Partnerships and sole traders

Accountants Enterprise in Australia only

Changes in statutory and legislative requirements may arise throughout the year. Although these sample accounts are correct at the time of printing, it is important to review and add to or alter accounts to meet any change in requirements.

This section provides an overview of the financial reports included in the MYOB Masters for a partnership or sole trader. It is recommended that you review Producing financial reports on page 12 for general information that applies to producing financial reports for all entity types.

Financial reports must be thoroughly checked after printing to ensure that correct and full disclosure has been made and that the wording in all reports is appropriate for the client's circumstances.

Two sets of financial reports have been provided:

• #Partnership / Sole Trader (Reporting and Non-reporting)

• #Partnership / Sole Trader Non Compliance all Balance Sheet Notes.

Included in the report #Partnership / Sole Trader are:

• Cover page and contents page (where the cover page is optional)

• Income statement or Statement of comprehensive income

• Balance sheet

• Statement of cash flows (optional)

• Statement of changes in equity (optional)

• Statement of significant accounting policies Note 1

• First time adoption of AIFRS (optional)

• Notes to the financial statements

• Partners’ or proprietor's declaration

• Audit report or compilation report

• Management reports (optional)

• Detailed profit and loss statement

• Detailed rental statement

• Detailed livestock and farm income statement

• Statement of financial ratio or 5 year trend

• Departmental trading statement.

#Partnership / Sole Trader Non Compliance all Balance Sheet Notes are based on partnership/sole trader non-reporting requirements with the production of a separate note for each Balance Sheet category.