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New Company file has a historicail balance I cant remove

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Experienced Cover User GB-CDRU
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New Company file has a historicail balance I cant remove

I have created a new company file and when I look at Accounts there is a historical  balance that I cant remove. All accounts are Zero. The account is linked and I can not delete.

H BAL.JPG

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MYOB Moderator Hayden_B
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Re: New Company file has a historicail balance I cant remove

Hi @GB-CDRU

 

You might like to view this support note: Enter account opening balances

 

When entering Opening Balances, you typically don't enter every figure and your Balance Sheet can go out of balance as a result. As a temporary measure, AccountRight allocates the balancing amounts against the Historical Balancing account to keep your Balance Sheet in-balance.

 

When you eventually enter all amounts across your Asset, Liability & Equity details the Historical Balancing account will return to 0.

 

I hope this helps, please feel free to reach out should you have any questions.


Cheers,

Hayden
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Experienced Cover User GB-CDRU
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Re: New Company file has a historicail balance I cant remove

Its is $750000.00 is that normal

MYOB Moderator Hayden_B
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Re: New Company file has a historicail balance I cant remove

Hi @GB-CDRU

 

Without knowing what data has been entered into your file, I would assume this is based on the Opening Balances entered already.

 

If you go to: Setup > Balances > Account Opening Balances.

 

You should find out the details here:

temp.png

 

From my Clearwater File I have 2 accounts with Opening Balances and the combined total will be the Opening Balance of the Historical Balancing Account in order to ensure my Balance Sheet will balance.

 

To find out why the Historical Balancing is that amount, you would be able to have a quick look through here.


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Hayden
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Experienced Cover User GB-CDRU
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Re: New Company file has a historicail balance I cant remove

Hi

 

It has $0.00 but in accounts list still $756,400.00 ?H BAL 2.JPGH BAL 3.JPG

MYOB Moderator Hayden_B
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Re: New Company file has a historicail balance I cant remove

Hi @GB-CDRU

 

Out of curiosity is there any Opening Balance Manually set or transactions allocated to the Historical Balancing account?

 

I'd check by going to: Accounts > Accounts List > Equity > 3-9999

 

And check if there is any Opening Balance showing in the Opening Balance field. If there is not, you can click the arrow in the top right of the account to check transactions posted to that account.

 

Set the Date Range wide (Say 01/01/2000 to 31/12/9998) as there shouldn't be any transactions posted here.

 

Please let us know what you find.


Cheers,

Hayden
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Experienced Cover User GB-CDRU
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Re: New Company file has a historicail balance I cant remove

Nothing there

MYOB Moderator Hayden_B
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Re: New Company file has a historicail balance I cant remove

Hi @GB-CDRU

 

If nothing has been posted and there is no Opening Balance against the Historical Balancing from what you can see.

 

I'd be checking the Balance Sheet to see if this is out of balance. Could you please check if the Net Assets equate to the Total Equity?


Cheers,

Hayden
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Experienced Cover User GB-CDRU
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Re: New Company file has a historicail balance I cant remove

Nothing apart form Historical balance H BAL 4.JPG

Ultimate User gavin12345
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Re: New Company file has a historicail balance I cant remove

Hi @GB-CDRU and @Hayden_B

 

There is a known bug in AR2018 related to Historical Balancing which has been around for over 5 years. I suspect @GB-CDRU at some point may have added some opening balances via Setup > Balances > Account Opening Balances.  As above post mentions, when AR2018 works properly, any balancing amount is posted to Historical Balancing. 

 

Then if a header account is changed to a Details account and a sub account had an opening balance, this is where the bug kicks in and corrupts the Historical Balancing account balance.  Then if you remove all the Account Opening Balances (to start again), the corruption in Historical Balancing remains - my guess is this is where @GB-CDRU is at now.

 

There was a 'work-around' post https://community.myob.com/t5/AccountRight-Tax-and-Business/Balance-sheet-does-not-balance/m-p/51208... - which can help in some situations (but not all). 

 

Short of the bug being fixed some time soon (unlikely on past track record) @GB-CDRU may have to start a new file.

 

Regards

Gavin

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