Historical Balancing

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Historical Balancing

My balance sheet balances, however, there is a negative historical balancing account under equity in my balance sheet which makes it not balance. If the historical balancing account leaves my balance sheet then my balance sheet will balance.

Is there a way I can get rid of it?

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MYOB Moderator
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MYOB Moderator
MYOB Moderator

1,746Posts

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Re: Historical Balancing

Hi @Miguel2 

 

If Total Equity is not equal to Net Assets and if the Total Equity - Net Assets = Historical Balancing in your balance sheet, we can do the following steps to fix the out of balance.

 

  1. Backup your file. 
  2. Go to the Setup Menu > Balances > Account Opening Balances
  3. Select an account with a $0 opening balance (note this account)
  4. Enter a $1 opening balance for this account and click ok
  5. Go back to Setup Menu > Balances > Account Opening Balances and remove the $1 balance to make it $0
  6. Click Ok
  7. Run your balance sheet again and it should now balance.

The above steps refresh the historical balance account. However, if Total Equity - Net Assets is not equal to Historical Balancing, then send us the screenshot of your balance sheet by Private Message so we can investigate further.

 

Please let us know if you have any questions.

Kind regards,
Komal

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