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AngieFF's avatar
AngieFF
User
28 days 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 with the GL reporting?

All the accounts have been reconciled and there are no transactions that appear to be causing this.

I have recently been migrated from Accounting Plus version to Business Lite, coud this have something to do with it?

Thanking you for any assistance on this.

5 Replies

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  • Hannah_V's avatar
    Hannah_V
    MYOB Moderator
    28 days ago

    Hi, AngieFF. Welcome and Thank you for your post in the Community Forum.

     

    While there doesn't seem to be any obvious transactions causing these issues and all accounts have been reconciled, it's possible that the migration from Accounting Plus version to Business Lite could be a factor in these discrepancies.

     

    To better assist you, could you please provide a screenshot of the transaction in question? This will help us to investigate the issue more thoroughly and provide you with the most accurate guidance.

     

    Thank you for your cooperation, and we're here to support you in resolving this matter as quickly as possible.

     

    Best regards,

    Hannah

    • AngieFF's avatar
      AngieFF
      User
      28 days ago

      I can show you these amounts as they are so NOT what the business accounts are.

      The opening bank balance is never in the negative and the stock on hand is completely incorrect to the GL amounts at the end of FYE 22. 

      The rest are not correct either.

       

    • Hannah_V's avatar
      Hannah_V
      MYOB Moderator
      27 days ago

      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
        21 days 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.

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