Unbalanced Balance Sheet - Retained Earnings

Hi Genreve_S​ 

I have done as suggested and the Balance Sheet is still unbalanced. I will try support but I can't access her My Account and she doesn't know how to do this. It really is very poor that this sort of corruption can happen in this program.

Regards

Liz

Hi Liz_A, 

Thanks for checking. When you’ve already rolled the file over, and the figures still aren’t lining up.

A few quick things to try:

• Check the report date is in the right financial year.
• Check Setup > Linked Accounts to make sure the linked accounts are set correctly.
• Refresh the historical balances by going to Setup > Balances > Account Opening Balances, adding $1 to an account with a $0 opening balance, clicking OK, then changing it back to $0.

If it’s still out of balance after that, it's best to get in touch with support. Some checks for this issue need to be done from the support side. You can reach out by creating a ticket in My Account or connecting to our live chat team through MOCA, our virtual assistant.

Regards,

Genreve

Hi Isaiah_C​ 

Yes it has been rolled over and the Accountant relies on me to work in the MYOB as he is a Luddite. So no, it is definitely out of balance as the Assets less Liabilities do not equal the Equity value and the difference is the Retained Earnings value.

Regards

Liz

Hi Liz_A,

Thanks for raising this. If the balance sheet is out because of retained earnings, the first thing I’d check is whether the file has been rolled over into the correct financial year. In similar cases, retained earnings can look incorrect when the year hasn’t been rolled over yet, even if the rest of the file looks fine. If you’ve already done the rollover and the balance sheet is still unbalanced, it may be worth reaching out to your accountant so they can review the file and confirm whether there are any entries or year-end adjustments causing the imbalance. 

Regards,

Sai