Multiple account balances incorrect
I have am a business owner who has relied on book keepers to manage my MYOB over approx 25 years. We send the figures to the accountant once per year who does my tax. This year I decided to inspect the figures myself and started asking some question about balances etc, Well it has been an eye opening experience to say the least, I have uncovered many errors and incorrect procedures. I have been able to fix many of them and have revised numerous BAS going back 4 Years but the issues go well beyond that period. I will put a list of issues below and would appreciate some guidence as to how I move forward to correct the issues
GST recieved Balance is out
GST paid balance is out
Linked recievable doesnt match invoices by a small amount
Payroll deductions payable balance incorrect
PAYG Tax payable balance incorrect
Superannuation payable balance incorrect, super has been paid but maybe the proper process wasnt followed
Hi LC500
I agree with your previous bookkeepers and if adjustment journals weren't provided by the accountant I asked for them too. I know some accountants don't think they're necessary and I don't want to disagree with your accountant. But, without them your file isn't accurate because not only are they for EOY adjustments like depreciation, they also correct any data entry errors. My question to my employers was 'Do you want your accountant to have the only correct financial record of your business?', just my opinion though.
So anyway, to resolve your receivables out of balance run the Receivables Reconciliation report, Reports>>Sales>>Receivables, for prior dates until you find when the out of balance occurred. So keep going back in dates until you get to nil out of balance, then move forward in small date periods until you find the date it occurred, You can then find the transaction that caused the issue.
Please let me know how you go.
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