opening balances showing negative in p&l

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
EthBooks7
4 Posts
User

4Posts

4Kudos

0Solutions

opening balances showing negative in p&l

I have put opening balances in FY 19/20 as at Dec 31.  Problem is the amounts are showing as negative in the Profit & Loss.  I have put the opening balance year as starting July 2019 so am confused as to why i have negative amounts.

I am using MYOB Essentials

13 REPLIES 13
Neil_M
MYOB Moderator
13,374 Posts
MYOB Moderator
MYOB Moderator

13,374Posts

1,609Kudos

1,911Solutions

Re: opening balances showing negative in p&l

Hi @EthBooks7 

 

Out of curiosity, what period are you running the profit and loss report for? Is it for the period before the opening balance date or after?

 

If you’ve set the opening balance date to be after the opening date on the file, this is telling MYOB Essentials that as at X date these are the balance figures. Running the report prior to this date would potentially show unexpected figures as the system would be looking for amounts to be against the account to lead up to the opening balance figures specified.

 

If the figures entered in as opening balances were the opening balances at the date of the start of the file I’d recommend changing the opening balance date to be that of the start date of the file

Regards,
Neil

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

louisab
1 Post
User

1Posts

0Kudos

0Solutions

Re: opening balances showing negative in p&l

I am having the same problem. I have created all the accounts with all of the opening balance starting the 1 september. When i have created the Profit and Loss and all of the figures are negative. I have the report dates as 1/9/20 -3/9/20

 

Note: The balance sheet is correct even the even the year current Earnings.  

Neil_M
MYOB Moderator
13,374 Posts
MYOB Moderator
MYOB Moderator

13,374Posts

1,609Kudos

1,911Solutions

Re: opening balances showing negative in p&l

Hi @louisab 

 

Out of curiosity, if you record a journal entry to add the opening balances in on some of these income and expense accounts, do they still show as a negative figure on the report?

 

Additionally its worth ensuring that the balances have been entered correctly, in that the figures weren’t entered as a negative when they shouldn’t have been

Regards,
Neil

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

traciemc
4 Posts
User

4Posts

3Kudos

0Solutions

Re: opening balances showing negative in p&l

Another one here experiencing this problem - trial balance is good, account list YTD balances are good - P&L is a mess.

My situation is the conversion of a manual system to MYOB essentials, going from a Trial Balance at 31 May 2020.

Attached files - Opening account balances (dated May 2020 - taken from manual accounting trial balance at 31 May 2020), account lists at end of June, showing YTD which is June transactions plus end May opening balances, Trial Balance at end of June, and P&L at end of June - you can see all looks good until the P&L comes into play

accounts-opening-balances.jpg
accounts-with-june.jpg
trial-balance.jpg
profit-loss.jpg
Neil_M
MYOB Moderator
13,374 Posts
MYOB Moderator
MYOB Moderator

13,374Posts

1,609Kudos

1,911Solutions

Re: opening balances showing negative in p&l

Hi @traciemc 

 

Out of curiosity, are you able to step me through exactly how you entered those opening balances. I’d like to try replicating it on my end and to do so I’d need to know each exact step as to how you entered those balances

Regards,
Neil

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

traciemc
4 Posts
User

4Posts

3Kudos

0Solutions

Re: opening balances showing negative in p&l

Thanks for looking into it Neil Smiley Happy

First, just in case it makes a difference - attached is a screenshot of the financial setup for the business in the business details page.

OK, so once the business was setup, I went into Accounting - Chart of Accounts

Clicked on Create Account, and created the account that I wanted - eg Sales Revenue and entered the opening balance in there when creating the account (taken from the May 31st manual Trial Balance that had been provided).

 

I've also attached a screenshot of the Sales Revenue account, show the settings on that account.

More than happy to provide any other screenshots Smiley Happy

financial-year-settings.jpg
sales-revenue-account.jpg
traciemc
4 Posts
User

4Posts

3Kudos

0Solutions

Re: opening balances showing negative in p&l

I can also confirm that this only happens if the opening balances are entered in the chart of accounts.  If I leave the opening balance in the chart of accounts at zero, and add the opening balance via a journal entry, then the P&L shows the amount correctly.

Neil_M
MYOB Moderator
13,374 Posts
MYOB Moderator
MYOB Moderator

13,374Posts

1,609Kudos

1,911Solutions

Re: opening balances showing negative in p&l

Hi @traciemc 

 

Thanks for all that info, I was able to replicate this on my end with the help of your steps. It definitely does look like somethings amiss, and I’ve raised it with the appropriate teams to look into so they can investigate it further.

 

At this stage I don’t have a timeframe for when they will complete the investigation and find a resolution, however its good to know that using a journal entry makes the balances show correctly on the report

Regards,
Neil

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

traciemc
4 Posts
User

4Posts

3Kudos

0Solutions

Re: opening balances showing negative in p&l

Thanks for looking into it Neil - really appreciate it Smiley Happy

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post