Using the worksheet

1. Download and open the AIM adjustments worksheet in Excel or similar software.
2. Create a new AIM statement of activity in Essentials.
3. Take the Net Profit/Loss (Field 27) as calculated from the AIM statement of activity, and enter it into the Net Profit/Loss before Adjustments field (F13) in the worksheet.
4. Enter the opening balance and closing balance of each field as per the ledger, if they exist. You may want to do a journal to enter the opening balance at the beginning of the year if this has not already been done. This will mean you only need to adjust the closing balance each time.
5. Enter the adjustment needed to the opening and closing balances for each field. The worksheet will calculate the differences and remove any GST.
6. Enter the year to date amount for each shareholder with a salary or has drawn equity from the business. The workpaper will automatically calculate the tax rate and tax to pay for each shareholder. This does not take into account if a shareholder has income from other sources which may change the tax rate. If this is the case, note this amount separately and adjust the value in the Tax on shareholders salaries field (F61).
7. Enter any Tax Withholding paid (F64). You can look up this value in my.IR for each business.
8. Now you can enter each adjustment into the AIM statement of activity in your MYOB software, as well as the shareholders salary amount. The total AIM payment or refund in the form should match the worksheet.