Forum Discussion

SWI-Accounts's avatar
SWI-Accounts
Experienced User
4 years ago
Solved

Out of Balance inventory value

Hi guys,   Need help here. Recently I just run the inventory value reconciliation report and found out that my inventory value is difference with "Balance Sheet Inventory Value". Anyone could hel...
  • Neil_M's avatar
    Neil_M
    4 years ago

    Hi SWI-Accounts 

     

    If the out of balance goes all the way back to the start of the file, this would generally indicate that the opening balance on that account has been changed. The only way to double check this would be to restore a backup or two from different points in the past and checking the opening balance of that account.

     

    If you were wanting to resolve it using a journal entry to remove the out of balance on the account, I recommend speaking with your accountant over how that journal entry should look. Do note that this will only correct the out of balance for after the journal is recorded. If you ran the report for after before the journal entry was recorded the out of balance will still exist.

SWI-Accounts's avatar
SWI-Accounts
Experienced User

Hi Neil_M 

I have checked the opening balance and also run the review by monthly basis as per your suggestion.

I find out that we have that out of balance amount since we start using MYOB (amount difference was about $800).

and the out of balance amount was decrease to $94.

I have reviewed all the transaction entered during that period but did not find any error or mistake in the entry.

Any suggestion to close off this $94?
Thank you.

 

Regards

Tommy

Neil_M's avatar
Neil_M
Former Staff
4 years ago

Hi SWI-Accounts 

 

If the out of balance goes all the way back to the start of the file, this would generally indicate that the opening balance on that account has been changed. The only way to double check this would be to restore a backup or two from different points in the past and checking the opening balance of that account.

 

If you were wanting to resolve it using a journal entry to remove the out of balance on the account, I recommend speaking with your accountant over how that journal entry should look. Do note that this will only correct the out of balance for after the journal is recorded. If you ran the report for after before the journal entry was recorded the out of balance will still exist.