Important news for MYOB Desktop software users
MYOB has recently announced some important news for businesses who use AccountRight Classic, also known as Version 19 (and earlier). As of 30 September 2019, features, patches, compliance updates and product support will no longer be provided for your MYOB AccountRight Classic desktop software (including Version 19 and all prior versions).
Why are these changes occurring?
When MYOB first developed AccountRight Classic business was done very differently: data entry was manual, books were only worked on in the office and getting your financials to your accountant usually involved a face to face meeting.
Today, most businesses operate very differently: cloud accounting has provided us with the opportunity for business owners/managers to access their financial data at any time, from anywhere, on any device; technology allows for data to be directly imported; and Information needs to be sent to the ATO/government electronically.
Business needs have changed, so the software also needed to change.
Will AccountRight Classic cease operating?
AccountRight Classic will not cease operating. You will still be able to access and work in your file. But from 30 September 2019 MYOB will no longer provide features, patches, compliance updates or product support for this program.
This means you will need to upgrade to the cloud version if you want to use live features such as automatic bank feeds into the program; get tax table updates; lodge GST; get product support or lodge Single Touch Payroll (STP). In relation to STP, the ATO are making this mandatory for all businesses from 1 July 2019. This is a method for employers to report their employees’ tax and super information. It will be mandatory for any clients who pay employees to be using a cloud based program in order to meet the ATO’s requirements.
What can you do now to prepare?
The cessation of support for MYOB Version 19 and earlier products is occurring from 30 September 2019. Some businesses may prefer to upgrade to a new version or change products at the end of the current financial year. Others may want to upgrade or change before then.
To work out the best solution for your specific circumstances, chat with your WLF accountant or bookkeeper. You don’t need to take urgent action – but we recommend you start thinking about your needs now and don’t leave things to the last minute and find yourself overwhelmed, particularly if you run payroll through your software.