I'm in the process of setting up MYOB Business. I've created my chart of accounts and I'm beginning to insert opening balances.
I have an equity account 3-9000 titled "Share Capital" but MYOB is not allowing me to enter the opening balance for this account. Can someone explain how I get the opening balance into this account.
Many thanks.
Hi CSSAUS
Thanks for your post and Welcome to the Community Forum.
If you began using MYOB Business, At the start of your financial year, enter the opening balances of your asset, liability and equity accounts only. The opening balance of your income, cost of sales and expense accounts should be zero. You can check on this Help Article: Entering opening balances with the correct process on how you can Enter your opening balances.
Let me know if you require any further assistance with this. I'm happy to assist you.
If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Cel
Hi CSSAUS
We appreciate your patience for getting back to us and provided information on the issue.
Generally speaking, a user would enter the beginning balances of Balance Sheet accounts (Asset, Liability and Equity accounts). If you configure the initial setup of the company file where you have a later conversion month than the start of the financial year you can enter opening balances for your Profit and Loss Accounts. (Income, Cost of Sales, and Expense Accounts).
If you have been using the file for a period o time/closed a financial year you would no longer be able to enter opening balances for your Profit and loss accounts. The field will still be listed, however, you will encounter an error message: Beginning balances from a previous year may not be changed for P&L accounts when saving the account. This is to alert the user to the fact that you are not able to enter that opening balance as the financial year is no longer the same as when the company file was first created.
Typically, if you are in a situation where you have an opening balance for a Profit and Loss account there is an impact on another account be it a Balance Sheet or another Profit and Loss account. As such, a journal transaction or similar transaction would need to be recorded to reflect that. I would recommend speaking with an accountant for further assistance with adding that opening balance to a pre-existing Profit and Loss account.
Please feel free to post again. I'm happy to assist you further.
If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Cel
