Producing Milk/Wool Production Trading Account reports in Statutory Reporter

This support note applies to:

AE Statutory Reporter (NZ)
Workpapers (NZ)

Article ID: 39065

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:

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

Set up your Chart of Accounts for Milk/Wool trading

To set up your Chart of Accounts

Open your client's Client Accounting tab and from the TASKS bar, click Manage Accounts.

Establish a header account by editing the Account name to provide an appropriate description for the following accounts:

MAS		AO General Ledger
Code	Description	Code	Description
167/00	Supply Account Name/Dairy Unit Name	010/00	Dairy Produce
168/00	Supply Account Name/Dairy Unit Name	020/00	Wool Produce
169/00	Supply Account Name/Dairy Unit Name

Create subaccounts for each profit and loss item related to the supply or unit. Repeat this step for each supply/unit account. For example:

MAS		AO General Ledger
Code	Description	Code	Description
167	Milk/Wool Production	010	Dairy Produce
167/01	April	010/01	July
167/02	May	010/02	August
167/03	June	010/03	September
167/04	July	010/04	October
167/05	August	010/05	November
167/06	September	010/06	December
167/07	October	010/07	January
167/08	November	010/08	February
167/09	December	010/09	March
167/10	January	010/10	April
167/11	February	010/11	May
167/12	March	010/12	June

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

Open Statutory Reporter by clicking on the Reports tab of Client Accounting.
Select the Milk/Wool Production Trading Account 1 report and click Rename Reports located on the TASKS bar.
Type the new report name and click OK to save. For example, Wool Production Trading Account.
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

From Statutory Reporter, click Account Groups located on the TASKS bar.
In the Account Group Details column, navigate to Profit or Loss statement > Farming > Milk or Wool Production.
Right-click the account group name you would like to change and select Rename account group.
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

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.
Then click OK to save.
In Statutory Reporter, ensure the Milk/Wool Production Trading Account reports are selected, and the Layout and Period dates selected are correct.
Once you are ready to view the financial statements, click Preview Reports.