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MYOB AE "accounts"

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Partner Sally-lu
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MYOB AE "accounts"

I am working on a Super Fund in MYOB AE accounts (not client accounting) and have found that the system is automatically allocating the members' tax according to the profit allocation. How do I manually over-ride this as it doesn't work if there's contributions involved, or it's a pension account.

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MYOB Moderator MattN
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MattN
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Re: MYOB AE "accounts"

Hi  @Sally-lu

 

Thanks for your post, and welcome to the MYOB Community Forum - we hope you find it a valuable resource!

 

There are times when you need to manually adjust the share of income tax for the various members, for example when Member 1 (M1) is in the accumulation phase (so income is not taxable) and Member 2 (M2) is in the pension phase (so income is taxable). In this scenario M1 is allocated a share of the income and all income tax expense and M2 is allocated a share of the income and no income tax expense.

 

From here a manual journal is required to be entered between the two 603 (Income Tax) accounts of M1 and M2.

 

For example if the income tax has been distributed between M1 and M2 equally (assume in this case it is $1,000) and assuming the income tax accounts of M1 and M2 are 1/1.603 and 1/2.603 respectively meaning 1/2.603 is overstated. You would need to re-allocate the $1,000 in M2's income tax to M1's income tax (i.e. Dr M1 and Cr M2). Note in this example that they are sub-accounted. This will be reflected in the share of income tax in Reporter which checks the 603 account.


cheers,

Matt
Product and Technical Specialist
Practice Solutions
MYOB Australia Pty Ltd
Partner Sally-lu
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Sally-lu
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Re: MYOB AE "accounts"

Thank you! So easy when you know how. Smiley Happy

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