This support note applies to:
- AE Statutory Reporter (NZ)
- Workpapers (NZ)
MYOB Client Accounting 5.4.26 introduces three new Milk/Wool Production Trading Account reports now available in MYOB Statutory Reporter.
The tasks below will walk you through how to:
- Set up your Chart of Accounts for Milk/Wool trading.
- Produce Milk/Wool Production Trading Account reports.
Set up your Chart of Accounts for Milk/Wool trading
- Open your client's Client Accounting tab and from the TASKS bar, click Manage Accounts.
Establish a header account by editing the Account name to provide an appropriate description for the following accounts:
MAS AO General Ledger Code Description Code Description 167/00 Supply Account Name/Dairy Unit Name 010/00 Dairy Produce 168/00 Supply Account Name/Dairy Unit Name 020/00 Wool Produce 169/00 Supply Account Name/Dairy Unit Name
Create subaccounts for each profit and loss item related to the supply or unit. Repeat this step for each supply/unit account. For example:
MAS AO General Ledger Code Description Code Description 167 Milk/Wool Production 010 Dairy Produce 167/01 April 010/01 July 167/02 May 010/02 August 167/03 June 010/03 September 167/04 July 010/04 October 167/05 August 010/05 November 167/06 September 010/06 December 167/07 October 010/07 January 167/08 November 010/08 February 167/09 December 010/09 March 167/10 January 010/10 April 167/11 February 010/11 May 167/12 March 010/12 June
Click Submit to save your changes.
Produce Milk/Wool Production Trading Account reports
Before you print or preview your reports, you'll need to give your reports a name and if required, map the farm production accounts to the appropriate account groups.
- Open Statutory Reporter by clicking on the Reports tab of Client Accounting.
- Select the Milk/Wool Production Trading Account 1 report and click Rename Reports located on the TASKS bar.
- Type the new report name and click OK to save. For example, Wool Production Trading Account.
Repeat steps 2 and 3 for the reports Milk/Wool Production Trading Account 2 and 3 as required.
This report can also be changed at a Practice Level via the Maintenance menu > Client Accounting > Practice Report Settings.
- From Statutory Reporter, click Account Groups located on the TASKS bar.
- In the Account Group Details column, navigate to Profit or Loss statement > Farming > Milk or Wool Production.
- Right-click the account group name you would like to change and select Rename account group.
From the Rename Account Group window, type in the description to be displayed in the Farm Trading Account.This cannot be changed at a practice level.
- From the Account Groups window, map any unallocated supply/dairy unit Profit and Loss accounts to Profit or Loss Statement > Farming > Milk or wool production.
- Then click OK to save.
- In Statutory Reporter, ensure the Milk/Wool Production Trading Account reports are selected, and the Layout and Period dates selected are correct.
- Once you are ready to view the financial statements, click Preview Reports.