Company Data Auditor

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Leslie22
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Company Data Auditor

 

I am currently working for a NFP organisation, and very new to MYOB.

 

I ran the Company Auditor Report today. When I look at the tax code recon exceptions report from the Company Auditor. It is showin:

 

- 2-1210 GST Collected:

 

Expected Account Balance at the EOM -           0

Actual Account Balance at EOM                     12, 543.88

 

Out of Balance                                                  ( 12, 543.88)

 

What would be causing this, and is this something to be concerned about.

 

Given I am still learning,  I have been doing bank reconciliations against our bank statements, but have not locked any period to date. I understand it has to be done to ensure all enteries are recorded, however would this have caused any problems in ohter areas?

 

Thaks

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Neil_M
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Re: Company Data Auditor

Hi @Leslie22

 

The most common cause of a situation like that would be if a transaction had been incorrectly allocated to the GST Collected Account. This might be an adjustment that has been recorded by you or your accountant, or it could just be a transaction that has the wrong account selected.

 

It’s probably something that you should investigate as if it is a transaction that hasn’t been entered to the correct accounts then it could have a flow on effect elsewhere and may mean that other accounts have incorrect balances. You can see what transactions have been applied to an account by using the Find Transactions feature of the software to see all of the transactions that have gone against a particular account.

 

Using the locked period feature of AccountRight is an optional feature to stop transactions being changed and added to a period that you have reconciled. If you haven’t turned on the lock period feature, the only thing that will happen is you will be able to add transactions dated in this and future financial years.

 

The lock period feature is included and available as some people like to lock a period after they have reconciled, as a safety measure to know that once locked no transactions can be entered for that period.

 

Do let us know how you get on with this

Regards,
Neil

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Leslie22
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Re: Company Data Auditor

Hi Neil,

 

Many thanks for your continual help.

 

I am not an accountant, and really not sure what the last person in my position did.

 

Based on my "knowledge" I have run a report for July in the live system (I was previously using a dummy one), and have noticed that the Actual Account Balance in MYOB is a reflecting an opening balance.

 

- My knowledge is limited, and therefore please will you advise that we should be seeing an opening balance at the beginning of the tax year?

 

 

 

July.JPG

- When it comes to August it is showing the following:

 

Tax Code.JPG

The above was actioned by the person prior to commencement to record the GST Refund per our BAS statement for April - June, 2016

 

The September Tax Code report is also showing an out of balance amount ? Would this be as a result of the onflow of the prior month differences?

 

Thanks so much for you help!. Please let me know if I am asking for tooooo much assistance in this area.

 

 

Neil_M
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Re: Company Data Auditor

Hi @Leslie22

 

Unfortunately, I cannot advise whether or not you should have an opening balance, as questions like that are best directed to your accountant. They will be able to advise whether that is correct and any implications of the opening balance. If your accountant isn’t familiar with MYOB, then you may want to consider speaking to one of our MYOB Partners.

 

Your accountant will also be able to take a look at any previously prepared transactions that involve those accounts and should be able to advise you if they are correct or not and will be able to help you correct the journal entries if necessary.

 

There are a few reasons why you might have out of balance figures, all of which are discussed in our help article, Out of Balance in Tax/GST Information Reconciliation reports. As transactions will be going into the GST accounts a continued out of balance could stem from previous incorrect entries.

Regards,
Neil

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Leslie22
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Re: Company Data Auditor

Thanks Neil,

 

Appreciate your efforts and continued support that you always provide. Not sure what I would do without the MYOB Community! :-)

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