected to $114,809.

PLS Rejections

Individual return

• • CMN.ATO.GEN.XML04 where a Distribution from Managed fund (dim) schedule exists with no organisation name or monetary values. Two validation messages have been implemented:
  • V17: Mandatory value not present when the Managed fund name is missing.
  • CMN.ATO.INCDTLS.000245: Managed Fund Distributions Total amounts and Managed Fund Distributions Your Share amounts must be provided.
  • CMN.ATO.GEN.XML03 error when an invalid character entered in Personal Superannuation Contributions worksheet (psc) at:
    • Full superannuation fund name
    • Superannuation account number
  • VR.ATO.IITR.730406 / CMN.ATO.IITR.730406
    This error happened when there were cent values at Item 13L or 13N. This is now fixed.

• • CMN.ATO.IITR.311085 - Total CGT discount applied amount is incorrect.
    This error was incorrectly triggered when selecting Affordable housing in the capital gains worksheet. This is now fixed.
    
    

  • IITR.730412 - The Share of net income from trusts less capital gains, foreign income and franked distributions.
    This issue happened when there were cents at Label 13 U and the amount was rounded down, instead of rounding up. This is now fixed.

Family trust election

• • FTER.408395: At least one declaration of trustee must be supplied.
    This error will appear if you've selected E or V at Item 1: Are you using this form for Election, Revocation or Variation?

Client update form (CUADDR)

• • CMN.ATO.CUADDR.EM40507/CMN.ATO.CUADDR.EM40507: Address incorrect indicator is not supplied.

    This error happened if you haven't completed the Incorrect address indicator. This is a new field in the CUADDR - Change Address form. You need to complete this field if the ATO has an existing address record for that taxpayer.
    Select N if you want to change the existing address record for the taxpayer.
    Select Y if the address is unknown. When removing a relationship for a taxpayer where their address is unknown, lodge a CUADDR to ensure no further correspondence is sent to the tax practitioner.
    Leave it blank if the ATO has no current address record for the taxpayer.

Trust return:

• • FTER.408395 - At least one declaration of trustee must be supplied.
    This error happens in the Family trust election/Revocation (Schedule X) when you select Revocation (R) at Item 1. If you try to complete Item 5 as per the error details, you may receive an error V2102 error when validating. This is now fixed.

Printing

• • Individual return: MYOB Prefill report incorrectly prints the warning message that the client has a novated lease.
  • Partnership return: Item 49 was not printing all labels unless Item 49 Label A and Label B are completed. This is now fixed.
  • Trust return: #Error appears instead of Trust tax return on the title of Page 9 when printing the ATO PDF copy. This is now fixed.
  • The TFN was still printing in the Summary of entered items when Hide TFN is selected. This is now fixed.

Prefill

• • Tax2021 - Prefill of Interest income only prefills the totals and not the records when prefilling for the first time. When you delete the interest schedule and prefill again, the records appear. This is now fixed

Rollover

• • Rental property: The Gross amount value at the Acquired label was not rolling over. This is now fixed.
  • The Opening Written Down Value (OWDV) and the Depreciation method were incorrect when a non-pooled asset that is written off in 2020 is rolled over into 2021. This is now fixed.