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SL2024's avatar
SL2024
User
15 days ago

Carry forward opening balances for AP and AR

We are moving off our old accounting system to MYOB - to start on 1 July 2024.

 

Our opening balance date is showing as 1 July 2023 as our subscription started a couple of months ago for us to do the initial set ups for our chart of accounts, bank feeds etc.

 

Because the opening balance date is 1 July 2023:

1. Would we record 30 June 2024 balances as opening balances (as we have not started using MYOB yet)?

2. Then we roll over to 1 July 2024 - those balances would then show up as opening balances @ 1 July 2024?

3. What would be the best way of recording the historical AP and AR balances @ 30 June 2024 without affecting those rolled over balances?

 

Or is there a way to change the opening balance date to 1 July 2024 - which would seem to be an easier solution?

1 Reply

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    14 days ago

    Hi SL2024

     

    I understand the importance of getting those opening balances right in your file. Once they're sorted, you can start entering your transactions. I recommend entering the balances from the date you're beginning to use the file. If you've started using it recently, you don't need to worry about anything before that date. Alternatively, you can enter the July 2023 opening balance and record all transactions that affect the balances from that date.

     

    Let us know if you need further assistance.

     

    Thanks,
    Genreve