Fields in the Accounts & Banking Linked Accounts window

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Accounts & Banking Linked Accounts window

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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 BusinessBasics 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 BusinessBasics 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 BusinessBasics 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 BusinessBasics documentation, this account is referred to as your Undeposited Funds account.

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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 BusinessBasics 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 BusinessBasics 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 BusinessBasics 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 BusinessBasics documentation, this account is referred to as your Undeposited Funds account.
OK button	Click this button to accept the entries you've made in this window.