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NewlandPC's avatar
NewlandPC
Experienced User
3 years ago

Entering Opening Balances After Conversion Month

Hi,

 

I've been using MYOB for a while now but for personal reasons we've had to open a new AccountRight file and basically start over. The conversion date for the new file is July 2022 but I've only just gotten around to importing our accounts and entering opening balances.

The Setup Assistant suggests entering all opening balances as of the 1st of July, is that imperative, or can I enter balances as of the 1st of Feb '23 and render all invoices and bills from 01/07/22-31/01/23 as historical sales/purchases?

Thanks.

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  • Steven_M's avatar
    Steven_M
    Former Staff
    3 years ago

    Hi NewlandPC 


    You can enter opening balances after that conversion month if required.

     

    The key thing to note would that the system will track them as the opening balance for that period. For example, in your case, if you entered the balances as of Feb 2023 but you ran a report for Aug 2022 it will say that the balances would be Feb 2023's balance, not $0.00. There is no harm in that and it's just a reporting situation but it is something to take note.

    And, yes, you probably want to enter other previous invoices and bills outstanding as historical sales/purchases.,

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