Receivables & Payables out of balance after YE journal entered and year rolled over

Experienced Cover User LisaP_DK
27 Posts
Experienced Cover User
Australia
LisaP_DK
Experienced Cover User

27Posts

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Receivables & Payables out of balance after YE journal entered and year rolled over

Hi

 

We have a client that has entered a year-end journal, that had adjustments to be made to Trade Debtors and Trade Creditors. We advised their internal bookkeeper to make the adjustments necessary via the sales and purchases tab, not to enter them as a journal but she did it anyway. She has also rolled the year over, so we are unable to reverse the original journal at 30/06/17.

 

I have tried everything that I know of to fix it, and it appears I've fixed the Trade Creditors, but the Trade Debtors is still showing out of balance.

 

Can someone assist me with this, by looking into a backup of the file?

 

Thank you

 

6 REPLIES
Super Partner PaulBihet
624 Posts
Super Partner
Australia
PaulBihet
Super Partner

624Posts

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Re: Receivables & Payables out of balance after YE journal entered and year rolled over

You should be able to roll back the year (if you are using the new version of MYOB)

Paul Bihet MYOB Certified Consultant
(Bookkeeper Support & Training)
MYOB Sales, Installation & Support
B.A.S. Service Provider
Phone (08) 7131 1116
Mobile 0413 313 403
Fax (08) 7200 7715
Email: paul@mysupportman.com.au
Experienced Cover User LisaP_DK
27 Posts
Experienced Cover User
Australia
LisaP_DK
Experienced Cover User

27Posts

7Kudos

1Solutions

Re: Receivables & Payables out of balance after YE journal entered and year rolled over

They are using AccountRight 2017.2?

Super Partner PaulBihet
624 Posts
Super Partner
Australia
PaulBihet
Super Partner

624Posts

241Kudos

92Solutions

Re: Receivables & Payables out of balance after YE journal entered and year rolled over

Have a browse through this information
http://help.myob.com/wiki/display/ar/Rolling+back+a+financial+year
You should be able to reverse the original entry (not delete) and start again
Paul Bihet MYOB Certified Consultant
(Bookkeeper Support & Training)
MYOB Sales, Installation & Support
B.A.S. Service Provider
Phone (08) 7131 1116
Mobile 0413 313 403
Fax (08) 7200 7715
Email: paul@mysupportman.com.au
Super Partner IanChait
490 Posts
Super Partner
Australia
IanChait
Super Partner

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Re: Receivables & Payables out of balance after YE journal entered and year rolled over

Hi @LisaP_DK @PaulBihet

 

What are the adjustments you need to make? The easiest is to create whatever entries in Sales and Purchases as invoices and bills, but post the Suppliers back to the linked Trade Creditors, and Customers to the linked  Trade Debtors. 

 

This will then Debit and Credit the linked Control Accounts, thus having no impact, but correcting the individual Customers and Suppliers.

 

 

 

Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Fax 03 9012 4488
Email ian@myfc.com.au

Experienced Cover User LisaP_DK
27 Posts
Experienced Cover User
Australia
LisaP_DK
Experienced Cover User

27Posts

7Kudos

1Solutions

Re: Receivables & Payables out of balance after YE journal entered and year rolled over

Thanks Iain, I have fixed the Trade Creditors by adjusting it correctly within Purchases as normal. The Trade Debtors are the problem, but I think that's because she has tried to fix it herself. I'll have to go in and have another look around to see if I can find the "fix".

 

Experienced Cover User LisaP_DK
27 Posts
Experienced Cover User
Australia
LisaP_DK
Experienced Cover User

27Posts

7Kudos

1Solutions

Re: Receivables & Payables out of balance after YE journal entered and year rolled over

Thanks Paul - I may have to use this tool to fix it, if I can't come up with another solution.

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