Balance Sheet not balanced

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Jules6474
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Balance Sheet not balanced

Net Assets and Total Equity are not balanced on the Balance Sheet.  As MYOB will not allow a one-sided journal entry I am unsure as to how to fix this.  I have played around with the opening balances however it does not change the Net Asset or Total Equity figure?  Any ideas on how to fix.  It is only a small amount $495.54

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Ultimate User gavin12345
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Re: Balance Sheet not balanced

Hi @Jules6474

 

Your post is tagged AccountEdge so I assume this is what you are using. An out of balance in AccountEdge is a sign of file corruption. I recommend you run the Optimisation Assistant and Optimise this company file (File > Optimise company file. When this is finished run File > Verify company file.

 

On some versions the Optimisation Assistant can be run from the Maintenance section on the main screen.

 

While these processes are unlikely to fix the out of balance, any errors will confirm file corruption. You would need to either restore an error/out of balance free backup and re-enter all transactions since, or get the file repaired. Here is a link to MYOB's company file repair page - https://www.myob.com/au/support/data-file-repair-services. There are also others who repair MYOB/AccountEdge company files- google 'MYOB company file repairs' or similar.

 

If however you are not using AccountEdge, and are instead using AR2018, out of balance is far more common and usually caused by a bug in the FY rollover process. You would need to refer this to MYOB for a free repair.

 

Regards

Gavin

Jules6474
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Re: Balance Sheet not balanced

Hi Gavin,

 

Apologies the version I'm using is AccountRight Premier 19.  The menu didn't have an option for this version so I just chose Edge.  I just wondered if anyone else had encountered this problem regardless of version.  Are you aware of a 'fix' for Premier or is it the same? I can run the optimisation but it replaces the file to a BAK so not sure if I should proceed as I don't want to lose my existing MYO file.  

 

Regards

Ultimate User gavin12345
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Re: Balance Sheet not balanced

Hi @Jules6474

 

Yes same applies to AccountRight v19 as to AccountEdge. I recommend you run Optimisation Assistant (File > Optimise company file). This does not modify your existing company file. It creates a new file Z1.tmp as it rebuilds your file. If the process completes successfully, your company file is renamed as companyfilename.bak (this is an unmodified copy of original file) and Z1.tmp is renamed as companyfilename.myo.

 

You do not open the .bak file, you open the .myo in the usual manner.

 

Regards

Gavin

Jules6474
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Re: Balance Sheet not balanced

Thanks Gavin.  Will do that and hopefully it corrects the issue Smiley Happy

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