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Melly1's avatar
Melly1
Member
2 years ago

SOLE TRADER

Hi everyone. Sorry I'll preface this with I'm not accounting minded at all.....

 

I've signed up recently for Business Lite. We are using a sole trader structure. The only available options for income allocation are company, partnership and unit trust. Pretty sure I stated sole trader on sign up.......I just went with company because I didn't think it would really matter, but now I have accounts such as PAYG which is not relevant, and it has a balance of $175 which I have no idea why?? I've not done any pay runs. Is that figure just from our sales this far??

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 years ago

    Hi Melly1, 

     

    Thanks for reaching out and welcome to Community Forum. 

     

    There are only two ways I could think of that an account would have a balance on it. First is if we created a transaction (pay run) and second is if there was any opening balance added to the ledger account. What I would suggest since you don't have any pay runs on the file, is to open Accounting > Chart of Accounts > Edit Accounts > See if there are any opening balances that are incorrect in all accounts. 

     

    Let us know if you need further assistance with this. We're happy to help. 

     

    Cheers, 

    Genreve

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