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Opening balance of profit and loss items

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dilini
2 Posts
User
Australia
dilini

2Posts

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Opening balance of profit and loss items

Please provide me answer for attachment. The thing is to be entering opening balance for profit and loss items. I need to know what would be the double entry for that?
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2 REPLIES
MYOB Moderator Steven_M
24,683 Posts
MYOB Moderator
New Zealand
Steven_M
MYOB Moderator

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Re: Opening balance of profit and loss items

Hi @dilini

 

AccountRight will allow for the user to enter opening balances for Balance Sheet accounts via Setup>>Balances>>Account Balances. Profit & Loss account opening balances are generally entered via a journal entry. I would recommend speaking to your course provider for further assistance in entering those opening balance and journal entry/entries.


Kind Regards,
Steven
MYOB Client Support
Ultimate Partner GDay53
1,233 Posts
Ultimate Partner
Australia
GDay53
Ultimate Partner

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Re: Opening balance of profit and loss items

@dilini

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

As @Steven_M has mentioned when setting up a new data file from the  1st July you would only need to enter Balance Sheets opening Balances and they are done through Setup > Balances > Account Opening Balances.

 

If entering Opening Balances for a new data file created at any other time through the year you should still use Setup > Balances > Account Opening Balances and enter both Balance Sheet and Profit and Loss opening balances.

In your case from looking at the date of Trial Balance provided, you are creating a new data file to start from the 1st June.

However you also MUST enter the individual transactions for the Trade Creditors and Trade Debtors to Balance back to the opening Balances. this would need to be done even if you entered the Opening Balances as a Journal.

When entering a journal you MUST NEVER enter anything against any of the control accounts otherwise tha balance in the MYOB will be out. Your Control accounts include Trade Creditors , Trade Debtors, Bank and Credit Card accounts, GST accounts and wages account.

 

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
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