MYOB Advisor - need the ability to map income/expense accounts to the balance sheet

Question

Hi,&nbsp;I'm using MYOB advisor and for the most part it's pretty good.&nbsp;One thing I'm struggling with though - we need the ability to map the client's income and expense accounts to the balance sheet.&nbsp; I've got dividends paid sitting in other expenses (as per MYOB advice), yet I can't map it to retained earnings.&nbsp; This means the profit on the reports gets deflated by the size of any dividends paid, making the output a lot less useful.&nbsp;Making the chart of accounts mapping more flexible would quickly fix this problem.&nbsp; Please pass this onto the development team.&nbsp;Thanks,Ross

alant · Answer

Hi rossmyhill1&nbsp;&nbsp;Dividends paid by a company to their share holders are not an expense and should not be included in the profit &amp; loss.&nbsp; They are a distribution of profits and should be in the Equity section of the balance sheet.&nbsp;Regards,&nbsp;AlanT

rossmyhill1 · Answer

Hi Alan,&nbsp;I'm well aware of that (I am an accountant).&nbsp;It's the only way to get the figures to roll into retained earnings automatically at EOFY and the current recommended treatment of MYOB in structuring the chart of accounts to work properly with statutory reporter.&nbsp;Ross

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MYOB Advisor - need the ability to map income/expense accounts to the balance sheet

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