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nijina's avatar
nijina
User
2 years ago

Balance Sheet is out of Balance

Hi there,

 

My balance sheet for 22/23 is out of balalce.

 

Net Assets doesn't equal the Total Equity.

 

I realised a retained earning brought forward by Myob is out and is creating a variance.

 

Never had this problem before. Is it something MYOB can fix in the background?

 

Thanks

Nijina

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  • ChrisMYOB's avatar
    ChrisMYOB
    Former Staff
    2 years ago

    Hello nijina 

     

    Welcome to the Community Forum.

     

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

     

    Can you please do the following steps: 

    1. Backup your company file
    2. Go to the Setup Menu > 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. Go back to Setup Menu > Balances > Account Opening Balances and remove the $1 balance to make it $0
    6. Click Ok
    7. Run your balance sheet again and it should now balance.

    Please let me know if there are any further issues.

    If my response has answered your inquiry please click "Accept as Solution" to assist other users to find this information.

    • nijina's avatar
      nijina
      User
      2 years ago

      HI Chris,

       

      Thanks for your response. I have tried the steps you've given, it didn't work.

      The Balance sheet is correct till 30/06/2022, however after rollover to FY22, it is out of balace due to wrong retaining figures carried forward, and I can't change the figures as it is automatically generated by MYOB.

       

      Thank you

      NIjina