Incorrect account used in Distributions

mysf — Tue, 27 Apr 2004 03:53:51 GMT

In MySF the accounts to be used for a specific transaction are defined under System Setup>Account Reference Table. One of the accounts Tax Deferred Liability is used in the entry of a Distribution Receipt Type for a Cash Receipt. The Account in the Account Reference table is incorrect and needs to be changed.Go to System Setup>Account Reference Table to the first Tab which is called "General"Scroll down untill you find Tax Deferred Liability account.Select Browse from the right hand side next to this account. A warning will be displayed outlining that these accounts should not be changed.The General Ledger Account Selector will be displayed. Select account 4165 Tax Free Income. Tax Deferred Liability is in effect Tax Free Income, and by changing this account any entries made in future will be correctly classified as income.Click on this link to see an image of the screen to change. [url]www.mysf.com.au/pdf/accountref.jpg[/url]If you have already entered distributions with an amount in Tax Deferred Liability you will need to determine what the balance of account 2140 (Tax Deferred Liability is and use a General Journal to Debit 2140 Tax Deferred Liability and Credit account 4165 Tax Free Income by the same amount.

MySF Forums / MySF - The Application / Bugs and Fixes / Incorrect account used in Distributions / Latest Posts

Incorrect account used in Distributions