Establishing a Company ledger in MAS

This support note applies to:

AE MAS (AU)

Article ID: 29738

In MYOB Accountants Enterprise (AE) MAS you to set up accounting ledgers of different entity types. The entity type determines the profit split account/s allocated. The correct profit distribution account for a Company is 639.

To successfully maintain a MAS ledger for a company entity you need to establish the ledger as a company during the setup process. This automatically sets the required profit split account information. This means that MAS will automatically calculate the profit and you will not need to process any manual transactions to the profit distribution account 639.

To establish a company ledger

Open System Release and from the File menu, select New. The Ledgers option window appears.
Click Item. The New Item Properties window appears.
Type the new Client Code in the Client Code field and press Enter on the keyboard.
From the application type field, type MAS4 and press Enter.
Type the name for the new company ledger in the Name field.
Check the Location shows the MAS database folder and click OK. If you need to change the location click the Ellipses button at the end of the Location field and select the required location.
In the New MAS Ledger Wizard screen appears, click Next.
Select Standard Ledger and click Next.
Click the drop-down arrow on the Entity field and select Company

Selecting Company automatically establishes the profit split to be account 639 - 100%.
in the Report Headings (s) field, enter the details required for the report headings and the ABN. Then click Next.
Enter the year and period start and end dates and number of periods and click Next.
Click Finish.

The MAS ledger is created and opens to the Chart of Accounts.