New bank account balance and historical balance

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New bank account balance and historical balance

Hi there,  I can't find an actual Board for my question so I have chosen 'Idea Exchange' for want of a better choice.  Here is an interesting one.  I recently added a new bank account (Asset) and added an opening balance.  This was opened in August 2019.  No dates were entered because there isn't anywhere to add a date when entering an opening balance in the accounts section of AccountRight.  When I had my accountant check it it showed up as a historical balance and as being entered in 2018 instead of August 2019 when the account was actually opened.  It has both the accountant and me stumped as to how it happened.  Fortunately the balance sheet for eoy figures for 2019 is correct after the accountant did her magic but the Balance Sheet figures for 2018 are not correct.   Any idea what could have happened? I had also opened a Loan account (Liability) at the same time and I wondered if I had done something wrong with that that caused the problem but both Accountant and I have checked and can't see that anything I've done could have caused the issue.  It's the bank account that is showing the historical balance not the loan account.  As I mentioned the 2019 figures seem to be ok so we are just going to ignore it and move on but I would love to know if you have an explanation for it.  Thank you in advance for your answer.

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MYOB Moderator
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MYOB Moderator
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MYOB Moderator

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Re: New bank account balance and historical balance

Hi @Lynzo 

 

You would typically enter an opening balance for an account either via Setup>>Balances>>Account opening balances OR adding the balance to the opening balance field when creating. You would normally use this function if you have been in business before and are moving to AccountRight/creating a new file.  By adding an opening balance for your account via this method it will balance the accounts and the accounting equation by placing the residual balance in the Historical Balancing account if necessary.

 

If you have been using the company file for a period of time and are looking at adding a new account with a balance, I would be investigating where that balance of that account has come from. For example, if the account was a bank account where is the balance of that bank account coming from and why is not a transaction recorded in your account to reflect where that money has come from?

Kind regards,
Steven

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