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https://help.myob.com/wiki/x/ggWEAQ
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.
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:
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 |
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
Account Code | ||||
---|---|---|---|---|
Account Description | Company | Partnership | Individual | Trust Other |
GST Collected | 630/01 | 630/01 | 630/01 | 630/01 |
GST Paid | 630/02 | 630/02 | 630/02 | 630/02 |
Retained earnings | 949 | 949 | 949 | 949 |
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 |
For information on how to customise your chart of accounts, see Managing accounts.