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TanyaBennett's avatar
TanyaBennett
Experienced Cover User
3 months ago

Automatic EOY Adjusting Journal entry

Hi, We have had MYOB roll over our data from Accountright into Business. The data was entered from 2023. For some reason, the profit as at 30 June 2024 has been put into an end of year journal, dated 01/07/24, which is now throwing the current year out of balance as it coded directly to retained earnings creating a movement in the 2025 year. We didnt do this journal & it wont allow to delete or edit, can you please advise how I remove this?

1 Reply

  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    3 months ago

    Hi TanyaBennett,

     

    Thanks for the screenshot! I get why that’s frustrating. Seems like an automatic end‑of‑year adjustment posted to Retained Earnings on 01/07/24 is throwing out your 2025 balances. You won’t be able to delete that system journal, but your accountant will likely give you year‑end adjustments you can post as journals to correct the movement. You can check these articles about entering journal entry and enter end of year adjustments for more detailed guide.


    Cheers,
    Shella

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