Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
The Historical Balancing appeared as a negative amount of (716,723.93) in the balance sheet.
How to clear this amount - as our company is in the midst of yearly auditing.
Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge.
I see that you are posting for Malaysia. While we welcome your contribution to this MYOB Community Forum. The primary aim of this Community Forum is to support the MYOB Australian and MYOB New Zealand based programs. If you do require assistance with an MYOB Malaysian based program I would recommend contacting MYOB Malaysia
You are welcome.
To my knowledge MYOB Malaysia do only offer Phone Based Support and Onsite Support as per their Support Website. However it is working checking with them to see alternative support options they do offer.
In the Australian and New Zealand based programs the Historical Balancing account is used as an account to balance the accounts when you first create the file. One of the main principles of accounting is that Equity = Assets - Liabilities. If you are entering opening balances for your accounts via Setup>>Balances>>Account Balances and that accounting equation doesn't balance it will place the difference amount in to the Historical Balancing account to make it balance.
For example if you only enter a opening balance for a bank account (an asset account) of $500 and no other balances the equation would be Equity = 500 - 0. To balance this out it will place the amount of that account into the Historical Balancing account so it would be Bank account $500 and Historical Balancing $500. This would make the equation being 500 = 500 - 0.
If you have a balance that you are not wanting in that account, you need to make sure you have entered the correct balances of your account via Setup>>Balances>>Account Balances. This would need to make sure that you have the correct balances for the accounts so you don't have a value in the Historical Balancing account.
The alternative is that you record a journal entry via Accounts>>Record Journal entry to remove the balance from that account and place it into the balance of another account. I would recommend speaking to an accountant in regards to the journal and the accounts involved.
Please note, as mentioned, this is for the Australian and New Zealand based software. The MYOB Malaysia version maybe different and I would recommend consulting the software manufacturer in your area to confirm the process in your software.