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TabithaField's avatar
TabithaField
User
2 months ago
Solved

Trial Balance out of Balance since Jan 2019

Please assist on how to adjust prior period (2019) out of balance Trial Balance. There is a difference in the reatained earnings in 2019 vs Dec 2018. There is no balance in the historical balancing account 3-0999

  • Doreen_P's avatar
    Doreen_P
    2 months ago

    Hi TabithaField

     

    Thanks for your post, and welcome to the MYOB Community Forum.

     

    If there is an out of balance in trial balance, you may need to follow the steps provided below to correct the situation:

     

    • Take a backup of their company file (Back up your company file)
    • Have the customer go to Setup >> Balances >> Account Opening Balances
    • Select an account with a $0 opening balance (make sure they remember the account - write it down)
    • Enter a $1 opening balance for this account and click Ok
    • Go back to Setup >> Balances >> Account Opening Balances and remove the $1 opening balance, returning it to $0 again
    • Click Ok
    • Run the Balance Sheet again and check that it balances

    If you're still experiencing an out of balance in your trial balance, try our virtual assistant MOCA? It's designed to dive deeper into issues like this. Give it a go!

     

    Feel free to engage with MOCA through myob.com/support for any queries or assistance you might need. Don't worry if MOCA can't provide the help you need, our live chat team is just around the corner to pick up from where MOCA left off.

     

    Feel free to post again if you encounter issues in the future.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

     

    Best regards,

    Doreen

1 Reply

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    2 months ago

    Hi TabithaField

     

    Thanks for your post, and welcome to the MYOB Community Forum.

     

    If there is an out of balance in trial balance, you may need to follow the steps provided below to correct the situation:

     

    • Take a backup of their company file (Back up your company file)
    • Have the customer go to Setup >> Balances >> Account Opening Balances
    • Select an account with a $0 opening balance (make sure they remember the account - write it down)
    • Enter a $1 opening balance for this account and click Ok
    • Go back to Setup >> Balances >> Account Opening Balances and remove the $1 opening balance, returning it to $0 again
    • Click Ok
    • Run the Balance Sheet again and check that it balances

    If you're still experiencing an out of balance in your trial balance, try our virtual assistant MOCA? It's designed to dive deeper into issues like this. Give it a go!

     

    Feel free to engage with MOCA through myob.com/support for any queries or assistance you might need. Don't worry if MOCA can't provide the help you need, our live chat team is just around the corner to pick up from where MOCA left off.

     

    Feel free to post again if you encounter issues in the future.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

     

    Best regards,

    Doreen