Accruals method of accounting

[MSpalliera]

The attached spredsheet has a comparison of the 2-1800 Accounts Payable account in both Accrual & Cash modes. 

In the Cash Mode the accounts show that the amount was recorded as a debit in expense (Account

5-2800) and a credit to the Accounts Payable and when the payment was made a Debit to Accounts Payable was made and a credit to Cash at bank (AC 1-1000).  The net affect is the expense is recorded on the Profit and loss account, the cash has been paid from the bank account and accounts payable is $0.00.

But

In the Accruals mode it is only showing a Debit to the Accounts Payable (AC 2-1800) & a Credit to Cash at Bank (AC 1-1000).   There is no record of the transaction in the expense account?  The net effect is the cash has been paid from the bank account, there is a debit of $2,833.11 in accounts payable and nothing i expense.

How do I get the Accruals mode to correctly report the transactions?  

[SamaraM]

Hi @MSpalliera 

Sorry to see that no one has replied to you yet. We have been made aware of a situation where the report doesn't display all of the entries if the bill has a line with a negative amount but is not an item (so uses the service layout). 

It's hard to check if this is the case with only the report. Can you open the bill in question and see if the Item ID field is empty, but the amount shows as -$ ? If this is the case, you will need to either remove it or create an item to use for that transaction.

If that does not help, could you respond with a screenshot of the bill as well?

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[MichaelSpall]

Hi Samara,

Thank you for getting in contact with me.  Unfortunately your suggestion didn't work, I have atatched example of the AP & AR Invoe or Bill.  

Note I have an MYOB case number already it is: 01136379 and it was lodeged over 1 week ago.  I rang up on Monday to see where it was at as the 4 day period was over.  June answeree the phone & when the call got too difficult she hung up on me.  I also spoke to Falguni origianlly & asked fro an update & I have received nothing from her.  

I must say the service from MYOB has been very disapointing so far.   Though you actually following up on the query is quite refreshing, so thank you.

Hopefully this can be solved as it doesn't make sense.

[SamaraM]

Hi @MichaelSpall 

Sorry to hear that you have had that experience with contacting our phone-based team. Can you please also export the reports as PDF for both accrual and cash basis so I have a better view of the transactions on each report?

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[MichaelSpall]

Hi Samara,

Thanks for getting back to me.  Atatched is a PDF version of accruals and one of cash for both AR & AP.

Regards,

Michael

[SamaraM]

Hi Michael (@MichaelSpall)

I've had a look at the reports and the screenshots together. The bills mentioned have an Issue Date of 04/07/2021, and the Accrual bills mentioned General ledger Accrual report is being filtered for the date range of 01 Jul 2020 - 30 Jun 2021. 

For this reason, the transaction showing on Cash Mode but not Accrual mode is working as intended. If you run the report again from 01 Jul 2021 - 30 Jun 2022, you should be seeing that transaction.

See Help Article: GST/Tax reports for more information on how the accounting mode will change what transactions will be displayed in each report.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[MichaelSpall]

Hi Samara,

Attached is SP001426 which is what I think we were talking about.  I can see that the issue date is 04/07/2021 but the posting in the GL is 03/06/2021.  

The cash is received in June & the posting is in June so why isn't the system properly reporting what the GL states?  The fact that it was issued on a later date does't reconcile with what has been reported and what should be reported.  

If the in fact the issue  date is what is to be reported then this should be shown in the GL.  There seems to be a mismatch here.  

What do you suggest needs to be done to avoid this?

[SamaraM]

Hi Michael (@MichaelSpall)

Sorry for the delay in response. I've had a look at the screenshot you attached and had a look for it on the Accrual and Cash reports.

On the Cash report - you will see that payment listed with the date of 03/06/2021:

On the Accrual report you will see that payment is missing on that date around 03/06/2021:

This is how I expect a transaction with a payment date of 03/06/2021 and an issue date of 04/07/2021 to be displayed on both the Cash and Accrual reports respectively. 

Hope that explanation gives a bit more of a clarification on how both the reports behave.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.