This support note applies to:
- AE MAS (AU)
In MYOB Accountants Enterprise (AE) MAS, you set up accounting ledgers of different entity types.
To successfully maintain a MAS ledger for a partnership entity, establish the ledger as a partnership and specify the correct profit split account information.
Open System Release and go to File > New. The Select new object to create window appears.
Click Item. The New Item Properties window appears. The cursor moves to the Client field.
Enter the new Client Code and press Enter on your keyboard. The cursor moves to the Type field.
Enter MAS4 and press Enter on your keyboard. The cursor moves to the Name field.
Enter the name of the ledger and press Enter on your keyboard. The Location filed is highlighted.
Click the Ellipses [...] button. The Select Folder window appears.
Select the folder that contains your MAS4 files and click Select. The New Item Properties window appears.If you're not sure which folder to select, select each folder and select Properties. The folder you need points to the S6CLIENT directory.
Click OK. The Welcome to the New MAS Ledger Wizard window appears.
Click Next. The Create a new MAS Ledger window appears.
Select Standard Ledger and click Next. The Entity Details window appears.
Enter the entity's details. In Entity Type, select Partnership.
Click Next. The Year and Period Details window appears.
Enter the Year and Period Details and click Next. The Number of Partners and profit split window appears.
Enter the Number of Partners and press Tab on your keyboard. An even profit split to each of the partner's 50x 02 sub account is established. The profit calculation is automatically distributed to the partners, so you don't process any manual transactions to the profit split accounts 501 02, 502 02, etc.
If required, change the names and profit split percentages. The Remainder to be allocated must equal $0.
Click Next. The Completing the New MAS Ledger Setup Wizard window appears.
Review the details and click Finish. The Client Chart window appears for adding accounts more accounts. The Ledger is created and ready for processing.
Go to Setup > Client Files > Ledger Options. The Ledger Options window appears.
Click Profit Split. The Profit Share Accounts screen appears.
Select the appropriate account and click Details. The Profit distribution window appears with the cursor in the Percentage of Profit field.
Enter the new profit split percentage.
Press Enter on your keybard and click OK. The Profit Share Accounts window appears with the profit share percentage updated on the relevant account code.
Adding new account numbers:
Click New. The Profit distribution window appears with the cursor in the code field.
Enter the account code. If this account doesn't exist on the client, a message appears: Account not on client chart - do you wish to transfer from Master Chart?
Click Yes. The cursor moves to the Description field.
Enter the description and press Enter on your keyboard until the cursor is in the Percentage of Profit field.
Enter the profit split percentage and press Enter on your keyboard. The account details are updated.
Click OK. The Profit Distribution window appears.
Press Esc on your keyboard. The Profit Share Accounts window appears with the new profit share account and percentage.
Press Esc on your keyboard. The Ledger Options window appears.
Press Esc on your keyboard. The MAS ledger appears.At each change, the total percentage also reflects the change made to the individual accounts. This amount can never be more than 100%. When editing percentage amounts, make any percentage reduction changes before making percentage increase changes. You can't automate a specified amount to be assigned to a partner and have the remaining profit/loss distributed.