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AE Statutory reports - out of balance

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Partner claurieCA
1 Post
Partner
Australia
claurieCA
Partner

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AE Statutory reports - out of balance

Hi

 

We are using AE Reports and my balance sheet is out of balance in the prior year and the current year. $1 in the prior year and $2 in the current year. The reports are rounded and the entity is a partnership, i assume the out of balance is in the partner accounts. Please help as to how we can fix the out of balance in both the prior year and current year.

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MYOB Staff Post Kimberley_P
13 Posts
MYOB Staff Post
Australia
Kimberley_P
MYOB Staff Post

13Posts

6Kudos

2Solutions

Re: AE Statutory reports - out of balance

Hi @claurieCA,

Welcome to the community forum! Thanks for your post, I hope you find the forum a valuable resource of information.

 

To answer your question, it sounds like the out of balance is caused by the rounding error. What you can do is try rounding the Asset and Liability accounts separately from your Equity accounts as follows:

  1. In Statutory Reporter, open the Report Options window and underneath the 'Display Rounded Balances' checkbox, click on the link to 'Specify Rounding Accounts'.

  2. In the Specify Rounding Accounts window, select the Calculate Rounding Error Adjustments checkbox. This should bring up a window allowing you to choose which accounts to allocate rounding errors adjustments to.

  3. In this window, select the Adjust the Equity section separately checkbox. This will apply rounding error adjustments for the Assets and Liabilities section separately to the Equity section in the Balance Sheet.

  4. Enter an account code into the Assets and Liabilities field to which the rounding error adjustments are to be allocated for net assets, then enter the account code into the Equity field to which the rounding error adjustments are to be allocated for the equity section.

 

Hope this helps!


Kind regards,

Kim
User Assistance Writer
MYOB Australia Pty Ltd

 

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