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LC500's avatar
LC500
Experienced Cover User
4 years ago

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 ...
  • Tracey_H's avatar
    Tracey_H
    4 years ago

    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.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

LC500's avatar
LC500
Experienced Cover User

Thank you for your reply Tracey, I realised afterwards that my question was far too broad. Anyway I know that my accountant does provide adjusting entries but if my memory is correct its only because my previous book keepers have requested it, he certainly has told me its not necessary.

Thanks for the PAYG reconciliation tips i will have a look altough i think most of the errors have occured many years ago.

I did use the company auditor and that showed up many of the issues but not always solutions unfortunately.  For example how would I find an error in trade debtors balance? MYOB has made 4 suggestions which dont appear to be the solution even if I reversed them. I have attached the report. 

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

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.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • LC500's avatar
    LC500
    Experienced Cover User
    4 years ago

    Ok I have found one transaction but its from 2017, its an incorrectly coded discount which was allocted to trade debtors not income. I plan to reverse the transaction and redo it correctly I will date both the reversal and new transaction at todays  date is that correct? the discount was applied to an invoice will I need to redo that?

  • LC500's avatar
    LC500
    Experienced Cover User
    4 years ago

    I have found and rectified all issues going back to June 2015, unfortunately its still out of balance and what is weird is that the report on the company auditor gives a different out of balance figure than the recievable reconciliation report. One say $95.92 out and the other says $88.92.

    • Tracey_H's avatar
      Tracey_H
      Former Staff
      4 years ago

      Hi LC500 

       

      My apologies for the delay in getting back to you. If your file was converted from AccountRight Classic (v19) there's a chance that transactions have been purged which means you'll never find what's causing the out of balance. There's also the chance the opening balances have been changed.

       

      If you go to Setup>>Balances>>Customer Balances do you have an Out of balance amount? This help article has detailed information on what could be causing that Out of balance: Customer opening balances

       

      Please let me know if you need further help.

       

      If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

      • LC500's avatar
        LC500
        Experienced Cover User
        4 years ago

        Yes it looks like there are transactions that have been purged. I guess thats a dead end then. Thanks for the advice.

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