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Keeley97's avatar
27 days ago

Chart of Accounts opening balances causing issues with the P&L

Hiya! We moved to MYOB as of Oct 1st 2024, and so when creating the Charts of Accounts we exported the Trial Balance from our previous software as at Sep 30th 2024 and input those figures as the opening balances.

 

However, when I run the Oct P&L (1st Oct - 31st Oct) it's showing these opening balances as Revenue/Expenses within October.

 

For example, the Income Tax expense account opening balance was $7,004.55. There were no transactions for this account in Oct (see attached screenshot) but the Oct P&L shows a $7,004.55 Income Tax expense.

Is this a glitch? Have I set something up incorrectly? For clarity, our Business Settings are as per the below.

 

Thanks for your help!

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