General Ledger Reports

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Kirstie1
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General Ledger Reports

In MYOB Essentials it has been common amongst our clients that have been either transistioned from another software or a new client who is using the MYOB Essentials file for the second year in a row, that their General Ledger Report does not balance. The 'Retained Earnings', 'Current Earnings'  and similar accounts, do not contra each other out like they have previously done so in MYOB programs and therefore we are unable to balance the general ledger journal. Are we missing something? Can anyone help?

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MYOB Moderator Steven_M
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MYOB Moderator
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Re: General Ledger Reports

Hi @Kirstie1 

 

At the end year within MYOB Essentials the system will automatically take the current year earnings balance* and move that across to the retained earnings account. This is done by the way of a journal entry dated the 1st day of the new financial year.

If you are finding that the value is not what you expected in that retained earnings account I would recommend checking the Net Profit and Loss for the financial year and comparing this to the end year journal, which is can be seen in the General Ledger report for that particular account. Do ensure that you are selecting to run both reports on an accrual basis.

*The current year earnings balance is calculated as the total income less any cost of sales and expenses for that financial year.

Kind regards,
Steven

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