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Article ID: 39065

Accountants Office Suite
Accountants Enterprise Suite
New Zealand
AE Statutory Reporter (NZ)
Workpapers (NZ)

ARTICLE LAST UPDATED: 17/01/2018 3:07:00 PM

MYOB Client Accounting 5.4.26 introduces three new Milk/Wool Production Trading Account reports now available in MYOB Statutory Reporter.

The tasks below will walk you through how to:

  1. Set up your Chart of Accounts for Milk/Wool trading.
  2. Produce Milk/Wool Production Trading Account reports.

Set up your Chart of Accounts for Milk/Wool trading

To set up your Chart of Accounts
  1. Open your client's Client Accounting tab and from the TASKS bar, click Manage Accounts.
  2. Establish a header account by editing the Account name to provide an appropriate description for the following accounts:

    MASAO General Ledger
    CodeDescriptionCodeDescription
    167/00Supply Account Name/Dairy Unit Name010/00Dairy Produce
    168/00Supply Account Name/Dairy Unit Name020/00Wool Produce
    169/00Supply Account Name/Dairy Unit Name 
  3. Create subaccounts for each profit and loss item related to the supply or unit. Repeat this step for each supply/unit account. For example:

    MASAO General Ledger
    CodeDescriptionCodeDescription
    167Milk/Wool Production010Dairy Produce
    167/01April010/01July
    167/02May010/02August
    167/03June010/03September
    167/04July010/04October
    167/05August010/05November
    167/06September010/06December
    167/07October010/07January
    167/08November010/08February
    167/09December010/09March
    167/10January010/10April
    167/11February010/11May
    167/12March010/12June
  4. Click Submit to save your changes.

Produce Milk/Wool Production Trading Account reports

Before you print or preview your reports, you'll need to give your reports a name and if required, map the farm production accounts to the appropriate account groups.

To rename the Milk/Wool Production Trading Account reports
  1. Open Statutory Reporter by clicking on the Reports tab of Client Accounting.
  2. Select the Milk/Wool Production Trading Account 1 report and click Rename Reports located on the TASKS bar.
  3. Type the new report name and click OK to save. For example, Wool Production Trading Account.
  4. Repeat steps 2 and 3 for the reports Milk/Wool Production Trading Account 2 and 3 as required.
     

    This report can also be changed at a Practice Level via the Maintenance menu > Client Accounting > Practice Report Settings.
To rename the Account Groups
  1. From Statutory Reporter, click Account Groups located on the TASKS bar.
  2. In the Account Group Details column, navigate to Profit or Loss statement > Farming > Milk or Wool Production.
  3. Right-click the account group name you would like to change and select Rename account group.
  4. From the Rename Account Group window, type in the description to be displayed in the Farm Trading Account.

    This cannot be changed at a practice level.
To map accounts to the appropriate Account Groups
  1. From the Account Groups window, map any unallocated supply/dairy unit Profit and Loss accounts to Profit or Loss Statement > Farming > Milk or wool production.
  2. Then click OK to save.
  3. In Statutory Reporter, ensure the Milk/Wool Production Trading Account reports are selected, and the Layout and Period dates selected are correct.
  4. Once you are ready to view the financial statements, click Preview Reports.