Edit Accounts window

Profile view


Account Number and Name

This field appears only when you edit an existing account or enter an account number for a new account; when you first open this window to enter a new account, this field is blank.

This field displays the number and name of the account.

Current Balance

This field displays the current balance of this account. If this is a header account, this field displays the sum of all the detail accounts assigned to it.

If this is an asset, liability or equity account, the amount shown here is the value of the account. If this is an income, expense, cost of sales, other income or other expense account, the amount shown here is the total of all activity with the account since the beginning of the current fiscal year.

If this is a detail account and you want to view more information about the account balance, click the zoom arrow. The Find Transactions window will appear, listing the transactions that make up the current balance.

If you're viewing the equity account named Current Year Earnings, the current balance displayed is your company's year-to-date profit or loss amount.

Inactive Account

Mark this option if you rarely use this account and you don't wish to see it in selection lists. If you mark the account as inactive, existing transactions won't be affected in any way and you'll still be able to enter new transactions for the account if you wish.

Only detail accounts can be marked as inactive.

When you print the Accounts List [Summary] report or Accounts List [Detail] report, you have the option to omit inactive accounts.


Header Account

Choose this selection if the account you're creating is intended to be used as a title of a group of accounts. If this selection is marked for an existing account, the account has already been designated as a header account.

Header accounts are used only for grouping accounts of a similar purpose. Typically, header accounts have detail accounts "under" them; that is, detail accounts are assigned to specific header accounts. In the list in the left-hand side of the Accounts List window, header accounts appear in bold type, and the detail accounts appear below them in plain type at the next level.

Transaction amounts can't be assigned (posted) to header accounts -- only to detail accounts. You can, however, combine the amounts of all the detail accounts under a header account and display the total amount on reports. To do this, mark the selection that appears in Edit Accounts window - Details view when a Header account is chosen -- When Reporting, Generate a Subtotal for This Section.

Header accounts aren't required in MYOB Premier Accounting, except for the eight Level 1 accounts (asset, liability, income, expense, equity, cost of sales, other income and other expense). Header accounts you create must be either Level 2 or Level 3.

Detail Account

Choose this selection if you intend to assign transactions to the account you're creating. If this selection is marked for an existing account, the account has already been designated as a detail account.

Each detail account is assigned to the header account that appears directly above it in the list on the left side of the Accounts List window. Detail accounts appear in plain type, and header accounts appear in bold type.

Transaction amounts can be assigned (posted) to detail accounts; that is, when you enter a transaction in Premier Accounting, you can enter the number of a detail account. The amount of the transaction will then be included in the balance of the detail account.

Detail accounts can be Level 2, Level 3 or Level 4.

Note: The equity account named Current Year Earnings is a detail account, but it can't have transactions assigned to it.

Account Classification

If you're viewing an existing account's information, the account's classification appears here and is view-only. If you're creating a new account, this field is blank until you select the Account Type; then the classification that corresponds to the selected type appears.

Each account in an MYOB Premier Accounting accounts list is assigned a unique number that consists of a one-digit prefix and four-digit number. The prefix is a fixed number that's assigned to the account classification. Prefixes in MYOB Premier Accounting are assigned to account classifications in the following manner:

1 Asset accounts
2 Liability accounts
3 Equity accounts
4 Income accounts
5 Cost of sales accounts
6 Expense accounts
8 Other income accounts
9 Other expense accounts

Account Type

For header accounts, the account types are identical in name to the eight account classifications.

For detail accounts, there are multiple asset and liability account types. For the other six classifications, there is just one account type apiece, each named the same as the classification.

Asset Account Types:
Bank
Accounts Receivable
Other Current Asset
Fixed Asset
Other Asset

Liability Account Types:
Credit Card
Accounts Payable
Other Current Liability
Long Term Liability
Other Liability

If you're viewing an existing account's information, the account's type appears here. If the account is a detail asset or liability account, all the account types for its classification appear in a list. You can change the type to another in the list

If you're creating a new account, all eight header account types or sixteen detail account types appear in a list. When you select the account type, the classification that corresponds to the selected type appears in the Account Classification field. For detail asset or liability accounts, the list of account types is limited to those that correspond to the classification; for all other accounts, only the selected type appears.

Account Number

The prefix corresponding to the amount classification that corresponds to the account type you chose in the previous field is displayed and is view-only.

Enter the four-digit account number used to uniquely identify this account. Any four digits except 0000 can be used in the account number. If you enter fewer than four digits, zeros will be added to the end of the number. When you enter an account number, the number will be automatically placed in the accounts list list in numerical order.

You can change the number of an account at any time; however, you should keep the same account numbers if you've used MYOB Premier Accounting for some time, because a new numbering system may be confusing to remember.

Account Name

Enter up to 30 characters to describe this account.

Opening Balance

Enter the balance of this account as of the first day of your conversion month. If an amount already appears in this field, you may have already entered an opening balance for this account in the Easy Setup Assistant or the Account Opening Balances window.

New button

Click this button to begin creating a new account record.

OK button

Click this button to accept the entries you've made and close the window.