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Danielle1122's avatar
Danielle1122
Contributing Cover User
3 years ago

Trial Balance and Balance Sheet Out Of Balance

My Trial Balance has been out of balance for a number of years, and am wondering how we go about correcting this. My error seems to be from the rolling over of financial years from FY2013 to FY2014 and the End of Year Adjustment Journal from Retained Profits to Current earnings. This is my exact error. This amount is also sitting in the historical balancing account on my balance sheet, so the balance sheet doesn't balance either. I've tried doing a journal from retained profits to historical balancing accounts, but nothing happens. How do we go about getting this fixed? I've also tried adding a balance in the opening balances and nothing changes, and then removing it and nothing changes again either. Any help would be greatly appreciated. 

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  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 years ago

    Hi Danielle1122 

     

    There are a number of common problems (bugs) when it comes to FY rollover and the EOY Adjustment in MYOB. When the EOY adjustment journal is:

    • for the wrong amount
    • posted as a one sided journal, or
    • skipped altogether

    the file should be referred to MYOB for a fix - there is nothing you can do to fix any of the above problems. 

     

    As for Historical Balance, this is usually unrelated. However it is possible someone tried to 'fix' the out of balance with a Historical Adjustment. Check Setup > Balances > Account Opening Balances. If the debits don't match the credits, the balance goes to Historical Balancing. Take care making changes here (make a backup first as a precaution). If the out of balance amount is the only entry, it is safe to try to remove it - this may clear the Historical Balance amount. Changing any other amounts may alter your Balance Sheet. The entries here should match the Balance Sheet at the Conversion Date (when you first started using MYOB).

     

    Regards

    Gavin