Forum Discussion

FinanceRYSS's avatar
FinanceRYSS
Experienced User
12 months ago

Balance sheet not matching Assets with Total Equity

Hi all,

 

I have looked through solutions in MYOB community for the error I have and they are not helping so far. 

 

The equity value in balance sheet is not balancing with total assets. I needed to go into opening balances to correct one value for $580 and it through out the entire equity value by $221,397.25. I have since gone in and checked everything, double/triple checked, auditors have also checked everything including historical values, all balances YTD and all appear OK to them, so they are unsure what has happened.

 

I have seen solutions in the MYOB community advising to go into opening balances and enter $1, then go back in and replace with $0 however this is not working for me.

 

I am hoping someone can provide other solutions please.

 

Kind regards,

Peter

 

 

 

 

9 Replies

  • gavin12345's avatar
    gavin12345
    Ultimate User
    12 months ago

    Hi FinanceRYSS 

     

    The file needs to be repaired by MYOB or MYOX Services. Nothing a user can do should cause this - most likely caused by a bad FY rollover where MYOB didn't correctly process the EOY transaction.

     

    Regards

    Gavin

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    12 months ago

    Hi FinanceRYSS,

     

    Thank you for the post. Please try refreshing the opening balances. If it's still occurring, you might need to reach out to our live chat agent through our virtual assistant MOCA or submit a support request via MyAccount for possible file repair.

     

    Regards,

    Sai

  • FinanceRYSS's avatar
    FinanceRYSS
    Experienced User
    12 months ago

    Isaiah_CThanks for your message Sai.

    How do I refresh the opening balances? Do you mean re-enter them?

    All balances YTD currently in balance sheet are showing correctly. It is just the retained earnings figure which is out in the equity area, and if I change this value in opening balances, it then shows an unbalanced value.

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    12 months ago

    Hi FinanceRYSS,

     

    Thank you for your reply. I can see that you've done the work around. To ensure that the issue is fully resolved and to prevent any future problems, the next step is to have your file repaired.

     

    Regards,

    Sai

     

  • FinanceRYSS's avatar
    FinanceRYSS
    Experienced User
    12 months ago

    Hi Sai, thanks for your message.
    How do I have my file repaired? Do I call MYOB? Or jump onto MYOB chat?
    I have been advised in an MYOB chat today that I need to do a roll of the FY2023 and run the above refresh steps again ($1 and $0 opening balances). Do you think this advice will help? If not, how do I start the repair process with MYOB?

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    12 months ago

    Hi FinanceRYSS,

     

    We can do the work around provided. In case the issue is still occurring, you can reach out to our live chat agent through our MOCA or submit a case via MyAccount for file repair.

     

    Regards,

    Sai

     

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