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Current Liabilities on Balance Sheet not adding up correctly

NatalieDBSC
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Current Liabilities on Balance Sheet not adding up correctly

Current Liabilities 
Gaming Commission$21,697.64
Trade Creditors$43,476.33
Patron Reward Points$9,367.48
Jackpot Provision$106,896.07
Business Credit Card$3,846.21
Wages Accrued$12,781.84
Superannuation Accrued$3,997.60
GST Collected$41,630.65
GST Paid($7,568.21)
Adjustments & Rounding$0.00
Total Current Liabilities$202,063.17

 

Above is from Balance Sheet bu the Total Current Liabilities actually adds up to $236,125.61

 

I have deleted the cache file.

7 REPLIES 7
Komal_S
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Re: Current Liabilities on Balance Sheet not adding up correctly

Hi @NatalieDBSC 

 

Can you please attach a screenshot of the entire report so we can investigate what might be causing it? You're welcome to send it by Private Message if it contains sensitive information.

Kind regards,
Komal

MYOB Community Support

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DuncanS
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Re: Current Liabilities on Balance Sheet not adding up correctly

@NatalieDBSC @Komal_S 

 

Natalie,

 

The Difference is the GST Accounts.

 

I would check the setup of the GST Accounts in the Accounts List.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
NatalieDBSC
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Re: Current Liabilities on Balance Sheet not adding up correctly

 
NatalieDBSC
4 Posts
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Cover User

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Re: Current Liabilities on Balance Sheet not adding up correctly

 
NatalieDBSC
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Re: Current Liabilities on Balance Sheet not adding up correctly

Thank you -How do I go about fixing that in AccountRight?

Komal_S
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Re: Current Liabilities on Balance Sheet not adding up correctly

Hi @NatalieDBSC 

Can you please also attach a screenshot of the window where the current liabilities are adding up to the correct amount so we can compare it against the balance sheet? You're welcome to send it by Private Message if screenshots contain any sensitive information.

Kind regards,
Komal

MYOB Community Support

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DuncanS
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Re: Current Liabilities on Balance Sheet not adding up correctly

@NatalieDBSC @Komal_S 

 

The GST Accounts need to be indented.

MYOB allows 3 levels of indention.

 

I have a header BAS Liabilities then indent the GST Accounts and PAYG - W.

 

Your Balance Sheet needs some improvements.

There should be a Non - Current Assets Header.

I would have Headers for Floats, Stock and Plant & Equipment - Gaming.

 

Payroll related Liabilities should be under Current Liabilities.

Under Non - Current Liabilities, I would have Headers for Leave Provisions and Loans.

The Loans should be split over Current and Non - Current. With Loans i include the monthly payment and end date in the description. 

 

In NSW, I understand Clubs/Associations with Net Assets greater than $500,000 must be audited.

 

Let me know how you go.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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