Partner Zone

Re: Equity does not match Net Assets

Lee-Gambles
1 Post
User

1Posts

0Kudos

0Solutions

Solved: Go to Solution

Re: Equity does not match Net Assets

Hi there

 

Has anyone elese encountered the issue of Equity and net assets not balancing post rollover from one year to another

Equity.PNG
2 REPLIES 2
ChrisMYOB
MYOB Moderator
1,152 Posts
MYOB Moderator
MYOB Moderator

1,152Posts

77Kudos

132Solutions

Accepted Solution Solved

Re: Equity does not match Net Assets

Hello @Lee-Gambles 

 

Welcome to the Community Forum.

 

Assuming that this information is from the Balance sheet report. can you please run the balance sheet report for both Accrual mode and cash mode? 

 

When running the Balance sheet in cash mode, it can display an out-of-balance. However, when checking the balance sheet in Accrual mode there is no out-of-balance displayed.

 

This can happen due to transactions being imported where the number of units was a negative figure on a Service layout sale/purchase. Or, an item layout sale/purchase has been recorded with a $0 total, with items entered with both positive and negative amounts.

 

In the case that you have imported transactions, you will need to locate the service layout transaction with the negative number of units within the file. You will need to remove the negative value in the number of units field before re-recording the transaction. This should correct the out-of-balance on the balance sheet.

 

The issue in regards to it involving an item layout sale/purchase which has been recorded with a $0 total should be resolved, however you can try deleting the $0 transaction. Which should correct the out-of-balance.

 

Please let me know how this goes. And if It is still out of balance on both the Accrual and Cash mode please provide screenshots of both reports being out of balance.

Kind regards,
Chris

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Namensoniq80
Partner
2 Posts
Partner
Australia

2Posts

0Kudos

0Solutions

Re: Equity does not match Net Assets

Hi

 

Net asset is not equal to equity in cash accounting and accrual mode in accounting essential. How do I fix this?

Capture.PNG

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post