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rossmyhill1's avatar
rossmyhill1
Contributing User
5 years ago

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

Hi,   I'm using MYOB advisor and for the most part it's pretty good.   One thing I'm struggling with though - we need the ability to map the client's income and expense accounts to the balance sh...
AlanT's avatar
AlanT
Ultimate Partner
5 years ago

Hi rossmyhill1 

 

Dividends paid by a company to their share holders are not an expense and should not be included in the profit & loss.  They are a distribution of profits and should be in the Equity section of the balance sheet.

 

Regards,

 

AlanT

rossmyhill1's avatar
rossmyhill1
Contributing User
5 years ago

Hi Alan,

 

I'm well aware of that (I am an accountant).

 

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.

 

Ross

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