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newMyob's avatar
newMyob
2 years ago

Sole Trader Equity Accounts

Just signed up. Sole Trader structure. At sign-up I was shown a very short list of available company types and have included a picture of them below. "Sole Trader" was not available. I selected "Indi...
PriyaSelvaraj's avatar
PriyaSelvaraj
MYOB Staff
2 years ago

Hi newMyob ,

 

Thank you for raising your concern with us.

 

Apologies that naming convention is causing some confusion here.

 

Please see my answers for your questions below ;

          1.YES , You are correct .

             Personal Income /Owners contribution

             Personal expense/Owners drawing

         2. These naming conventions were rolled out in New dashboard to make it simpler.

         3. Equity accounts are not supposed to be linked as you have mentioned in the 'Edit Linked Account's page. Please refer to the image below which ensure they are not linked to any chart of accounts

 

      

But instead it's shown as 'Linked' and MYOB is already aware of this issue and raised with our product team for rectification.

     4.  Yes , those accounts can be renamed/edited as they are not linked . It can be deleted , if there is no transactions associated to it.

 

Please do let me know if you need further help

Regards

Priya Selvaraj

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