MYOB Business Lite - Balance Sheet out of balance by Historical Balancing amount

Question

Our client has started a new MYOB Business file & entered opening balances correctly. The balance sheet is out of balance by the Historical Balancing account. Can you please advise how to rectify this?

Celia_B · Answer

Hi @KimC,

We apologize for any inconvenience this has caused you. We understand that you are experiencing difficulties, I will send you a private message to request some details so that we can investigate. Please check your inbox.

Thanks,

Cel

KimC · Answer

All assets, liabilities & equity accounts have been entered. The net assets agrees with the accountant prepared balance sheet. The equity accounts all agree with the accountant prepared balance sheet, however there is a balance in 'Historical Balancing' account (that has no transactions) and this is the amount that is causing the out of balance amount in the balance sheet.  Can you please contact me to check the file directly.

Thank you.

Celia_B · Answer

Hi @KimC,

We appreciate the information you provided. In this regard, the balance sheet will not balance if you do not input all the numbers when entering your opening balances or if there is a mistake with one of the balances. To solve the problem, MYOB adds the balancing amount to the historical balancing account. Once all assets, liabilities, and equity have been entered or found to have the correct value the historical balance account will reset to zero.

You need to check that you have entered all the assets, liability, and equity balances correctly as of your conversion date. You might find it helpful to compare the balances you have entered with a balance sheet provided by your accountant, dated as of your conversion date.

If you need further assistance with this, please feel free to post again. We are happy to assist.

If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.

Thanks,

Cel