This support note applies to:
- AE Accounts (AU)
In MYOB Accountants Enterprise (AE) Accounts, if you experience anomalies in reports you may need to perform the verify ledger process to recalculate the balances.
When the entity type is a Trust or Superannuation Fund, you also need to enter the allocation of profit or loss for the periods within the open years of the ledger.
- Open the AE Accounts ledger and from the Tools menu select Verify Ledger. The Accounts - Verify Ledger wizard screen appears.
- Select Make a Backup Now and click Next. The "Performing integrity check on ledger…" message appears.
- Click Next. Depending on the entity type and the set up of the ledger, the screen appears to enter the allocation of profit or loss. Where the screen does not appear to enter the allocation of profit or loss, go to step 5.
For annual ledgers where there is a profit, allocate the profit to each beneficiary and press ENTER. For annual ledgers where there is a loss, allocate $0 to the first beneficiary or partner then press ENTER. The system shows the message "$0.00 allocated. Are you sure?" Select Yes. The verification process is completed.
For periodic ledgers, where the period is within a financial year that makes a profit, for each period except for the final period allocate the amount showing to the first beneficiary or partner as a positive value, regardless of it being a profit or loss. For the final period allocate the profits as applicable to each beneficiary.
Where the period is within a financial year that makes a loss, for each period allocate $0 to the first beneficiary or partner, regardless of it being a profit or loss. The system will show the message "$0.00 allocated. Are you sure?" Select Yes.
- Click Finish. The Accounts ledger balances have recalculated.
MYOB INTERNAL STAFF ONLY
Where the financial year has made a profit means that for each period, the amount for each period is to be distributed to the first beneficiary except for the last period.
The December 07 quarter showed a loss of $20462.21 and the March '08 quarter showed a profit of $15000. Through Verify Ledger, you'll need to allocate $20462.21 (not -20462.21) for December '07 and 15000 for March 08. The final quarter's distributions is what will appear on the Balance Sheet.
For 2007 where the financial year has made a loss, this means that for each period you'll need to distribute zero. With the 2007 year showing an overall loss, say the December 06 quarter showed a loss of $20462.21 and the March 07 quarter showed a profit of $15000. Through Verify Ledger, allocate $0 for December 06 and $0 for March 07.