Setting up a partnership or individual ledger in AccountRight to report correctly in Statutory Reporter
This support note applies to:
AE Statutory Reporter (NZ)
AO Workpapers (AU)
AE Statutory Reporter (AU)
Article ID: 38197
In MYOB Accountants Enterprise (AE) or Accountants Office (AO) Statutory Reporter, you can generate reports for apartnership or individual from the data contained in the underlying AccountRight ledger. These three procedures will make sure the partnership or individual ledger in AccountRight is set up to report correctly in Statutory Reporter.
To set up the Chart of Accounts
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.
Account Type
Code
Description
Header
3-0000
Equity
Header
3-1000
Partner A
Detail
3-1005
Opening Balance
Detail
3-1100
Capital Introduced
Detail
3-1200
Share of Profit
Detail
3-1300
Drawings
Header
3-2000
Partner B
Detail
3-2005
Opening Balance
Detail
3-2100
Capital Introduced
Detail
3-2200
Share of Profit
Detail
3-2300
Drawings
Detail
3-8000
Retained Earnings
Detail
3-9000
Current Year Earnings
Detail
3-9999
Historical Balancing
To set up the profit and loss distribution in AccountRight
In the AccountRight file select Setup > Profit/Loss Distribution. The Profit/Loss Distribution window appears.
In the Entity Type drop-down list, select Partnership. The Partnership Entity Type displays.
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%
To map partner accounts to the Account Groups
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.
Click Edit Configuration Details. The Client Configuration window appears.
In Client details, ensure that the Entity Type is Partnership or Individual and click OK. The Trial Balance (Workpapers) tab appears.
On the TASKS bar, click the Reports tab and click Account Groups. The Account Groups window appears.
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?.
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.
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