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I started using Myob 1/7/18. I had a long term liability for plant that started 14/4/14. This was a chattel mortgage that had a residual balloon payment that fell due in April this year (19). All my payments were made on the 14th of each month. I went to my Amortization schedule to get my opening balance for 1/7/18, i looked at the principal balance straight after my 14/6/18 monthly payment. I entered this balance but my myob current balance for the balloon payment doesn't match? Each month i split my monthly payment between the liability and interest paid as per my accountants advise.
I'm sorry I'm not sure I understand, is the issue that the current balance does not match what it should be despite the Opening Balance being correct?
If so, you could use the General Ledger Detail report and filter it to that 1 Liability account and you can view the movements of transactions for this account and it's end-balances after those transactions and see what might be the cause here.
HI thank you for your response. I entered the correct amount into the opening balance in accounts list. When i open up the general ledger list the opening balance is less?
Accounts list opening balance: $37303.13
General ledger report $32909.03 all transactions listed are correct except this opening balance
Thanks for confirming this.
Out of curiosity, if you run the GL report specifically for 01/07/2018 does it show the correct Opening Balance?