Here is a list of the linked accounts that are associated with Nominal Ledger and Chequebook accounts, along with information about where the linked accounts will be used:
This account is used to calculate your profit (or loss) for the year to date. This information is used to print the Balance Sheet and other important reports. It cannot be changed; this is to prevent errors and to ensure accurate financial reports.
This account is used to calculate your profit (or loss) for the year during the year-end closing process. This information is used to print the Balance Sheet and other important reports. It cannot be changed; this is to prevent errors and to ensure accurate financial reports.
This account is used when you first set up your MYOB software. As mentioned earlier, the principles of double-entry accounting require that all your transactions are balanced -- that all your debits equal all your credits. If you're switching to Accounting Plus from a manual accounting system, it's possible that minor errors might have occurred; this account collects any out-of-balance amount for your opening entries and enables you to continue using Accounting Plus even if the entries in your previous accounting system didn't balance perfectly.
This account is used to track funds you've received but haven't deposited into a chebank account yet. When you make an entry in the Receive Money window, the Receive Payments window or the Sales window, you can indicate that you want the amount to be grouped with your undeposited funds; if you do this, those funds will appear in this account until you deposit them in a chebank account using the Prepare Bank Deposit window.
This account is used only for multicurrency transactions. Fluctuating exchange rates can cause you to lose or gain money on individual transactions. For example, if you sell goods to a Japanese firm and you conducted the transaction in Japanese yen, any changes to the value of the yen will affect the overall profitability of the transaction. If the yen rises between the time the sale is made and the time payment is received, you'll make money as a result of the currency gain. If the yen loses value over that time period, you'll lose money -- a currency loss. The linked account for currency gain/loss keeps track of these amounts so you don't have to.
Click below for the step-by-step procedure:Click below for the step-by-step procedure:
To change Nominal Ledger and Chequebook linked accounts