Cost of sale account missing in reports and showing zero balance
Hi MYOB Community,
I noticed that the 'Cost of Good Sold' accounts and 'Suspense' account is missing in reports such as Trial Balance and Profit and Loss. In the Account list, these accouts also show $0 current balance despite there being transactions in the accounts. Can you please advise why is that the case and how to resolve this problem?
Regards,
Liping
Hi liping123
What the product doing is correct and based on the transactions in the file what I would expect to see on that report.
A Cost of Sales account is a Profit and Loss account. At the end of the financial year i.e. when you close the financial year, these accounts are reset back to zero so they can start again for the current financial year.
In your case, the transactions recorded for that account date back to 2020, so a previous financial year. As such, if you are wanting to compare like for like with the Trial Balance, which is only reporting for the current financial year, you would need to set that Find Transactions window to be 01/07/2021 - 30/6/2022. This would give you the transactions for that financial year or the same as the Trial Balance. Past dating that Find Transactions, while possible for Cost of Sales account, has mudded that situation for you as the account has been automatically cleared out when you have completed the close of the financial year. no transaction is recorded against the individual account for this therefore it has what I would call the lifetime balance of the account, not the current balance.
For the current balance shown on the Account List window, as it's the new financial year, it's a cost of sales account, and there haven't been any transactions recorded in that current financial year the account balance would be $0.00.
The Trial Balance report is only looking at the current year's transactions and the current year's balance (due to it being a Cost of Sales account). As there have been no current year transactions i.e. for 01/07/2021 - 30/6/2022 for that account, therefore, is no balance and will not show on that report.
