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Opening Balances

NapFamCentre
2 Posts
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NapFamCentre
Cover User

2Posts

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Opening Balances

Hi Team, 

I have run close of financial year, but it has not updated the opening balances for the new year (they should be zero for income and expenditure accounts), how ever they are still the opening balances when we did conversion at the start of the last financial year. Do I need to enter a EOY journal to zero out these accounts as at 30/06/2018 (We have a June Balance date) or should MYOB zero and update these balances automatically?

 

Many Thanks

1 REPLY 1
MYOB Moderator Neil_M
10,788 Posts
MYOB Moderator
Neil_M
MYOB Moderator

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Re: Opening Balances

HI @NapFamCentre

 

Generally speaking when AccountRight closes a financial year through the File >> Close a Year >> Close a Financial Year, all income and expense accounts are returned to a zero balance as part of the process automatically.

 

Its worth noting that the balance that the rollover looks at is the current balance of that account at the time of rollover, and not any figures entered in as opening balance figures. This does mean that immediately after an end of financial year rollover , if no other transactions have been recorded then all of the income and expense accounts should show a zero balance in the accounts list

Regards,
Neil

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