How do I close off the financial year on MYOB Business?

Question

I am trying to reconcile my General Ledger account for Profit and Loss, however, my opening balance in the new financial year has been carried forward. May I know what is the problem?

VM-Sunrise1 · Answer

Hi @Isaiah_C,

I had never experienced this issue before until last week, when I found out my opening balance in the P&L were carried forward instead of showing zero balance.

I will reach out for assistance now. Thank you

Regards
Vee

Isaiah_C · Answer

Hi @VM-Sunrise1,

If you're seeing an opening balance, it might mean that the account has been set up incorrectly as a Balance Sheet type, or there could have been a journal posted to it after year-end that needs checking.

If the issue persists, reach out to our live chat support through our virtual assistant MOCA or submit a case via MyAccount so they can take a closer look on this.

Regards,

Sai