Balance Sheet doesn't Balance

Hi Dan10 

Suggested fix only works when the issue is caused by a faulty Historical Balance. Your out of balance seems to be caused by the EOY journal being faulty - this needs to be repaired. Either by MYOB or others.

Regards

Gavin

Just a bit of updated info ...

We are December year end , Retained earnings carried forward to Jan are incorrect by $250. So looks like an issue with Yearend rollover ???

How to fix ?

Hi Dan10

This can be quite tricky. To refresh your historical balance and resolve any discrepancies, please follow these detailed steps:

1. Backup the Company File:
   • Important: Before making any changes, back up your company file to prevent data loss. This can usually be done through your accounting software’s backup function.
2. Update Opening Balances:
   • Go to Setup > Balances > Account Opening Balances.
   • Locate an Account: Find an account that currently has a $0 opening balance. Note the account name or number for reference.
   • Modify the Balance: Select this account, set its opening balance to $1, and click Ok to save the change.
3. Revert the Opening Balance:
   • Navigate back to Setup > Balances > Account Opening Balances.
   • Find the Same Account: Locate the account you modified earlier.
   • Reset the Balance: Change the opening balance back to $0 and click Ok to save the update.
4. Recheck the Balance Sheet:
   • Generate the Balance Sheet report again.
   • Verify if the balances are now correct and if the Balance Sheet reconciles properly.

Please do let know if it resolves for you.
Regards,
Earl

Hi Earl,

followed your instructions very carefully - but with no success.

Balance sheet still has $250 difference between Net assets and Equity.

Next step ?

Dan

Hi Dan10,
 

As suggested by gavin12345, your file may need a backend repair. I recommend contacting our virtual assistant, MOCA, which is specifically designed to address issues like this.
 

You can reach MOCA at myob.com/support for help with any questions or issues. If MOCA is unable to resolve the problem, our live chat team is available to assist you further.

Regards,
Earl