opening balance

2 Topics

Historical Balance - Opening Balance
I have a historical balance amount of 20,0000 showing up in the balance sheet. The file was only started in August 2023, and I think that the issue could be with an incorrect opening balance for the bank account/owners equity, the opening balance for both the bank and owners equity should be $10,0000.The balance sheet report at the 1/8/23 shows the issue with no additional entries. I have tried the the below procedure and the issue remains Go to Setup > Balances > Account Opening Balances Select an account with a $0 opening balance (make sure to remember the account - write it down) Enter a $1 opening balance for this account and clickOk Go back toSetup>>Balances>>Account Opening Balancesand remove the $1 opening balance, returning it to $0 again ClickOk Run the Balance Sheet again and check that it balances
AndreaH
9 months ago Place MYOB Business: Accounting & BAS
220Views
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Beginning inventory balance, add items
Hi, we currently maintain a spreadsheet of inventory items with the ending value recorded in the assets account for inventory and matched to the spreadsheet. I want to move these items into MYOB - 1. I have managed to import all the items using a code and their description, and accounts for buy, sell and inventory. 2. My question is how do I get the quantities of the items into MYOB so that the COGS calculates? Would I need to enter in the last cost of the item into the "standard cost" box to ensure that happens? 3. Going forward, whatever the last cost of the item is would be what we would use. I understand there is a check box in preferences that I should not select to ensure this happens. Please confirm/advise how to proceed?
Solved
ARAP_2020
4 years ago Place AccountRight: Sales and Purchases
1.3KViews
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3Comments