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Previous years Beginning balance for Income/Expense account shown in Find Transactions

LawrenceLiu

Hi there,

I am using the latest version of MYOB acountRight and just picked up the following issue:

We closed FY2020. When I look at income/expense transactions for FY2020, there is 0 beginning balance shown on the bottom.

However, if I change the date to previous financial years (FY19, 18, 17 etc), it all shows a Beginning balance on 1 July, which I thought should have been transferred to retained earning when closing the year.

Just wondering why this happens? I can see auto generated adjusting journal in Retained Earning on 1 July each year so I am pretty sure we closed the FY every year.

Thanks

Lawrence

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Accepted answers

Steven_M

Hi @LawrenceLiu

Based on your earlier post you closed the 2020 financial year, which would put you into the 2021 financial year which runs from 01/07/2020 - 30/06/2021 (the end that the financial year actually ends is that financial year date).

As a result, when you are running with the date of 01/07/2019 - 30/06/2020 this would be a previous financial year and thus have that opening balance. When you are running for the current financial year (from 01/07/2020) you have the beginning balance set to be 0.00.

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LawrenceLiu

Thanks Steven and totally agree with what you say.

My issue is, when I run find transactions from 01.07.2019-30.06.2020 (exact financial year 20) there is a beginning balance, which should not be there according to what you said. Same as previous financial years.

Only when I run find transactions from 01.07.2020-30.06.2021 (FY21) the beginning balance is 0, which is correct. We haven't closed FY21 in MYOB yet.

Is this normal?

Steven_M

Hi @LawrenceLiu

The Find Transactions window is designed to showcase a total of transactions based on the filters set with the totals at the bottom of the window indicating the amounts. The Beginning Balance is determined by the opening balance of the account.

Profit and Loss accounts (Income, Cost of Sales and Expenses accounts) are unique in regards to the work they work in the Find Transactions window. When you close a financial year the system will remove the balance of those accounts and move it across to Retained Earnings thus starting the balance fresh for a new financial year. As such, whenever you run the Find Transactions with the to date being the start at the financial year that beginning balance would also be 0.00. However, if you include a date that crosses the financial year you would have the beginning balance - which is the total of all transactions up to that point.