Forum Discussion

Robyn-COS's avatar
Robyn-COS
Contributing Cover User
4 months ago

Retained Earnings Rollover

$2742.50 which is included in the net profit for 2022-23 has somehow reversed in July 2023.  Instead of being included in the Retained Earnings it is a debit entry in July 2023 trial balance and the Retained Earnings is now showing the wrong amount on the Balance Sheet.  The opening year Retained earnings does not agree with the closing balance of the previous year 22-23. When I click on the transaction it is the automatic posting of last years profit but is incorrect by $2742.50.

How can I fix this ?

  • Hi Robyn-COS,

     

    Thank you for your post.

     

    If the Net Assets and Total Equity amounts on the Balance Sheet don't match, this indicates an out-of-balance in the Balance Sheet.

     

    If the Net Assets and Total Equity on the Balance Sheet match, and the total debits and credits on the Trial Balance are equal for the same date, there is no out-of-balance issue.

     

    I recommend creating a case through your MyAccount to contact our Support Team. Just sign in with your MYOB login and go to the main dashboard, then select "Contact Support."

     

    Alternatively, you can use our virtual assistant, MOCA, at myob.com/support for immediate help. If MOCA can’t resolve your issue, our live chat team is available to provide further support.

     

    Thanks,
    AM

  • Robyn-COS's avatar
    Robyn-COS
    Contributing Cover User

    Hi Alesha

    I have checked the net assets against the equity and they are out of balance by the amount of $2742.50 which I mentioned in my first mail.

    How do I fix this ?

     

  • Hello Robyn-COS,

     

    Thank you for your reply.

     

    If Total Equity - Net Assets = Historical Balancing, we can refresh the historical balancing account to fix the out-of-balance.

     

    To refresh the Historical Balance:

    1. Take a backup of your company file.
    2. Go to Setup >> Balances >> Account Opening Balances.
    3. Select an account with a $0 opening balance (note this account).
    4. Enter a $1 opening balance for this account and click OK.
    5. Return to Setup >> Balances >> Account Opening Balances and remove the $1 opening balance, setting it back to $0.
    6. Click OK.
    7. Run the Balance Sheet again to check if it balances.

     

    If the out-of-balance is not the amount of the historical balance account, I recommend contacting our Support Team by creating a case through your MyAccount. Your file might need a data file repair. Please sign in with your MYOB login, go to the main dashboard, and select "Contact Support."

     

    Kind Regards,

    AM

    • Robyn-COS's avatar
      Robyn-COS
      Contributing Cover User

      Hi Alesha

      I have tried this and it hasn't worked.  I need to create a case as suggested but I cant find "Contact Support".  I went to the dashboard for Clean Oil Services and couldnt find it and I also went into my.myob home page and couldnt find it.

       

      • Earl_HD's avatar
        Earl_HD
        MYOB Moderator

        Hi Robyn-COS ,

        If you're still having this issue after following all the troubleshooting steps, additional assistance from the backend may be required. I recommend reaching out to our virtual assistant, MOCA. It's designed to dive deeper into issues like this. Give it a try! You can engage with MOCA through myob.com/support for any queries or assistance you might need. If MOCA can't provide the help you need, our live chat team is available to pick up from where MOCA left off.

        Regards,
        Earl