Balance sheet out of balance

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ebeswick
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Balance sheet out of balance

My EOFY June 20 balance sheet is out of balance by approximately $200k.  It shows net assets as $1,319,579 and total equity of $1,519,972.  I don't understand how this can even occur - is it something to do with the rollover process?

 

If someone can please assist me with this that would be great as we are currently trying to finalise our EOFY audit.

 

Many thanks,

 

Ed

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Steven_M
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MYOB Moderator
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MYOB Moderator

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Re: Balance sheet out of balance

Hi @ebeswick 

 

What version of the software are you using? This can be checked via Help>>About AccountRight.


If you are using AccountRight 20xx, on the Balance Sheet do you have an Equity account called "Historical Balancing account"? If you have that account, does the balance of that account within that Balance Sheet have the same balance as that of the out of balance? If so, do complete the following steps:

  1. Take a backup of the company file -  File>>Backup
  2. Once that backup has been taken, navigate to the Setup>>Balances>>Account Opening Balances
  3. Choose an account in the list that does have zero balance
  4. Add a $1.00 balance to that account before select OK
  5. Complete Step 2 and 4 again, this time removing that $1.00 balance from the chosen account
  6. Re-run the Balance Sheet, does it balance?

Kind regards,
Steven

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