Retained Earnings Rollover

Hi Robyn-COS,

Thank you for your post.

If the Net Assets and Total Equity amounts on the Balance Sheet don't match, this indicates an out-of-balance in the Balance Sheet.

If the Net Assets and Total Equity on the Balance Sheet match, and the total debits and credits on the Trial Balance are equal for the same date, there is no out-of-balance issue.

I recommend creating a case through your MyAccount to contact our Support Team. Just sign in with your MYOB login and go to the main dashboard, then select "Contact Support."

Alternatively, you can use our virtual assistant, MOCA, at myob.com/support for immediate help. If MOCA can’t resolve your issue, our live chat team is available to provide further support.

Thanks,
AM

Hi Alesha

I have checked the net assets against the equity and they are out of balance by the amount of $2742.50 which I mentioned in my first mail.

How do I fix this ?

Hello Robyn-COS,

Thank you for your reply.

If Total Equity - Net Assets = Historical Balancing, we can refresh the historical balancing account to fix the out-of-balance.

To refresh the Historical Balance:

1. Take a backup of your company file.
2. Go to Setup >> Balances >> Account Opening Balances.
3. Select an account with a $0 opening balance (note this account).
4. Enter a $1 opening balance for this account and click OK.
5. Return to Setup >> Balances >> Account Opening Balances and remove the $1 opening balance, setting it back to $0.
6. Click OK.
7. Run the Balance Sheet again to check if it balances.

If the out-of-balance is not the amount of the historical balance account, I recommend contacting our Support Team by creating a case through your MyAccount. Your file might need a data file repair. Please sign in with your MYOB login, go to the main dashboard, and select "Contact Support."

Kind Regards,

AM