Setting up opening balances in MYOB Business

Hi andrewCphillips 

To set an opening balance for a customer you want to complete the following steps:

1. Navigate to Accounting>>Manage linked accounts>>Sales
2. Check the Asset account for tracking receivables
3. Once that has been checked, go to Accounting>>Chart of accounts 
4. Select the account that was marked as the Asset account for tracking receivables
5. Enter the combined desired opening balance for your customers
6. Select Save
7. Navigate to Business Name Menu>>Business settings
8. Check the Opening balance date
9. (If not done already) Create the customer contact record
10. Go to Sales>>Create invoice
11. Select that Customer
12. Enter the Invoice date to be before that Opening balance date. You will receive a message to indicate its going to be converted to a historical invoice - select Convert on that message.
13. Enter the desired amount
14. Select Save
15. Complete Steps 9 - 14 for each historical customer invoice.

The above process will generate historical invoices for you, which in turn, should match that opening balance in the Asset account for tracking receivables.

Also, if you are pretty new to MYOB Business you might want to check out our free training courses to get acquainted with the software to set you up for success.