ContributionsMost RecentMost LikesSolutionsRe: How to clear Customer and Supplier Balances after selling the business Thank youMike_James something so simple and I was just lost. Appreciate your response. Re: How to clear Customer and Supplier Balances after selling the business Help still required here, would appreciate contact from anyone who has used the same company file for various entities and then sold one of them and would have had to clear debtors/creditors after the sale/transfer date. How to clear Customer and Supplier Balances after selling the business Hello All I need some assistance in clearing customer & supplier balances after an entity of ours was sold (divested) to another business. (I work in the NFP sector and the business did not cease trading altogether, it was divested to another business who took it over the next day) The business ceased trading under our control on 30 June 2021, as of 1 July 2021 i processed a journal to record the sale (divestment) which was basically the net assets as of 30 June 2021 so the balance sheet trades debtors & creditors GL was cleared and moved to Retained Earnings. The net assets were transferred to the new business as thus these accounts were paid and monies collected by the new business. Fast forward a year to 1 July 2022, I need to continue using the same MYOB file as we have accumlated another business, however the balances sitting on the Receivables & Payables Reconciliation Reports are still there ( i have attached a report) How do I clear these without affecting any GL accounts so the report as of today are $0 Solved