Historical Balance out of Balance Years after Setup
Hi there,
We have used Account Right for 10 years now and all of a sudden our Retained Earnings account is out of balance so that Assets-Liabilies (Net Asset Amount) is NOT equal to Equity. We have moved an amount from a wrong sub account of RE, and in the subsequent month it suddenly showed a negative amount in that account, then the next month it applied that negative amount to Retained Earnings throwing the Balance Sheet out of balance.
That resulted in this change back through all our years/reports - and as opening balance to Retained Earnings can't be adjusted due to Historical Balancing there doesn't seem a way for us to fix that error in Myob.
All other equity accounts are correct, it's just the Retained Earnings that is wrong compared to current and prior reports.
Please advise what to do - I have read there is a bug in Myob that requires company file to be sent in?
Thanks
Hi M77
Welcome to the Community Forum!!If you run the balance sheet and Total Equity - Net Assets = Historical Balancing, we can do the following steps to fix the out of balance.
- Backup the .file
- Go to the Setup Menu > Balances > Account Opening Balances
- Select an account with a $0 opening balance (note this account)
- Enter a $1 opening balance for this account and click ok.
- Go back to Setup Menu > Balances > Account Opening Balances and remove the $1 balance to make it $0
- Click Ok
- Run your balance sheet again and it should now balance.
If the balance sheet is still out, send us your balance sheet by Private Message so we can investigate further.
