Help needed please!
When I run a GL report for 1 Jan 23 to 31 Jul 23, the closing balances for the accounts are wildly different to the closing balances in my balance sheet report as at 31 Jul 23.
The debit and credit activity during the period looks ok, but the Opening balances are all wrong (therefore makin the closing balances out of whack).
Any ideas why this could be happening?
Thank you
Hi Rebekah5
Thank you so much for your post .This is because in the new MYOB, account balances in the Balance sheet are only made up of reconciled transactions, or transactions that have been entered manually, The calculated balance does not have to match the balance sheet. Any unreconciled transactions would cause the two figures to be different (these might be unpresented cheques or deposits).
The calculated statement balance from the Reconcile Accounts screen will reflect what is cleared in the bank reconciliation NOW. So make sure you are putting in the correct date in the bank statement date, and then see if the calculated statement balance is correct. If not, also check if there are any outstanding transactions. Sometimes a transactions can be edited and cause it to become "unticked". If there is is anything available for ticking - see if this will fix the issue.
Also check that the Last Reconciled date is 30/6/16. It is possible you completed the reconciliation and did not press the "Reconcile" button to finalise. Printing the report will not complete the reconciliation - you have to go back and click Reconcile.
Please do let me know how you go on this.
Regards,
Earl
Hi, to clarify - I'm not talking about the bank reconciliation report which is all fully reconciled. I'm talking about there being a difference between the closing balance in the "GL report" vs balance sheet balances. We don't have any outstanding/unreconciled bank transactions.
Hi Rebekah5,
Thanks for reaching out and clarifying the concern.
We're very sorry for the delayed response and we know how important it is that the General Ledger report and Balance Sheet report are accurate. Please send us a private message containing screenshots of these reports and we'll provide further assistance.
We look forward to your response.
Cheers,
Genreve
