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. The entity type determines the profit split accounts allocated and this is reflected in the financial reports. The profit distribution account for a Superannuation Fund is 550 02.
To maintain a MAS ledger for a Superannuation Fund entity:
- Establish the ledger as a Superannuation Fund to automatically set the required profit split account information.
- Identify the profit or loss amount. After you have completed data processing for the financial year you need to identify the profit amount to perform a journal entry to distribute the profit to the individual beneficiaries.
- Perform a profit distribution journal.
- Open System Release and go to File > New. The Select new object to create window appears.
- Click Item. The New Item Properties window appears with the cursor in Client:.
- Enter the new client code and press Enter on your keyboard. The cursor moves to Type:.
- Enter MAS4 and press Enter on your keyboard. The cursor moves to Name:.
- Enter the name of the ledger and press Enter on your keyboard. The Location: filed is highlighted.
- Click the ellipsis (...). 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, view the properties of each folder until you find the folder pointing 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.
- From the Entity Type drop-down list, choose Superannuation. The Entity Type is selected.
- Click Next. The Year and Period Details window appears.
- Enter the appropriate year and period details and click Next. The Completing the New MAS Ledger Setup Wizard window appears.
- Review the details and ensure they're correct.
- Click Finish. The ledger is created and the Client Chart window appears to continue adding accounts if needed.
- Go to Reports > Trial Balance. The Trial Balance window appears.
- Click OK. The Record Selection window opens.
- Select the required options and click OK. The Print window appears.
- Click Preview. The report appears.
Note down the figure at the bottom of the report with the description Net Profit this year or Net Loss this Year.For a Superannuation Fund, you distribute a profit or a loss. Ensure to post the distribution journal with the correct signs for the profit or loss for the year.
- Press Esc on your keyboard. The MAS ledger appears.
- Go to Data > Journals > Journal Entry. The Data Entry: Journals window appears with the cursor in Period end date.
- Enter the period end date and click OK. The Journals window appears.
Process the distribution of profit or loss through member's accounts using the table below.
Profit Distribution 550 03 Distribution to members Debit 551 02 Allocated Earnings (for member 1) Credit 552 02 Allocated Earnings (for member 2) Credit 55# 02 Allocated Earnings (all required members) Credit Loss Distribution 550 03 Distribution to members Credit 551 02 Allocated Earnings (for member 1) Debit 552 02 Allocated Earnings (for member 2) Debit 55# 02 Allocated Earnings (all required members) Debit
- Click Exit & Post. The transactions are posted.