Entering Opening balances Profit and Loss accounts mid year

[amdaws]

Hi all,

Our company went live on MYOB Essentails on 1st November2022. I successfully entered the opening balances for all accounts at that date except for expenses. The message I keep getting is that you can't enter opening balances for Profit and Loss items from a previous financial year. It is not a previous financial year and the business settings show that the current financial year is July 2022 to June 2023. Have other users had this problem and how did you resolve?

Regards

[SamaraM]

Hi @amdaws 

Welcome to the Community Forum. This error message can also occur if the opening balance date is incorrect.

Can you go to Business Settings > Check what the month and year are listed under Opening balance date? If it is later than the date you are trying to enter, that would be why you are receiving that error.

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

[amdaws]

Hi Samara,

I had already checked the opening date before posting this on the forum. The date is set at 1st July 2022 and I am trying to enter opening balances after that date.

Please advise what the solution is here because I shouldn't have to go back and enter all transactions between July and October because we purchased this software mid year.

Regards

[SamaraM]

Hi @amdaws 

Thanks for checking that. Would you also be able to provide a screenshot of the business details showing the opening balance dates and the error you are receiving when you enter the transaction?

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