Forum Discussion

Nifty's avatar
Nifty
Experienced Cover User
2 months ago
Solved

Balance Sheet Reporting Errors

Since New Year my end of 23/24 balance sheet reports shows incorrect bank account values.

Viz

on 31/12/24 shows correct and reconciled value $128k approx vs $223K approx today.

What has changed?

How do I fix?????

Balance Sheet
reconcile
  • Earl_HD's avatar
    Earl_HD
    2 months ago

    Hi Nifty,

    You can refresh the historical balance by following the steps below: 
     

    1. Go to Accounting >> Chart of Accounts >> Account Opening Balance.
    2. Select an account with a $0 opening balance (note this account).
    3. Enter a $1 opening balance for this account and click OK.
    4. Go back to Accounting >> Chart of Accounts >> Account Opening Balance and remove the $1 balance to make it $0. Click OK.
    5. Run your balance sheet again, and it should now balance.

    Additionally, this Help article has detailed information that you might want to review.

    Regards,
    Earl

  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    2 months ago

    Hi Nifty,

     

    To fix this, kindly try refreshing the opening balances. If it's still occurring, you might need to reach out to our live chat agent through our virtual assistant MOCA or submit a support request via MyAccount for possible file repair. 

     

     

    Kind regards,

    Shella

  • Nifty's avatar
    Nifty
    Experienced Cover User
    2 months ago

    Thank you, how do I refresh the opening balances?

     

    Regards Nifty

    • Earl_HD's avatar
      Earl_HD
      MYOB Moderator
      2 months ago

      Hi Nifty,

      You can refresh the historical balance by following the steps below: 
       

      1. Go to Accounting >> Chart of Accounts >> Account Opening Balance.
      2. Select an account with a $0 opening balance (note this account).
      3. Enter a $1 opening balance for this account and click OK.
      4. Go back to Accounting >> Chart of Accounts >> Account Opening Balance and remove the $1 balance to make it $0. Click OK.
      5. Run your balance sheet again, and it should now balance.

      Additionally, this Help article has detailed information that you might want to review.

      Regards,
      Earl

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