Creating a Sole Trader ledger in MAS
This support note applies to:
- AE MAS (AU)
In MYOB Accountants Enterprise (AE) Management Accounting System (MAS) you set up accounting ledgers of different entity types.
To successfully maintain a MAS ledger for a sole trader entity you need to establish the ledger as sole trader and specify the correct profit split account information.
Open System Release and from the File menu, select New.
Click Item. The New Item Properties screen appears, and the cursor appears in the Client: field.
Type the new Client Code and press ENTER.
Type MAS4 and press ENTER.
Type the name of the ledger and press ENTER.
Click the Ellipses button.
Highlight the folder that contains your MAS4 files, and click Select.
If you are unsure which folder to select, highlight each folder and select properties. The path for the folder is referring to the S6CLIENT directory.Click OK.
Click Next.
Click the drop-down arrow on the Entity Type field and select Partnership, enter the Entity's details required and click Next.
Enter the appropriate Year and Period Details and click Next.
Enter 1 in the Number of Partners and press TAB. This establishes the profit split to be account 501 02 - 100%.
Click Next.
Review the details and click Finish. The screen returns to the Client Chart screen to continue adding accounts. The Ledger is created successfully and is ready for processing.
The profit calculation is automatic therefore you do not perform any manual transactions to the profit split account 501 02.