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Do not delete this page - MYOB Practice navigates to it from within the product


On the Financial reports page, you can produce reports to show the financial activity of an entity. Data for the financial reports come from the underlying ledger. You can navigate to different pages such as balance sheet or income statement, and edit paragraphs in the pages like notes to the financial statement and compilation report.

To access financial reports
  1. Open a client and click Compliance on the menu bar.
  2. Select the tax return that you want to work on.
  3. Click the Financial reports tile.
Financial reports functions
Function
Description

Select to open a new browser tab and enter non-financial data like client details, addresses, and important dates. To change details, go to AE/AO.

Select the page name to go to page you want to see. You can edit any report that has paragraphs.

 

We've included default Accounting policies and other notes to your report.

Select Show optional policies/Hide optional policies to see/hide the full list.

Click the plus icon () to add the accounting policies to the Notes to the Financial statements.

To remove any policies, select the cross icon ().

Click the plus icon() to add the Other notes to the Disclosure notes.
To remove any notes, select the cross icon ()

To go back to the default options, select Reset to default selections.

Rounding balances

You can round the amounts in the financial statements to the nearest whole number.

For example, 1162.56 is rounded up to 1163, and 345.23 is rounded down to 345.

To turn on rounding for your reports

  1. Select Options in the panel on the right of the page, and select Rounded balances.

    By default, Balances only is selected. This option applies rounding, but doesn't display adjustments.
  2. To display the adjustment amounts, select Balances with adjustments.


Examples

When Rounded balances is not selected, amounts are rounded to the decimal amount:

When Rounded balances is selected with Balances only, amounts are rounded to the whole number:

When Rounded balances is selected with Balances with adjustments, amounts are rounded up or down to the whole number, and the Rounding adjustment row is displayed:

To see the sub-accounts

In the Balance sheet, you can hover over an account and click on it to see what the amount is made up of.

For example, click 20,477 to find out the sub-accounts for Other current assets. It also shows any documents or workpapers attached to that account.

 

You can add a logo to the cover page of your financial report. Logos are added in Portal. See Logos on financial reports.

To edit paragraphs

We've provided default paragraphs for the reports but you can edit the paragraphs to customise for your practice. The changes will apply to that client only.

  1. Under Contents, select the report you want to edit.
  2. To start editing, click anywhere in the paragraph.

  3. To merge fields from the ledger data or from the contacts, type { and select from the list of fields.

  4. Make your changes and click Save.

To restore to default paragraphs

If you see an information icon in a paragraph, it means it's been edited. To remove your changes and reset to the default paragraphs, click on it and select Reset to default.

Viewing reports in PDF

To download the reports in pdf, click View reports (PDF) on the page.