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Use the Define Income Allocation function to allocate the percentage of distribution to beneficiaries without having to manually enter journals.

Income Allocation accounts

For all entities, check that the correct Income Allocation accounts are set up in MYOB Ledger.

Use the following tables to check the correct accounts to use.

...

title	Accounts GL: Income Allocation Accounts

...

Accounts

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

System Account

...

Company

...

Partnership

...

Individual

...

Trust Other

...

Unit Trust

...

Association

...

Super Fund

...

Retained earnings

...

528

...

1.585

...

1.585

...

528

...

528

...

528

...

528

...

Current Year Earnings

...

1000

...

1.590

...

1.590

...

1000

...

1000

...

1000

...

1000

...

title	MAS GL: Income Allocation Accounts

...

MAS

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

System Account

...

Company

...

Partnership

...

Individual

...

Trust Other

...

Unit Trust

...

Association

...

Super Fund

...

Retained earnings

...

638

...

50100

...

50100

...

50001

...

50001

...

638

...

55001

...

Current Year Earnings

...

639

...

50102

...

50102

...

50002

...

50002

...

639

...

55002

...

title	AO Classic GL: Income Allocation Accounts

...

AO Classic General Ledger

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

GL Codes

...

System Account

...

Company

...

Partnership

...

Individual

...

Trust Other

...

Unit Trust

...

Association

...

Super Fund

...

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

Defining partners

If your client is a partnership, you need to define:

each partner
the partnership income allocation in MYOB Ledger to set the percentage of profit that is to be distributed to each beneficiary.

UI Expand

title	To define partners

On the TASKS bar, click Launch AE/AO Ledger.
Click Settings > Income Allocation. The Income Allocation window appears.
Click Manager Owners.
Click the drop-down arrow.
Check each owner and, using the Income Allocation Accounts table above, check that the correct retained earnings and CYE accounts are used.

UI Expand

title	To define partnership income allocation

On the TASKS bar, click Launch AE/AO Ledger.
Click Settings > Income Allocation.
To display the owners, click the drop-down arrow next to the current period.
Enter each partner and their partnership (equity) share.
Click Save. This sets the percentage of profit that is to be distributed to each beneficiary.
UI Text Box
type note
Different distribution percentages can be allocated for different periods.
To add a new period allocation:
1. Click Add Allocation.
2. Enter the financial year from which the new allocation is effective.
3. From the drop-down list, select the beneficiary and allocate the percentage.
  UI Text Box
  type note
  The percentage total must be 100%.
  Client Accounting automatically creates a distribution journal and allocates profit to the beneficiaries.

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Module 2. Set up an Asset Register

Module 3. Add current-year data

Module 4. Substantiate balances

Module 5. Produce financial statements

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Deleting a client in AO (AU)

Deleting a client in AO Classic

Deleting clients in Practice Manager (AE)

Deleting a client (NZ AE, AU)

Closing a client (NZ, AU)

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MYOB Essentials or AccountRight Live

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AccountRight Live