AccountingRights 2021.03.0 General Ledger (Summary DR and CR not balanced

[Zoya]

Hi,

I am using MYOB AccountRight Plus AU 2021.3.0

have noticed MYOB General ledger Summary DR and CR no balanced.

Checked Transection Journals, have notice there is end of Year Adjsutment Journal (which I am not sure how this got there ? I tried to click on this  GJ000000 - but  can't get into this transetion.

it showing CR 3-41999 Retained Earnings              $144,350.86

                  DR 3-9000 Current Earnings  $144,350.86

Also, with closing stock at end of year I used Account number: 5-1130 - CR closing stock and DR 1-1136 stock on hand, have noticed, MYOB doesn't rollover these accounts.  how does this  work?

I need to send file to Accountant, soon as these can be fix.

Thank you

Zoya

[Steven_M]

Hi @Zoya 

We are aware that the Current Earnings account will not appear on the General Ledger reports which can give the appearance of an out of balance file. This is something that has been reported to the required team for further investigation. However, provided that the Balance Sheet report does balance (Net Assets equal Total Equity) then the company file is balanced and it would be that display error on that report.

In terms of your other enquiry, I would have assumed the Cost of Sales account will be rolled over the balance cleared for the start of that new financial (when File>>Close a Year is completed). This is due to the fact that Profit and Loss accounts (Income, Cost of Sales, Expense accounts) and cleared out during the financial year rollover while Balance Sheet Accounts (Assets, Liability, Equity accounts) will have their balances retained.

[Zoya]

HI Steven,

further to my query how to record yearend closing stock.

I have notice after rollover to new finiancila year, stock on hand remaining to asset account, I thought this should transfer to opening stock.

do I need to Manually do the  Journal adjutment to  CR stock on hand and DR opening stock? before record closing stock for the yearend?

Thank you

Zoya

[Steven_M · Accepted solution]

Hi @Zoya 

I would recommend speaking to your account advisor in relation to recording that journal entry and the impact that it will have. However, AccountRight will not naturally transfer the balance of that account at the end of the year. Most commonly the only journal entry that is provided when you do close the year would be the end of year journal which transfers the Current Year Earnings of that closed year into the Retained Earnings. If you are needing to record the transfer of funds outside of that at the end of the year it would be the recording of a journal entry.

[Zoya]

Thank you Steven