I'am new to MYOB and have a question around balance sheet liability balances showing positive balance/number.
Eg Trade Creditors should always show a credit balance ....but in MYOB it is reported as debit balance(positive number)
Hi keilesh,
Welcome aboard! liabilities typically have a credit balance, so a debit balance or positive number for a liability like Trade Creditors indicates an error, such as a payment being recorded before the actual invoice date, an overpayment by a customer, or a problem with opening balances. You can also reach out to our team so they can dig deeper with this. You can reach them on Live Chat via our virtual assistant, MOCA or by submitting a support case via MyAccount.
Regards,
Earl
Hi keilesh​ , in some reports, eg the balance sheet, MYOB will display balances as positive where the balance matches that expected of the account type, eg Liabilities are normally in credit, therefore a credit balance would be displayed as positive.
Accounts beginning 1, 5, 6 and 9 are normally debit balances;
Accounts beginning 2,3,4 and 8 are normally credit balances.
Many reports produced in accountants' offices would display debit balances as positive and credit balances as negative.
Just confusing...e,g entering supplier invoice DR Expenses CR Trade Supplier.....but Trade suppliers display's positive number in MYOB. Reviewing the balance sheet i will have to assume under Liabilities - positive is credit and negative balance is debit
