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MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?

Contributing User CBSLSC
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CBSLSC
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MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?

I'm the volunteer Treasurer of a registered Not For Profit organisation. I am currently using MYOB AccountRight v19.13 Plus + which I inhereted from the previous member in this role five or so years ago. I'm looking to try to reduce my workload in the role through streamlining the processes and was wondering if MYOB Essentials < https://www.connectingup.org/discounts/myob-accounting-software/myob-essentials > may be the way to go? As a registered NFP, we can obtain the package through the Connecting Up program.

 

The current package (AccountRight v19.13 Plus+) has far more capability and features beyond that which we use. Our main uses are:

  • Recording funds recieved or spent from the bank account using the Banking 'Spend Money' and Banking 'Recieve Money' funciton.
  • Recording funds transfers between our two acocunts using the Accounting 'Transfer Money' function.
  • Reconciling the accounts using the Banking 'Reconcile Accounts' function.
  • Generating various Reports including 'GST Summary - Accural', 'Profit and Loss Statement', 'Reconciliation Report' and 'Balance Sheet'.

That's it, I do not use any other functions or features. We have no Payroll or any other complications.

 

My first question therefore is to confirm that MYOB Essentials will be able to perform all these functions (I would assume so given the simple nature of our use)?

 

My second question, is, can I import our data from our current AccountRight v19.13 Plus+ into Essentials or will this be an exercise in reconstructing from scratch? I believe that as we are on a Plus version it cannot be imported? If so, then a changeover would need to be delayed until the EOFY for a clean seperated move.

 

As mentioned, my motiviation is to reduce workload time by streamlining processes - I'm particuarly looking at using the Automated Bank Feeds function and am also interested in anything that will help with the BAS and perhaps generate Invoices within. Am I correct that Essentials can perform such functions to assist with my intention? Any other benefits I should be aware of?

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Ultimate Partner IanChait
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IanChait
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Re: MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?

Hi @CBSLSC

 

Essentials would probably meet your needs. It is a very simple, with limitations on reporting. It does not have Jobs for example. Based on youe scenaria, why not look at upgrading to AccountRight Basic or Standard. Basic does not have the Purchases and Payroll Modules, while Standard does not have Payroll. You can upgrade your current file, ansd will get all the benfits of Bank Feeds and online capabalities. You do need to install the software on the computer, it is not like essentials that you log into via your browser.

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Contributing User CBSLSC
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Re: MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?


@IanChait wrote:

Based on youe scenaria, why not look at upgrading to AccountRight Basic or Standard. Basic does not have the Purchases and Payroll Modules, while Standard does not have Payroll.


It was mainly price driving me towards the Essentials package - why pay any more than the minimum for what we actually need and will use. We currently own v19.13 Plus + outright so there is no regular subscription fee required. As we are a not-for-profit with no reliable regular income, our main sources are grants and donations for our activities, we are cautious about commiting to regular ongoing expenses.

AccountRight Basics is only a 11.1% price increase over Essnetials, but Standard is a 48.9% increase!

 


@IanChait wrote:

You can upgrade your current file, ansd will get all the benfits of Bank Feeds and online capabalities.


From what I'm reading it seems that Plus + files are only compatible with Plus packages. So since we are currently on AccountRight v19.13 Plus +, it seems that the only way we can upgrade our file into the new package is if we go with the new AccountRight Plus - given that it's a 122% price increase over Essentials, that won't happen for me.

Therefore since it seems that I will need to rebuild from the start with all other packages, can I start off with Essentials, and if it's not meeting all my needs, then upgrade to AccountRight Basics - will Essentials import/convert into AccountRight Basics?



@IanChait wrote:

You do need to install the software on the computer, it is not like essentials that you log into via your browser.


Installing software onto the computer or working through the Cloud/internet browser is neither here not there. Happy to do either.

 

 

I think there is a 30 day free trial on Essentials, I might take up the offer and have a play.

 

 

Thanks for the reply and comments Ian.

Contributing Cover User lmclem
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lmclem
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Re: MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?

I would not recommon changing to Essentials, I did and wish I never had.

 

You can;t do recurring transcations, the reconcilliation report is terrible by this I mean when you print a detailed report it is not the same as what is showing on your screen alot of the information you need is missing.

 

Have you considered buying the desktop version for really a one off cost?

 

Just make sure they can transfer over your data from the cloud as Im on essentialsat the moment and they cannot transfer if over from the cloud which extremely annoying especially when legally for IRD we need to keep our records for 7 years so I think MYOB should also have a legal obiligation to be able to give us access to this information.

 

Also have you looked at something like Accliam Accounting Cashbook Complete? Very good pricing

 

Best of luck

 

 

Contributing User CBSLSC
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CBSLSC
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Re: MYOB Essentials - move to from AccountRight v19.13 Plus+, will it do what I need?

 Have you considered buying the desktop version for really a one off cost?

This is what we have done with previous versions and has been my prefered option as it's a one off cost that we can settle immediately, rather than an ongoing debt when we don't have consistent income streams. I didn't realise that it was still an option as I cannot find any mention of it on their website.

Can the desktop version do the bank feeds or does that require a live subscription?

 

Also have you looked at something like Accliam Accounting Cashbook Complete? Very good pricing

No I had not, but will do so now.

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