Forum Discussion

AngieFF's avatar
AngieFF
User
2 months ago

GL Summary Report has hugely incorrect opening balances

Running my reposrting for the previous financial year end and the opening balances on the asset and liability accounts are hugely wrong. THe trial balance and p & l appear fine. Is there an issue w...
Hannah_V's avatar
Hannah_V
MYOB Moderator

Hi, AngieFF. DId you check your opening balances? If not, kindly edit this to match the transactions. You can find your account opening balances on a trial balance report, a balance sheet or a profit & loss report prepared immediately prior to when you started using MYOB. You can either ask an accounting advisor (such as your accountant) to prepare these reports, or find your account opening balances using your previous accounting software or paper-based records.
 

If you began using MYOB:

  • at the start of your financial year, enter the opening balances of your asset, liability and equity accounts only. The opening balances of your income, cost of sales and expense accounts should be zero.
  • at any other time of the financial year (for example, in September, when your financial year started in July), enter the opening balances of all your accounts.
AngieFF's avatar
AngieFF
User
2 months ago

Trial Balance and everything else is correct.

It is just this report.

MYOB converted my files during the year from Account Plus to Business Lite. 

After the conversion I checked the GL and Trial Balance figures and everything matched.

I have now run the FYE GL Summary and noticed opening balances which are wildly incorrect.

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    2 months ago

    Hi AngieFF,

     

    Thanks for your response.

     

    Were you able to check the balance sheet to see it it's matching? Kindly provide us with a screenshot of the balance sheet to investigate this. You can send the balance sheet through private message.

     

    Best regards,

    Doreen

Related content