AccountingRights 2021.03.0 General Ledger (Summary DR and CR not balanced
Hi,
I am using MYOB AccountRight Plus AU 2021.3.0
have noticed MYOB General ledger Summary DR and CR no balanced.
Checked Transection Journals, have notice there is end of Year Adjsutment Journal (which I am not sure how this got there ? I tried to click on this GJ000000 - but can't get into this transetion.
it showing CR 3-41999 Retained Earnings $144,350.86
DR 3-9000 Current Earnings $144,350.86
Also, with closing stock at end of year I used Account number: 5-1130 - CR closing stock and DR 1-1136 stock on hand, have noticed, MYOB doesn't rollover these accounts. how does this work?
I need to send file to Accountant, soon as these can be fix.
Thank you
Zoya
Hi Zoya
I would recommend speaking to your account advisor in relation to recording that journal entry and the impact that it will have. However, AccountRight will not naturally transfer the balance of that account at the end of the year. Most commonly the only journal entry that is provided when you do close the year would be the end of year journal which transfers the Current Year Earnings of that closed year into the Retained Earnings. If you are needing to record the transfer of funds outside of that at the end of the year it would be the recording of a journal entry.