Forum Discussion

Gerald_M's avatar
2 years ago

Migration - Calculated Closing Balance for previous month incorrect

I recently had my file migrated to MYOB Business from Accountright and Bank Account had been successfully reconciled up to 30th June, without any outstanding items.

Then went to reconcile July and found the Calculated Closing Balance for previous month (June) was incorrect by $25,885

I have unreconciled back to 31/05/2022 and found the Calculated Closing Balance to be out by $21,681.  I have forward ticked all entries and located 31 items which were not brought across during migration totalling the difference of $4,204.

I have sent in support requests since 14th Aug and been on the phone with little help.  Keep getting referred to Help Articles.

I read an article for forward date a reconciliation to yr 9998 the unreconcile but this has not worked for me.

 Since prior years have been closed, I would hate to "unreconcile" back many months to get to the correct stating balance.

Does anyone know a work-around to correct the Calculated Closing Balance? 

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator

    Hi Gerald_M


    Thanks for reaching out and welcome to the Community Forum. 

     

    I'm sorry to hear about your reconciliation difficulties after migration. I understand how important it is that the data from the previous software is the same as the current one. Generally, there are two things that affect the calculated closing balance, these are the Opening balance of the ledger account and all the transactions on that ledger account until the date of our reconciliation that are either already reconciled or marked check in the reconcile window. 

     

    Reconciling on a future date like 31/12/9998 and undoing it, ensures that there are no hidden transactions in the reconcile accounts window. If all transactions in the reconcile accounts window are either reconciled or marked with a check, and the calculated closing balance is still incorrect, it's likely that the issue is with the opening balance. I would suggest checking the opening balance of that ledger account from the window Accounting > Chart of Accounts > Edit Accounts. If this does not solve the issue, we would need to undo the reconciliation and compare the transactions from the reconcile accounts window with the bank statement to see if there are missing transactions or duplicated transactions that need to be corrected. 

     

    Let us know if you require any further assistance with this. We're happy to help. 

     

    Cheers, 

    Genreve

    • Gerald_M's avatar
      Gerald_M

      Thank you for your quick response.

       

      The Opening Balance is $0.00.  If this is altered then the corresponding entry would be the creation of a Historical Balance entry.

      The BS balance 30/6/2023 is correct.

      I have unreconciled back to May 2022. (3,000+ entries) Is the only way to unreconcile even further?

      What kind of issues would prevent the migration of data be compromised?

       

      • Earl_HD's avatar
        Earl_HD
        MYOB Moderator

        Hi Gerald_M,

        Thanks for the detailed information and my apologies for the late response. The Opening Balance is currently set at $0.00. If you decide to change this, it will result in the creation of a Historical Balance entry.

        The balance sheet (BS) as of June 30, 2023, is accurate.
         

        You mentioned that you've unreconciled transactions going back to May 2022, totaling over 3,000 entries. If you need to unreconcile even further back in time, you would have to individually unreconcile the specific transactions in question.

        Feel free to post again, we're happy to help.
        Regards,
        Earl