Balance Sheet doesn't Balance
My balance sheet doesn't balance by $250. ( Net assets > Equity ) By balance sheet as at 31 DEC 2017 is in balance , but Balance sheet as at 01 JAN 2018 is OUT. Not many transactions on 01 JAN 2018...
Forum Discussion
Hi Dan10
This can be quite tricky. To refresh your historical balance and resolve any discrepancies, please follow these detailed steps:
- Backup the Company File:
- Important: Before making any changes, back up your company file to prevent data loss. This can usually be done through your accounting software’s backup function.
- Update Opening Balances:
- Go to Setup > Balances > Account Opening Balances.
- Locate an Account: Find an account that currently has a $0 opening balance. Note the account name or number for reference.
- Modify the Balance: Select this account, set its opening balance to $1, and click Ok to save the change.
- Revert the Opening Balance:
- Navigate back to Setup > Balances > Account Opening Balances.
- Find the Same Account: Locate the account you modified earlier.
- Reset the Balance: Change the opening balance back to $0 and click Ok to save the update.
- Recheck the Balance Sheet:
- Generate the Balance Sheet report again.
- Verify if the balances are now correct and if the Balance Sheet reconciles properly.
Please do let know if it resolves for you.
Regards,
Earl
Hi Earl,
followed your instructions very carefully - but with no success.
Balance sheet still has $250 difference between Net assets and Equity.
Next step ?
Dan
Hi Dan10
Suggested fix only works when the issue is caused by a faulty Historical Balance. Your out of balance seems to be caused by the EOY journal being faulty - this needs to be repaired. Either by MYOB or others.
Regards
Gavin
