What are the default accounts lists for each business type?All accounts lists provided by MYOB Essentials include the same set of standard accounts, plus some extra accounts tailored for the specific business type. For example, a business that sells products will have a Cost of Sales account for Raw Materials, and a business involved in agriculture will have an expense account for Pesticide. System accountsSystem accounts are required by MYOB Essentials, and will be created even if you choose not to use one of the accounts lists provided by MYOB Essentials. You can’t delete these accounts. - Asset accounts: ABN withholding credits, Accounts receivable
- Liability accounts: ABN withholdings payable, Accounts payable, GST collected, GST paid, PAYG withholdings payable, Payroll deductions, Superannuation payable
- Equity accounts: Income tax, Historical balancing, Retained earnings, Current year earnings
- Expense accounts: Discounts given, Superannuation expense, Wages & salaries, Discount received.
Standard accounts listAll accounts lists provided by MYOB Essentials include the following accounts, plus additional accounts depending on the business type: Account type | Accounts included |
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| Asset | - Banking accounts: Cheque account, Petty cash, Savings account
- Current Assets accounts: ABN withholding credits, Accounts receivable
Fixed Assets accounts: Furniture & fittings, Motor vehicles, Office equipment & computers, Plant & equipment.
| Liability | | Equity | | | Expense | - Accounting fees, Advertising, Bank charges, Discounts given, Electricity & gas, Insurance, Interest paid, Internet, Lease of equipment, Motor vehicle expenses, Office supplies, Postage & courier, Printing & stationery, Rates, Rent, Repairs & maintenance, Sub contractors, Sundry expenses, Superannuation expense, Telephone, Travel & accomodation, Wages & salaries, Water, Work cover insurance.
| Other Income | - Discount received, Interest income, Other income.
| Other Expense | |
Additional accounts for each business typeIn addition to the standard set of accounts, the accounts list for each business type includes the following accounts: | Business type | Includes... |
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I sell products | - Income accounts for Sales
- Cost of Sales accounts for Freight, Packaging, Purchases and Raw material.
| I sell services | - Income accounts for Fee income and Licensing income
| I sell products & services | - Income accounts for Sales, Fee Income and Licensing Income
- Cost of Sales accounts for Freight, Packaging, Purchases and Raw material.
| I work in building & construction | - Income account for Construction, Renovation income and Service & repair income
- Cost of Sales accounts for Building contract insurance, Building material, Contractor costs, Freight, Hire of equipment.
| I work in agriculture | - Income accounts for Grain income, Livestock income, Produce income
- Cost of Sales accounts for Feed, Fertiliser, Freight, Pesticides, Purchase of livestock and Seed
- Expense accounts for Breeding expenses, Feed, Fertiliser, Pesticides and Veterinary
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