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If you migrate or create an MYOB ledger, we recommend that you take a look at your Chart of Accounts.

Check that you have all the accounts you need to get started and that each account has the correct tax code. There's no need to worry if you don't know exactly what accounts you need to create this year. You can add them in later. The most important thing is that you have set up your System and Share of Profit accounts.

To view your chart of accounts

On the TASKS bar, click the Manage Accounts button. The Manage Accounts window appears. In this window you can add, edit or delete accounts.

If you have...

Then your Chart of Accounts contains...

Migrated to MYOB ledger

The Chart of Accounts contains the same accounts as your MAS, Accounts or AO Classic General Ledger.

Created a new MYOB ledger

The ledger template selected contains a default set of accounts to help you get started.

To make the reporting process easier at the end of the year, we recommend the following setup:

If you are using an Accounts chart of accounts...
 

Account Code

 Account Description

Company

Partnership

Individual

Trust Other

Unit Trust

Association

Super Fund

GST Collected

940

940

940

940

940

940

940

GST Paid

892

892

892

892

892

892

892

Retained earnings

528

1.585

1.585

528

528

528

528

Current Year Earnings

1000

1.590

1.590

1000

1000

1000

1000

Allocate Me (Withdrawal)

998-01

998-01

998-01

998-01

998-01

998-01

998-01

Allocate me (deposit)

998-02

998-02

998-02

998-02

998-02

998-02

998-02

Historical Balancing

998-03

998-03

998-03

998-03

998-03

998-03

998-03

If you are using an AO Classic General Ledger chart of accounts...

Australia

 

 Account Code

Account Description

Company

Partnership

Individual

Trust Other

Unit Trust

Association

Super Fund

GST Collected

908/01

908/01

908/01

908/01

908/01

908/01

908/01

GST Paid

908/02

908/02

908/02

908/02

908/02

908/02

908/02

Retained earnings

638

501/00

501/00

500/01

500/01

638

550/01

Current Year Earnings

639

501/02

501/02

500/02

500/02

639

550/02

Allocate Me (Withdrawal)

968/01

968/01

968/01

968/01

968/01

968/01

968/01

Allocate me (deposit)

968/02

968/02

968/02

968/02

968/02

968/02

968/02

Historical Balancing

968/03

968/03

968/03

968/03

968/03

968/03

968/03

New Zealand

 

NZ Entity Types

System Account

Company

Partnership

Trust

Individual

Club or Society

GST Collected

630/01

630/01

630/01

630/01

630/01

GST Paid

630/02

630/02

630/02

630/02

630/02

GST input tax adjustment

630/11

630/11

630/11

630/11

630/11

GST output tax adjustment

630/06

630/06

630/06

630/06

630/06

Retained earnings

949

501/01

949

501/01

949

Current year earnings

948

501/02

948

501/02

948

Allocate me (withdrawal)

989/01

989/01

989/01

989/01

989/01

Allocate me (deposit)

989/02

989/02

989/02

989/02

989/02

Historical Balancing

989/03

989/03

989/03

989/03

989/03

If you are using a MAS chart of accounts...

Australia

 

Account Code

System Account

Company

Partnership

Individual

Trust Other

Unit Trust

Association

Super Fund

GST Collected

892

892

892

892

892

892

892

GST Paid

891

891

891

891

891

891

891

Retained earnings

638

50100

50100

50001

50001

638

55001

Current Year Earnings

639

50102

50102

50002

50002

639

55002

Allocate Me (Withdrawal)

96801

96801

96801

96801

96801

96801

96801

Allocate me (deposit)

96802

96802

96802

96802

96802

96802

96802

Historical Balancing

96803

96803

96803

96803

96803

96803

96803

New Zealand

 

NZ Entity Types

System Account

Company

Partnership

Trust

Individual

Club or Society

GST Collected

851

851

851

851

851

GST Paid

850

850

850

850

850

GST input tax adjustment

85301

85301

85301

85301

85301

GST output tax adjustment

85302

85302

85302

85302

85302

Retained earnings

638

50100

50000

50100

638

Current year earnings

639

50102

50002

50102

639

Allocate me (withdrawal)

90701

90701

90701

90701

90701

Allocate me (deposit)

90702

90702

90702

90702

90702

Historical Balancing

90703

90703

90703

90703

90703