How much more efficient is AccountRight for you compared to V19?

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Experienced User sKrael
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How much more efficient is AccountRight for you compared to V19?

For those that have switched to AR from Premier v19, does it save you much time compared to the older version? It is actually functionally better/more efficient, or is it merely "prettier"?


I run a small business and have so far been unable to switch to AccountRight because of a lack of MultiCurrency, which I believe is finally available (albeit as a beta, purchases only). So I am now considering it (over Xero, whose lack of sufficient inbuilt inventory options without add-ons rules it out). The business is growing, I may finally need to get a staff member but it seems logical to first become more efficient (an online store is on the cards for example. I mean, this IS 2019 after all).


I buy equipment overseas and sell consumables for that equipment in Australia (and NZ). I send maybe 120-150 invoices per month at the moment. We:

  • manually reconcile the accounts about 2 weeks before a BAS is due
  • manually process payments (looking through online bank statements and applying a payment when we find it in the statement)
  • manually apply (phoned-in) credit card payments via an online gateway

We have only one location, so being mobile isn't a requirement. Only one "staff member" on payroll, so payroll isn't really an issue. I use inventory and (buy) in EUR and USD, as well as AUD, of course. I only sell in AUD.


I hope the collective opinion of those that have made the transition before me can help me make a wise choice.

Ultimate Partner GDay53
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Re: How much more efficient is AccountRight for you compared to V19?



Welcome to the MYOB Community Forum, I hope you find plenty of useful information.


With the release of AccountRight 2019.2 last week theMulti Currency cis supposed to be fully functional and out of Beta.

As for how the Account Right 2019.2 stacks up against V19.

Individual transaction are a little bit slower but with all the added "live" features the overall processing of data is a lot quicker and easier.

STP Reporting is compulsory for all business as from the 1/7/19 so it makes sense to have a software that is compliant in that regard.

Other Live features like Pay Super, Online Invoice Payments, Automatic Invoice Reminders, In Tray just make life easier while the Bank Feeds are the big time saver. You can save up to 60% of data entry and reconciliation time by using the Bank Feeds correctly.


In Bank Feeds there are 3 different types of Rules.

Transaction Rule - which will create a new Spend Money or receive Money transaction to match the bank feed.

Invoice Rule - which will look for any open Invoices for a particular Customer.

Bill Rule - which will look for any open Bills for a particular Supplier.


To use the bank feeds so transactions are automatically recorded, you must decide which transactions you want the Bank Feed rules to automatically record.

For example the monthly bank fee. When it shows up in the Bank Feed you click on the New button then on Transaction Rule. Now create a Transaction Rule called "Monthly bank fee" and in the body choose the wording from the bank feed as an exact match. You don't need all of the wording just something that will not change - for example it might say 'monthly service fee'. You could use the lot or just 'service fee'. Allocate to the correct Expense account.

Once the Transaction Rule is created every time a transaction appears in the bank feed with the exact wording the software will create a Spend Money or Receive Money transaction allocated to the account nominated.

You never need to enter them again.

You can also Receive Payment and Pay Bills through the Bank Feed via the New button.

Any transfers of money between accounts you will need to click on New then Tranfer Money and enter the account every time.

You also need to Create Invoice and Bill rules which will look for open Invoices or Bills from particular Customers or Suppliers.


Once you have it all set up it makes live very easy.

For example, I have regular monthly Bills that are for the same amount every month.

To pay these I have created Recurring transactions for them so they get entered automatically every month.

I have also created automatic payments with the bank so they are paid automatically.

I also have Bill Rules for them, so when the payment appears in the Bank Feed the program shows a possible Bill match link which I click on. This takes me to the Pay Bill window and the payment is there all I have to do is click on record.

So literally two clicks is the total effort in entering paying, recording the payment and reconciling these bills.


Also once transactions are processed through Bank Feeds all transaction are reconciled

So when it comes time to do the reconciliation of the account, I open the reconciliation window enter the closing balance and date then all I have to do is look for items not reconciled. If there are any I know they were not in the Bank Account so they must be either entered with the wrong Pay From account or a double entry.

Usually there are none and the reconciliation is out of balance zero, so I can then print the reconciliation and complete it.

Like I said earlier the Bank Feeds make life very easy and you can save about 60% of time compared to the old data entry days.


If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
MYOB Certified Consultant
MYOB Diamond Partner
Experienced User sKrael
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Re: How much more efficient is AccountRight for you compared to V19?

Very helpful insights, thank you!


It sounds like "death from a thousand cuts" but from the perspective of "hours of efficiency from a thousand seconds".


I have to look into what you mention as "Online Invoice Payments". Sounds useful. My current method is to send the customer the invoice, then they pay via Internet Banking using the details on the invoice (If I am lucky they let me know they have paid, otherwise I have to stumble across it in the bank statement), or call me with a Credit Card which I have to process manually.

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