Balance Sheet now showing incorrect bank balances

[KimvV]

After spending 5 hours (I kid you not!) on the phone to MYOB without any resolution, was wondering if anyone had experienced anything like this since the Essentials upgrade.  My bank balances are not showing the correct amounts on my balance sheet.  However, when I click on the total for an account and the transaction window opens up, down the bottom it shows total credits, total debits .. and the CORRECT balance.  Why is this figure not appearing on the balance sheet report???  Any suggestions?

[DPEC]

I had some similar errors after the upgrade that I tracked down to cash transaction in the first month of operation of the company. Even though the GL and Accounts List were correct, the BS report was ignoring them.

As far as I know, this hasn't been resolved in MYOB and a workaround was to move those handful of transactions to the 1st day of the following month. Not ideal but it sorted it out.

[KimvV]

Hi!  Thanks for responding.  Can you tell me how you went about tracking down the errors?  

[DPEC]

Fortunately(?) for me, one of the incorrect account balances was an "Owner" credit card used to fund the startup costs - Company registration and insurances etc. It should have been zero balance but was showing in credit by the total amount of those startup costs. Meanwhile, the bank transaction account was out by the amount as well as an intangible asset account used to capture the company registration costs was now zero.

After a little bit of head scratching I worked out what was going on but no idea why. There is a note here somewhere that by design the new system is ignoring transaction prior to a certain date in the company file. The description doesn't make a lot of sense and it appears that there are some unintended consequences?

If this is the same problem you have, it would be simple to test. Find one of the first month transactions and temporarily change the date to the 1st of the following month. If say it's $100, you'll see that ripple through to the BS report. If not, it's another issue and change the transaction back to the original date.

For me, it was only first month transactions. So that should be easy to isolate and move if you have the same issue.

[KimvV]

appreciate your help.

One account is $190 out.  Going back to the first month I can see 3 transactions. $700 debits and $510 credits.  Perhaps this is the $190???  These 3 transactions were from a bank feed.  Can the date be altered when it was from a bank feed?

[DPEC]

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@KimvV wrote:

appreciate your help.

One account is $190 out.  Going back to the first month I can see 3 transactions. $700 debits and $510 credits.  Perhaps this is the $190???  These 3 transactions were from a bank feed.

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Sounds like that could be the source of your error (or one of them). 

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@KimvV wrote:

Can the date be altered when it was from a bank feed?

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Sorry, I don't know. Hopefully someone else here or the mods can advise. Maybe there's even another fix they can recommend.