Fields in the General Ledger & Checkbook Linked Accounts window

Fields in this window

General Ledger & Checkbook Linked Accounts window

Equity Account for Current Earnings

This field displays the number of the account that tracks the increase in your business’s equity during the current fiscal year. The amount assigned to this account is determined by subtracting the balances of all cost of sales and expense accounts from the balance of all income accounts (current earnings = income - cost of sales - expenses). In MYOB Accounting Plus documentation, this account is referred to as your Current Year Earnings account.

Equity Account for Retained Earnings

This field displays the number of the account that tracks the increase in your business’s equity during its lifetime, not including the current fiscal year. When a new fiscal year is begun, the current earnings account’s balance is added to the balance of this account. In MYOB Accounting Plus documentation, this account is referred to as your Retained Earnings account.

Equity Account for Historical Balancing

This field allows you to enter an account that tracks the difference in the opening balances you entered for your asset accounts and the opening balances you entered for your liability and equity accounts. If, for example, the opening balance of all your asset accounts is $100,000, and the total balance of all your liability and equity accounts is only $95,000, the remaining $5,000 will be assigned to this account. To ensure your business records are accurate, this account’s balance should be zero.

In MYOB Accounting Plus documentation, this account is referred to as your Historical Balancing account.

Checking Account for Undeposited Funds

This field allows you to enter an undeposited funds account into which individual cash-receipts transactions are recorded -- not directly to your checking or credit card accounts. After you’ve grouped all of the Receive Money transactions you wish, you can then make a bank deposit which will include the group of Receive Money transactions you select. Using this method, a single bank deposit transaction will appear on your bank or credit card statement in place of many Receive Money transactions. The linked account must be a Detail Checking account.

In MYOB Accounting Plus documentation, this account is referred to as your Undeposited Funds account.

Account for Currency Gains/Losses

If you use Mulitcurrency, there is the potential for changes in the exchange rate between currencies to affect the value of your transactions and accounts. This potential is referred to as an unrealized gain or loss. Some—but not all—companies need to account for unrealized gains and losses; consult your accountant if you’re unsure whether you need to track this information for your business.

This field allow you to enter an account for unrealized currency gains or losses.

In MYOB Accounting Plus documentation, this account is referred to as your Currency Gain Loss account.

OK button

Click this button to accept the entries you’ve made in this window.

*Equity Account for Current Earnings*	This field displays the number of the account that tracks the increase in your business’s equity during the current fiscal year. The amount assigned to this account is determined by subtracting the balances of all cost of sales and expense accounts from the balance of all income accounts (current earnings = income - cost of sales - expenses). In MYOB Accounting Plus documentation, this account is referred to as your Current Year Earnings account.
*Equity Account for Retained Earnings*	This field displays the number of the account that tracks the increase in your business’s equity during its lifetime, not including the current fiscal year. When a new fiscal year is begun, the current earnings account’s balance is added to the balance of this account. In MYOB Accounting Plus documentation, this account is referred to as your Retained Earnings account.
*Equity Account for Historical Balancing*	This field allows you to enter an account that tracks the difference in the opening balances you entered for your asset accounts and the opening balances you entered for your liability and equity accounts. If, for example, the opening balance of all your asset accounts is $100,000, and the total balance of all your liability and equity accounts is only $95,000, the remaining $5,000 will be assigned to this account. To ensure your business records are accurate, this account’s balance should be zero. In MYOB Accounting Plus documentation, this account is referred to as your Historical Balancing account.
*Checking Account for Undeposited Funds*	This field allows you to enter an undeposited funds account into which individual cash-receipts transactions are recorded -- not directly to your checking or credit card accounts. After you’ve grouped all of the Receive Money transactions you wish, you can then make a bank deposit which will include the group of Receive Money transactions you select. Using this method, a single bank deposit transaction will appear on your bank or credit card statement in place of many Receive Money transactions. The linked account must be a Detail Checking account. In MYOB Accounting Plus documentation, this account is referred to as your Undeposited Funds account.
*Account for Currency Gains/Losses*	If you use Mulitcurrency, there is the potential for changes in the exchange rate between currencies to affect the value of your transactions and accounts. This potential is referred to as an unrealized gain or loss. Some—but not all—companies need to account for unrealized gains and losses; consult your accountant if you’re unsure whether you need to track this information for your business. This field allow you to enter an account for unrealized currency gains or losses. In MYOB Accounting Plus documentation, this account is referred to as your Currency Gain Loss account.
*OK button*	Click this button to accept the entries you’ve made in this window.