Insolvency 2014.09
28 August 2014
Welcome to the latest version of MYOB Insolvency.
MYOB Insolvency Version 2014.07 contains the following key changes and enhancements:
•		ASIC electronic lodgement Form 524 — Accounts and Statements by Liquidator
•		Additional features
•		ATO PAYG and SGC rate updates
•		A number of resolved issues.

Manual Amendments
For these reasons, MYOB insolvency has been changed to allow manual amendments, but validation has been enhanced to warn users where the omission of information may result in rejection of the Form by ASIC.
The changes can be summarised as follows:
•	The commencement date for the 524 can now be over-ridden on the first page of the 524 wizard
•	The company name can now be over-ridden on the first page of the 524 wizard.  This will default to the job’s full name.  Any name entered here will be saved for the next 524.
•	The 524 wizard now incorporates a toolbar which provides access to the following areas of the job:  Reports, Creditors, Assets, Appointment, Add meeting.  Any changes made to creditors and assets when drilling down from the 524 wizard will utilise the end date of the 524 period as the date for the adjusting journal that is posted with respect to any value amendments.
•	Creditors section.  The wizard now provides a summary page allowing detailed review and manual entry of creditor numbers and values.
•	Dividend section.  The wizard provides a dividend summary page.  In addition, a manual dividend may now be entered into the system.  This allows a summary of a dividend to be entered eg: Creditor class, rate, total paid and date paid.  This caters for the situation where a dividend has been generated outside of the system or a manual payment to creditors has been made, and which previously had to be manually entered into the legacy 524.  Payments to FEG are not included as dividends in this section.

•	Estimated outcome section.  In the event that a dividend is payable to creditors in a court or creditors’ voluntary liquidation,  The wizard now provides a summary page allowing detailed review of existing data in the system and permits manual amendment of the values to be presented to ASIC.   *Please see the comments on withholding these values below.

•	Secured lenders.  The wizard now provides a summary page allowing review and manual amendment of the amounts owing to secured creditors and the values of assets subject to their security.  *Please see the comments below regarding the withholding of these values.

•	Secured lenders.  A review of the calculation methods for the values in this section has been made.   The e524 lodgement requires details of the secured lender to be entered into the system.  For this reason the secured creditor will be required to be linked to the appointment method record and the wizard will validate and prompt for this information.

o	Amount owing at the date of appointment:  This value is taken directly from the RATA value entered into the claim and securities section of the secured creditor record.
o	Amount owing at the date of account:  This value is taken directly from the Advised / Estimated value entered into the claim and securities section of the secured creditor record; Or if a proof of debt amount has been entered, that value will be used instead.  Any payments made to the secured creditor during the period of the account will reduce this value.
o	Value of property at date of account:   This value is taken as the ERV low of all remaining unrealised assets in the system.  The asset listing as at date report is based on an identical data source and can be used to obtain a listing for review.

Note:  The calculation of the asset value also depends on whether a security has been assigned to creditor.  If a security has been assigned then all assets subject to the appointing creditor’s securities will be used to calculate the figure.  In the event that no securities have been entered into the system, then all assets in the job will be used in the calculation.

Note:  Withholding values from the e524:

1.	Secured Lender Section.   The format ASIC has specified for the e524 contains provision for the withholding of information regarding secured lenders on the basis that it might be commercial-in-confidence.  At present MYOB Insolvency does not allow the secured lender information to be flagged as withheld because the current implementation of ASIC’s electronic lodgement system does not withhold this information from the public record.

ASIC has indicated that they are reviewing whether this information can actually be withheld from the public record given the requirements of section 432 of the Corporations Act.   Until such time as ASIC makes a determination on this issue, MYOB Insolvency will not allow the information to be lodged as withheld.

Once ASIC has issued their findings, MYOB Insolvency will issue a database update which will either enable or hide the functionality as appropriate.  This will not require a system release to be installed to implement.  In the interim, practitioners who wish to withhold secured lender information should lodge the legacy Form 524.

2.	Estimated Outcome Section.   The format ASIC has specified for the e524 contains provision for the withholding of information regarding the estimated outcome on the basis that it might be commercial-in-confidence.  At present MYOB Insolvency does not allow the estimated outcome information to be flagged as withheld because the current implementation of ASIC’s electronic lodgement system does not withhold this information from the public record.

ASIC has indicated that they intend to modify their systems to rectify this issue by either October 2014 or February 2015.  Until such time that ASIC has modified their systems, MYOB insolvency will not allow the information to be lodged as withheld.

Once ASIC have modified their systems, MYOB Insolvency will issue a database update which will either enable the functionality.  This will not require a system release to be installed to implement.  In the interim, practitioners who wish to withhold estimated outcome information should lodge the legacy Form 524.

Version 2014.09 also includes fixes for the following reported issues:
•	Document name not populating on 524 annexure (word version).
•	Cashbook payee selector – pressing enter does not select employee in list, have to hit tab key.   Amending employee in existing transaction did not update EFT details.
•	Bank overdraft expiry option on home page now working correctly.
•	Converting multi-line reducing balance purchase order to Account payable in purchase order produced error 5 – Invalid procedure call or argument.
•	Error when finalising bank account reconciliation with reconciliation screen maximised.
•	EMPDUPE file now strips spaces out of practice ABN.
•	Creating new journal from memorised journal with more than 2 coding lines produced error 5 – Invalid procedure call or argument. 
•	Transaction import does not import the tax code if the tax amount = 0 such as for FRE of NCF.
•	Multiple payments allocated to same creditor in same batch does not correctly update total amount distributed to creditor.
•	Error 91 when opening list of documents attached to creditor.
•	Reissuing employee dividend.  Reversing entry reporting incorrectly on BAS.
•	Person/Corporate information.  Functionality amended so that when users add new fields, they are matched against pre-existing fields that may exist for other job types first.
•	Post 4.1 R&P basis was not correctly reporting input taxes on pre-appointment debtors.
•	Dividend remittance details now do not include a reference to GST where GST is not applicable.
•	Counterparty selector (eg: Cashbook payee, Add creditor etc.)  Now has ability to include postal element in search.  Anything included in square brackets will search the counterparty’s city and state address data.  Counterparty matching on import – performance improvements have been made.
•	File note author not appearing on print out.

The release notes for version 2014.07 are included in this document for those clients upgrading directly from version 2013.3 to 2014.09 or for those clients on 2014.07 who wish to recap on the features of that version.
Insolvency 2014.07
1 July 2014
Welcome to the latest version of MYOB Insolvency. 
MYOB Insolvency Version 2014.07 contains the following key changes and enhancements:
•		ASIC electronic lodgement Form 524 — Accounts and Statements by Liquidator
•		Additional features
•		ATO PAYG and SGC rate updates
•		A number of resolved issues.
Click the play button below to view a pre-recorded webinar for more information about the latest updates to MYOB Insolvency.
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New features
The following new features have been introduced in MYOB Insolvency Version 2014.07:
Electronic lodgement of Form 524
ASIC has introducing an e-Lodgement process for the current Form 524 — Accounts and Statements by Liquidator.
A quick guide to lodging a Form 524 in the new ‘structured data’ format is available to assist you with lodging Form 524.
The process involves uploading an xml file containing all financial information. The information provided to ASIC is largely unchanged for the current information of Form 524.
The following diagram provides a workflow of the online submission.
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To initiate production of the xml file
Form 524 - Presentation of Accounts and Statements (e-Lodgement) is available from the following menus:
•		Circulars and Mailing > Forms > Form 524 (e-Lodgement) 
•		Reports and Forms > Statutory Forms and Lodgements > Forms and Lodgements > Form 524 (e-Lodgement).
Changes to the Receipts and Payments Wizard
When producing Form 524 - Presentation of Accounts and Statements (e-Lodgement), there has been several changes to the Receipts ad Payments Wizard. Completing the Form 524 (e-Lodgement) Wizard creates a:
•		PDF summary version of Form 524, including a sign-off
•		detailed Receipts and Payments Report for the same period as Form 524
•		lodgement record containing an associated xml file that is stored in the database.
Where document approval has been implemented, the sign-off sheet will be unnecessary.
The PDF summary version and the detailed Receipts and Payments Report are output to the job’s document management \\<job folder>\Lodgements\524\.
Generating the xml file
The software now produces an xml output in the prescribed format stipulated by ASIC. To extract the xml output file:
1.		Locate the Form 524 PDF in the job document folder.
2.		Right-click on the document and select Lodgement Details.
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3.		Click Submit 524 data.
The Confirm action dialogue opens.
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4.		Click OK.
When you click OK:
•		the xml file is extracted into a temporary folder
•		the path to the temporary folder, where the xml file is extracted, is copied to the clipboard
•		the ASIC liquidator portal is opened in a web browser.
Note: 		It is important to extract the xml file using this method so as to ensure that any changes to Form 524 created by running the Form 524 Wizard are reflected in the xml data file.
The Data Lodged field will be updated as soon as you click the Submit 524 Data button to extract the xml file.
You can also view and submit the xml file from the Document tab, by right-clicking the document and selecting Submit 524 data. The lodgement record can also be accessed from the Lodgement section of the homepage.
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Linking the xml file to the document lodgement
The xml file that is submitted to ASIC is not available as a separate file in Document Management when the documents are created. By allowing the user to create the xml file from the lodgement ensures that there is not multiple copies of xml files separately situated in job folders and the xml file is coupled to the PDF report pro-forma.
Submitting the xml file
Instructions on how to upload the xml files are contained in the information provided by ASIC - A quick guide to lodging a Form 524 in the new ‘structured data’ format.
Workflow to extract and lodge the xml file
As soon as you generate the xml file, your default web browser will automatically open to the Liquidators’ Portal Login page.
The temporary folder containing the xml file will also open and the file path will be copied to the clipboard.
To lodge the form
1.		Log into the Liquidators’ Portal.
2.		Click Start New Form.
3.		Select Form 524 Presentation of Accounts and Statement (Structured Data).
4.		Click the Browse button.
5.		As the path to the xml file is on your clipboard, right-click and select Paste.
This will paste the path to the xml file into the File Name field. 
If you cannot paste the path, then you will need to browse to the temporary folder containing the xml file.
6.		Click OK.
7.		With the xml file selected, click Next.
8.		Complete the declaration.
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Verification of the xml file
When submitting the xml file, errors due to consistency of data may occur. All efforts have been made to pre-validate information, however, there may still be mismatches of data where the details in MYOB differ from the details held by ASIC.
Should you receive a validation message when trying to submit Form 524 which you cannot resolve by updating your data and re-running the Form 524 Wizard, then contact MYOB Support.
Changes to the Form 524 Wizard
The Form 524 Wizard accommodates information captured in the Document Authorisation.
If you have Document Authorisations enabled, the document authorisation task will be created when you complete the Form 524 Wizard containing a link to the:
•		PDF summary version of Form 524
•		Detailed Receipts and Payments Report.
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Enhancements and resolved issues
The following enhancements and resolved issues have been included in MYOB Insolvency Version 2014.07:
Appointment court
The Appointment Court is now limited to a defined set of values. The Appointment Method Details window has been updated with a court selector.
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Appointment court state
The Appointment Court State is now limited to a defined set of values. The Appointment Method Details window has been updated with a court state selector.
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Custom task filter
When you open the software, you may now add a custom task filter that is configured and always available.
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You may use the Find search to return tasks which contain the entered text in the task title or memo fields.
Document production preview
You can now preview a document from any stage of the document production.
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Job loading
The performance of loading jobs has been optimised.
Document production
•		A new updated grid has been added for corporate / personal information.
•		You can add a Job Contact or Counterparty from the Other tab in Document Merge Options.
•		Addition of a framework for adding PDF documents to document production.
•		You may not change Merge Template Category for standard template or system form.
•		Resolved the error when producing dividend letters if the alternate payee reference is more than 20 characters long.
•		New Replace field - Last Bank Reconciliation date.
•		You may now specify separate Document Management default folders for corporate and personal jobs.
•		You may now Browse Categories in document production. Once selected it becomes the default view of document production.
•		You may choose to ignore the creation of a document authorisation task.
Counterparties
•		You can now search on postcode.
Counterparty maintenance
•		You can create a counterparty, but you cannot add the bank details until the counterparty has been added to a job.
Reports
•		Job shortname now appears on the Debtor Contribution Advice ‘detail’ and ‘summary’ reports.
•		When you produce an abstract R&P for transitioned jobs with <All> job types selected, the transfer to administrator journals are excluded from the report.
•		A Receipts and Payments Problem Transactions report shows entries that cause the receipts and payments to be out of balance, e.g., adding a tax line to a bank entry or accounts payable liability account.
•		File note report now shows links related to records (i.e., asset, creditor, meeting).
•		Addition of an option on the Form 524 Wizard to Hide employee payee name on receipts and payment details.
Accounts payable
•		Posting a negative payment against an AP invoice updates the amount paid on the liability correctly.
•		Purchase Order number filter has been added to the Purchase Order Register.
•		A duplicate invoice number check has been added when creating an invoice from the PO Register.
•		You can now delete a payment with cheque numbers if a receipt contains a long reference.
•		You can now filter the Debtor Statement of Account to exclude written off amounts.
Creditors
•		Deleted creditor names now appear on the Creditor Audit Report.
•		You cannot delete employees that have transactions allocated to them.
•		You can un-admit all creditor claims.
•		You may export employees and re-import using XLS format.
•		A Notes field is available on the Employee Details form.
•		You can admit / un-admit all employee claims.
Homepage
•		The number of active users displays on the homepage for administrator users.
•		Practice, EFT and cheque only filters have been added to Cheque Printing.
Document merging from the practice
•		You can now maintain document templates in the practice and create mailing lists for Counterparty Contacts.
•		You can now specify a practice document folder in Practice Settings.
Batches
•		Unposted From date persists when tabbing out of the From Date field.
•		You may add a reason to indicate why a batch is unsubmitted.
•		The batch listing may be filtered by posted / unposted to make it easier to find a batch.
•		The Batch Details Report includes Payee Bank Details and Authorisation Workflow status.
Bank reconciliation
•		You can now add a document to a bank reconciliation, similar to how you add documents to transactions.
User maintenance
•		You can now apply bulk resignations of office-holders incorporating entry of dates and the succeeding office-holder. You may filter by practice and job type.
Job information
•		There has been an increase in the size of the default value and addition of a multi-line replace field - add value form (corporate / personal information).
Job setup wizard
•		You can now add users to standalone security roles. Inactive users are now excluded from the drop-down options.
WIP
•		The WIP Billings and Fees Approval error when running from within a job no longer occurs.
•		AEPM WIP, Bills and Fees Approved Summary Report can now be filtered by job manager.
•		Employee Time Analysis Detail by Employee Group.
Tasks
•		Documents and file notes can now create linked tasks.
•		Ensure that Task Template Reports show child tasks.
•		DOCA Task Template has been amended — execute the DOCA within 15 business days after the end of the meeting of creditors.
•		Removed Gazette on ceasing to act as receiver and addition of s427 reference to the Lodge notice of ceasing to act within 7 days, Task template — MYOB Rec Checklist.