Upgrading from AccountEdge v9.5 to AccountEdge Pro

[Nicksta]

Hi all, i've just upgraded from the old v9.5 to the latest AccountEdge Pro.

I just tried to do my fiirst Month end procedures and my GST account is very out of balance.

My question is, I upgraded before the end of financial year so it has migrated all my GST journal entries from each return I have done, and now the Company Data Auditor is saying that all the journal entry adjustments for the GST Payments and refunds account appear invalid or un-necessary.

Can someone tell me if i need to reverse all my monthly adjustments made in the old version to fix the imbalance, and if the new version does something behind the scenes to reconcile the GST payments and refunds account?

thanks in advance!

[Steven_M]

Hi @Nicksta

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge.

When you say you are looking at the Company Data Auditor and seeing that your journal entries are appearing "incorrect", are you able to give us what part/report you are looking at?

Also in AccountEdge v9.5, you would have had to update the GST to 15%. Do you remember how you handle this process i.e. did you run through the GST Transition Assistant or did you create a new GST code?

[Nicksta]

Hi and thank you.

I'm looking at the GST information Reconciliation Report.

The expected account balance is a lot higher than the actual account balance.

I have just upgraded from V9.5 where I followed the instruction to enter a journal enrey on the first of the month following each 2-monthly GST period to zero the collected or paid accounts.

It appears the abounts I have journaled out over the last 10 months is how much it is out of balance.

Which leads me to think that I should not be completing journal entrys every 2nd month?

in v9.5 I created another GST code S15 for the 15% change when it originally changed.

Do I need to use the transition assistant to correct something in the upgrade?

advice is much appreciated!

Nicki

[Steven_M · Accepted solution]

Hi @Nicksta

Thank you for confirming that information.

The GST Information Reconciliation report compares your expected account balance and your actual account balance. The expected account balance being the total GST collected minus total GST paid whereas the actual account balance is the balance of the account at the last date of the reporting period. In an ideal world the expected and actual account balances would be the same. However due to timing issues with reporting and payment these can be different and that is perfectly fine. 

In your case as you have entered a journal entry that directly affects the account balance on the last day of the month it has impacted on the actual account balance. As no tax has generated from the transaction it would have no impact on the expected account balance. Therefore you have a difference. Provided that the difference is the amount that you have paid the IRD then you are spot on and good to continue.  Generally most people will run that GST Information Reconciliation report prior to completing the GST Return and therefore it does balance. You are just running it after the fact, as its including payment transaction you are getting an out of balance.

For more information into the GST Information Reconciliation report please see Support Note: GST Information Reconciliation report

Do let us know if you have any further concerns or enquires in regards to AccountEdge Pro

[Nicksta]

perfect, thank you Steven!