MYOB Essentials Trust Retained Earnings showing equal to Current Year Earnings after distribution in AE Statutory Reporter

Contributing User Yvonnev
5 Posts
Contributing User
Australia
Yvonnev
Contributing User

5Posts

1Kudos

0Solutions

MYOB Essentials Trust Retained Earnings showing equal to Current Year Earnings after distribution in AE Statutory Reporter

Having a bit of trouble understanding why AE Statutory Reporter under AE Client Accounting/Reports tab is not calculating correct closing balance for retained earnings as Nil for a Trust. Client Type under Extra tab is selected to Trust, so there is no issue here with entity type.  

 

The issue in detail is: 

New client obtained that uses Essentials. Prior year accounts are correct. In Essentials, accounting profit is present in Trust, Other Expense account created to Distribute Profit to the beneficiary loan account in Liability section. After distribution journal PL shows Nil current year profit, as it all is distributed. Balance Sheet equity section shows only the settlement sum of the Trust and the correct amounts are shown in beneficiary loan account for share of profit. All is great and showing right values etc in Essentials. 

 

Moving onto linking the Essentials accounts to AE Statutory Reporter under Client Accounting/Reports tab. Go through the Account Group section to allocate all relevant accounts to their BS and PL sections. Preview the report, PL correctly shows profit available for distribution and amounts distributed. BS however, is showing Retained Earnings equal to the amount of current year distribution available (same for the prior year comparative). But i have just distributed everything and the PL in reporter was correct and so is the Essentials file the data is being sourced from.

 

I have tried everything from moving accounts from one section of the Account Group to another, changing the distriution account from Other Expense vise-versa with Equity, etc,  but this BS out of balance is not going away. 

 

Is there a known error in the latest MYOB AE 2017 that is causing this or am I doing this wrong? I have another trust that has the SAME setup of chart of accounts, distribution accounts, Account Group allocations and the statutory reports are producing fine without any balancing errors. 

 

Please help as there is no KB article, training file etc that addresses this issue that i can find. 

1 REPLY
MYOB Moderator MattN
643 Posts
MYOB Moderator
Australia
MattN
MYOB Moderator

643Posts

74Kudos

81Solutions

Re: MYOB Essentials Trust Retained Earnings showing equal to Current Year Earnings after distribution in AE Statutory Reporter

Hi @Yvonnev

 

Thanks for the detailed question.

 

This one is a bit tricky - if you haven't already, its probably quicker to give our support team a call on 1300 555 666.  One of our team will be able to work with you to resolve the issue.

 


cheers,

Matt
Practice Solutions Product Specialist
MYOB Australia Pty Ltd
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