Forum Discussion

JacLaw's avatar
JacLaw
User
30 days ago
Solved

MYOB Essential - Balance sheet errors in totals

Has anyone had problems with their balance sheet totals in Essentials after migrating from AccountRight? 
  • JacLaw's avatar
    JacLaw
    29 days ago

    Thanks Kirsty. I chatted with MYOB support & they say the reason for the 2021FY balance sheet total is due to future dated transactions being included in the 2021 balance sheet & apparently this can't be changed.  I ran a trial balance sheet for 2021FY & the balances in this report are a much better representation of the totals my Accountant expected to see.

     

AdminKirsty's avatar
AdminKirsty
Experienced User
30 days ago

Not after a change from AccountRight, but from an upgrade from Essentials to Business...  yes.

 

I have a client's file where there is an additional complicating factor.  The file was downgraded from one with Debtors and Creditors, to cashbook only (Connected Ledger).

 

In this case, in preparing 2022 Financial Statements an error was discovered.  On tracking it down, after a lot of unchargeable hours, it turned out the 2021 Nett Profit did not carry forward correctly to the 2021 Balance Sheet Current Year Profit entry.  This related to a balance sheet entry that was missing, related to closing creditors/GST values.

 

Also on this file, I had one bank feed transaction, that after being allocated, was not appearing on the Bank reconciliation or the General Ledger.  That workaround fixed, but was not explained after a deep dive by MYOB (after a very poor phone call with Support).

 

I know that won't help you, but yes, you are not the only one having problems with data validation.  This has all been in the last couple of weeks.