Check your System Accounts

If you migrate or create an MYOB ledger, we recommend that you take a look at your Chart of Accounts.

Check that you have all the accounts you need to get started and that each account has the correct tax code. There's no need to worry if you don't know exactly what accounts you need to create this year. You can add them in later. The most important thing is that you have set up your System and Share of Profit accounts.

To view your chart of accounts

On the TASKS bar, click the Manage Accounts button. The Manage Accounts window appears. In this window you can add, edit or delete accounts.

If you have...	Then your Chart of Accounts contains...
Migrated to MYOB ledger	The Chart of Accounts contains the same accounts as your MAS, Accounts or AO Classic General Ledger.
Created a new MYOB ledger	The ledger template selected contains a default set of accounts to help you get started.

To make the reporting process easier at the end of the year, we recommend the following setup:

If you are using an Accounts chart of accounts...

	Account Code
Account Description	Company	Partnership	Individual	Trust Other	Unit Trust	Association	Super Fund
GST Collected	940	940	940	940	940	940	940
GST Paid	892	892	892	892	892	892	892
Retained earnings	528	1.585	1.585	528	528	528	528
Current Year Earnings	1000	1.590	1.590	1000	1000	1000	1000
Allocate Me (Withdrawal)	998-01	998-01	998-01	998-01	998-01	998-01	998-01
Allocate me (deposit)	998-02	998-02	998-02	998-02	998-02	998-02	998-02
Historical Balancing	998-03	998-03	998-03	998-03	998-03	998-03	998-03

If you are using an AO Classic General Ledger chart of accounts...

Australia

	Account Code
Account Description	Company	Partnership	Individual	Trust Other	Unit Trust	Association	Super Fund
GST Collected	908/01	908/01	908/01	908/01	908/01	908/01	908/01
GST Paid	908/02	908/02	908/02	908/02	908/02	908/02	908/02
Retained earnings	638	501/00	501/00	500/01	500/01	638	550/01
Current Year Earnings	639	501/02	501/02	500/02	500/02	639	550/02
Allocate Me (Withdrawal)	968/01	968/01	968/01	968/01	968/01	968/01	968/01
Allocate me (deposit)	968/02	968/02	968/02	968/02	968/02	968/02	968/02
Historical Balancing	968/03	968/03	968/03	968/03	968/03	968/03	968/03

New Zealand

	NZ Entity Types
System Account	Company	Partnership	Trust	Individual	Club or Society
GST Collected	630/01	630/01	630/01	630/01	630/01
GST Paid	630/02	630/02	630/02	630/02	630/02
GST input tax adjustment	630/11	630/11	630/11	630/11	630/11
GST output tax adjustment	630/06	630/06	630/06	630/06	630/06
Retained earnings	949	501/01	949	501/01	949
Current year earnings	948	501/02	948	501/02	948
Allocate me (withdrawal)	989/01	989/01	989/01	989/01	989/01
Allocate me (deposit)	989/02	989/02	989/02	989/02	989/02
Historical Balancing	989/03	989/03	989/03	989/03	989/03

If you are using a MAS chart of accounts...

Australia

	Account Code
System Account	Company	Partnership	Individual	Trust Other	Unit Trust	Association	Super Fund
GST Collected	892	892	892	892	892	892	892
GST Paid	891	891	891	891	891	891	891
Retained earnings	638	50100	50100	50001	50001	638	55001
Current Year Earnings	639	50102	50102	50002	50002	639	55002
Allocate Me (Withdrawal)	96801	96801	96801	96801	96801	96801	96801
Allocate me (deposit)	96802	96802	96802	96802	96802	96802	96802
Historical Balancing	96803	96803	96803	96803	96803	96803	96803

New Zealand

	NZ Entity Types
System Account	Company	Partnership	Trust	Individual	Club or Society
GST Collected	851	851	851	851	851
GST Paid	850	850	850	850	850
GST input tax adjustment	85301	85301	85301	85301	85301
GST output tax adjustment	85302	85302	85302	85302	85302
Retained earnings	638	50100	50000	50100	638
Current year earnings	639	50102	50002	50102	639
Allocate me (withdrawal)	90701	90701	90701	90701	90701
Allocate me (deposit)	90702	90702	90702	90702	90702
Historical Balancing	90703	90703	90703	90703	90703