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MYOB Essentials

Accounts: Other asset clarifications

Trevor_Crisp

2Posts

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2 Posts
Partner
Australia

The Assts list is restricted to current assets and fixed assets

 

There are other categories which need to be in the list as there are assets that are not "current" or Fixed

 

Understanding that this is supposed to be simple software, please add a category of "Other Assets"

 

 

"Chart of accounts"

2 Comments
Ultimate Partner DuncanS
1,684 Posts
Ultimate Partner

Trevor,

 

Current Assets are those that last less than 12 months.

Non-Current Assets are those that last more than 12 months.

The same definition applies to Current and Non - Current Liabilities.

 

Accounting Standards require the above categories.

 

With Current and Non - Current you can have Sub-Headings.

 

By example, Current Assets have a Sub-Heading Cash Assets which then lists the entity's Bank Accounts.

With a Loan over say 48 months, it is necessary to have 12 months of payments as a Current Liability and the balance as a Non - Current Liability.

 

Those Tax Agents who belong to Professional Bodies are required to adhere to Accounting Standards.

 

Hope this helps.

 

Duncan

 

 

 

 

MYOB Moderator Steven_M
29,145 Posts
MYOB Moderator

Hi Everyone


MYOB Essentials allows for the user to add header accounts in to your accounts to further classify your accounts and for reporting reasons.