Our balance sheet doesn't balance!

Hi KiwiDK,

Thanks for reaching out. I can’t see an attachment included with your message. I understand why the $910 difference between the 30 September 2024 Total Equity of $156,538.36 and the 1 October 2024 Retained Earnings of $157,448.36 is concerning, especially as it has carried into the current year. Because you’re reporting on a cash basis, the Balance Sheet may not always present equity in the same way as an accrual-based report. However, because the difference begins exactly after year-end, it’s worth checking the financial-year rollover rather than assuming it’s simply a reporting difference. Before making any adjustments, please:

• Confirm that both reports use the same accounting basis, date settings and filters.
• Check that the file has been rolled over to the correct financial year.
• Run the General Ledger detail for Retained Earnings, Current Year Earnings and Historical Balancing around 30 September and 1 October 2024. Look for the system-generated year-end entry and check whether the amount transferred agrees with the 30 September Total Equity figure.
• Take a backup before making any changes.

I wouldn’t recommend posting a one-sided journal to Retained Earnings, Bank Fees or another account just to make the reports balance. That could affect later reporting and future year-end rollovers. If the difference remains after these checks, reach out to our live chat support through our virtual assistant, MOCA, or submit a case via My Account so we can investigate whether this is a file or year-end rollover issue and advise on the appropriate correction. It may also be worth having your accountant review the reports before any journal is posted, particularly if the 2024 accounts have already been finalised. 

Regards,

Sai

Thanks  I will make those suggestedchecks.

In the meantime here is the attachment that was missing.

Regards

David 

I ran the General Ledger report across that year end roll over period (mid Oct 24 to mid Sep24) and no entries appear across the suggested categories.  Retained Earnings, Historical Balancing.

Current Year earnings wasnt selectable as a category for the report.

Is General Ledger Report, the one you meant me to run?

Date settings, accounting basis the same for both reports, roll over to correct year  all OK

Regards

 David 

Hi KiwiDK,

Thanks for sending through the attachment. There are a few reasons why a Balance Sheet may be out of balance, such as transactions being coded or allocated incorrectly, data-entry errors, incorrect journal entries etc. Our support team will need to investigate this further to identify the specific cause.

Before contacting them, please try refreshing the historical balances by following the steps shared in this forum post. If the issue continues, please get in touch with the teamt so they can take a closer look at your file. When contacting them, please include the attachment and details of the steps you’ve already tried.

Cheers,

Princess

Hi KiwiDK​ 

One of my clients has exactly the same problem (MYOB Business) and I have been going back and forth on this since 29th July and it has only just been escalated because MYOB finally accept that it is basically a corruption and they need to fix it. You will probably be asked to repeat the same steps several times which is highly infuriating so I hope you get a resolution quicker than this. Out of balances should NOT happen and when they do, it is rarely a user error because it's impossible (supposedly) to post a one sided entry.

Good luck

Liz