Inactive assest removal

Question

Help please? An inactive bank account with a balance is showing up in my Balance Sheet report.  The bank account is closed and has been for several years. (I dont do balance sheets very often)

I cant go into it an do a reconciliation becauseit doesnt show up in the Categories, but it does show up in the Chart of accounts when I search.

How can I remove this from MYOB altogether?

PMJ1 · Answer

I figured it out, no need to reply, thanks.

The_Doc · Answer

Hi @PMJ1

I think this will work although I have never used categories in MYOB as I did not find a use in the past.

However, if an account in the CoA is inactive you can activate it again and should be able to then bring the account into the reconciliation window to look at - if not it should show under Find Transactions - Account.

I would then do a GJ and send the imbalance to a 3-suspense account for your accountant to reconcile - or if small - a small spend money to clear......

Then I create a bucket in every CofA category Asset, Liability etc called eg for Assets 1-9000 (a Header)  Old Accounts and renumber the asset to put it in this area - then deactivate it.

Then on a regular balance sheet you can keep an eye on these old expired accounts for any aberrant non zero figures that pop up.

You cannot delete an MYOB Account once it has had entries in it - you can however merge 2 expired accounts into one but I don't like doing as you lose the ability to catch a non-zero by the original account name.

On a balance sheet you can print to ignore zero balances.

The Doc