Setting up a partnership or individual ledger in AccountRight to report correctly in Statutory Reporter

In the AccountRight file, ensure the following Chart of Accounts are established so that it reports in Statutory Reporter correctly. An individual AccountRight ledger should only have one partner set up for the proprietor.

1. In the AccountRight file select Setup > Profit/Loss Distribution. The Profit/Loss Distribution window appears.
2. In the Entity Type drop-down list, select Partnership. The Partnership Entity Type displays.

3. Enter the account codes and percentage share for each partner. Individuals only need one entry for the proprietor with the Amount column to display 100%.

   Partnership Header Account	3-1000 Partners Header Account
   Retained Earning Account	3-1005 Partners Opening Balance Account
   Current Earnings Account	3-1200
   Amount	Partners Percentage Eg. 50%

1. In MYOB AE or MYOB AO, open the client and click the Client Accounting tab. The Client Accounting details open in the Trial Balance (Workpapers) tab.
2. Click Edit Configuration Details. The Client Configuration window appears.
3. In Client details, ensure that the Entity Type is Partnership or Individual and click OK. The Trial Balance (Workpapers) tab appears.
4. On the TASKS bar, click the Reports tab and click Account Groups. The Account Groups window appears.

5. Ensure the accounts are allocated against the correct group mappings.

   Code	Description	Account Group
   2-0000	Liabilities	n/a
   3-1000	Partner A	Balance Sheet\Equity\Partners' Funds
   3-1005	Opening Balance	Balance Sheet\Equity\Partners' Funds
   3-1100	Capital Introduced	Balance Sheet\Equity\Partners' Funds
   3-1200	Share of Profit	Balance Sheet\Equity\Partners' Funds
   3-1300	Drawings	Balance Sheet\Equity\Partners' Funds
   3-2000	Partner B	Balance Sheet\Equity\Partners' Funds
   3-2005	Opening Balance	Balance Sheet\Equity\Partners' Funds
   3-2100	Capital Introduced	Balance Sheet\Equity\Partners' Funds
   3-2200	Share of Profit	Balance Sheet\Equity\Partners' Funds
   3-1200	Share of Profit	Profit and Loss Statement\Appropriation\Distributions
   3-2200	Share of Profit	Profit and Loss Statement\Appropriation\Distributions

   When you print the Statutory Report, if the Share of Profit account has been allocated twice in Account Groups, you may see the message The chart of accounts contains one or more accounts that are allocated to more than one account group. Do you want to continue?.

6. If you see the message and the Share of Profit account has been allocated to Balance Sheet > Partners' Funds and Profit and Loss Statement > Appropriation, click Yes.