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Once you have an MYOB ledger to work with, 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.
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If you have...
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Then your Chart of Accounts contains...
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Migrated to MYOB ledger
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The Chart of Accounts contains the same accounts as your MAS, Accounts or AO Classic General Ledger.
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Created a new MYOB ledger
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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:
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| title | If you are using an Accounts chart of accounts... |
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Account Code
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Account Description
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Company
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Partnership
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Individual
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Trust Other
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Unit Trust
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Association
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Super Fund
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GST Collected
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940
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940
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940
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940
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940
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940
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940
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GST Paid
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892
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892
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892
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892
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892
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892
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892
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Retained earnings
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528
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1.585
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1.585
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528
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528
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528
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528
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Current Year Earnings
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1000
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1.590
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1.590
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1000
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1000
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1000
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1000
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Allocate Me (Withdrawal)
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998-01
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998-01
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998-01
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998-01
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998-01
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998-01
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998-01
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Allocate me (deposit)
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998-02
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998-02
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998-02
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998-02
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998-02
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998-02
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998-02
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Historical Balancing
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998-03
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998-03
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998-03
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998-03
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998-03
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998-03
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998-03
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| title | If you are using an AO Classic General Ledger chart of accounts... |
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Australia
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Account Code
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Account Description
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Company
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Partnership
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Individual
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Trust Other
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Unit Trust
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Association
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Super Fund
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GST Collected
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908/01
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908/01
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908/01
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908/01
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908/01
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908/01
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908/01
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GST Paid
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908/02
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908/02
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908/02
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908/02
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908/02
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908/02
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908/02
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Retained earnings
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638
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501/00
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501/00
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500/01
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500/01
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638
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550/01
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Current Year Earnings
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639
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501/02
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501/02
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500/02
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500/02
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639
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550/02
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Allocate Me (Withdrawal)
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968/01
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968/01
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968/01
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968/01
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968/01
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968/01
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968/01
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Allocate me (deposit)
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968/02
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968/02
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968/02
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968/02
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968/02
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968/02
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968/02
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Historical Balancing
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968/03
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968/03
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968/03
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968/03
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968/03
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968/03
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968/03
New Zealand
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NZ Entity Types
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System Account
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Company
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Partnership
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Trust
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Individual
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Club or Society
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GST Collected
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630/01
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630/01
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630/01
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630/01
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630/01
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GST Paid
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630/02
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630/02
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630/02
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630/02
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630/02
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GST input tax adjustment
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630/11
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630/11
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630/11
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630/11
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630/11
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GST output tax adjustment
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630/06
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630/06
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630/06
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630/06
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630/06
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Retained earnings
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949
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501/01
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949
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501/01
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949
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Current year earnings
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948
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501/02
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948
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501/02
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948
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Allocate me (withdrawal)
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989/01
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989/01
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989/01
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989/01
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989/01
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Allocate me (deposit)
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989/02
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989/02
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989/02
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989/02
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989/02
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Historical Balancing
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989/03
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989/03
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989/03
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989/03
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989/03
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| title | If you are using a MAS chart of accounts... |
|---|
Australia
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Account Code
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System Account
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Company
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Partnership
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Individual
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Trust Other
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Unit Trust
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Association
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Super Fund
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GST Collected
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892
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892
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892
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892
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892
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892
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892
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GST Paid
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891
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891
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891
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891
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891
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891
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891
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Retained earnings
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638
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50100
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50100
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50001
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50001
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638
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55001
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Current Year Earnings
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639
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50102
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50102
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50002
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50002
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639
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55002
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Allocate Me (Withdrawal)
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96801
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96801
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96801
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96801
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96801
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96801
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96801
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Allocate me (deposit)
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96802
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96802
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96802
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96802
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96802
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96802
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96802
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Historical Balancing
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96803
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96803
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96803
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96803
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96803
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96803
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96803
New Zealand
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NZ Entity Types
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System Account
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Company
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Partnership
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Trust
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Individual
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Club or Society
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GST Collected
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851
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851
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851
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851
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851
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GST Paid
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850
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850
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850
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850
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850
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GST input tax adjustment
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85301
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85301
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85301
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85301
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85301
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GST output tax adjustment
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85302
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85302
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85302
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85302
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85302
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Retained earnings
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638
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50100
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50000
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50100
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638
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Current year earnings
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639
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50102
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50002
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50102
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639
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Allocate me (withdrawal)
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90701
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90701
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90701
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90701
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90701
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Allocate me (deposit)
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90702
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90702
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90702
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90702
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90702
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Historical Balancing
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90703
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90703
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90703
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90703
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90703
For information on how to customise your chart of accounts, see Manage accounts (MYOB Ledger).
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