Join Elizabeth Haverfield for an in-depth discussion in this video Entering account opening balances, part of MYOB AccountRight Essential Training.
Now that Carol's business has set up the accounts list, we need to enter the opening balances from the start of conversion month. Please be aware that if she needed, Carol had been entering data entry into MYOB AccountRight from the first day of the business. All her opening account balances would be set to zero. As this was not the case, she will need to add the following opening balances from the conversion date. The balances for all the accounts in the account list. All outstanding sales transactions.
All outstanding purchase transactions. To explain in more detail, as Carol has been operating before the conversion month, which is January 2013, many of the accounts already have dollar values. For example, a balance of $7,560 in the NAB check account. There should also be $3,340 that customers still owe for the goods and services. These amounts need to be allocated to the trade debtors account.
The balance sheet for a data file must balance. When completing the opening balances entry, the equity equals assets minus liabilities. It is possible to start using MYB AccountRight Company data files and not have entered all the opening balances. Any imbalances are allocated to the Historical Balancing Account 39999. Let's go and enter the opening balances. Let's go to Setup on the Menu bar, and down to Balances, and across to Account Opening Balances.
Our cursor already comes into our NAB check account and it's set on 0. Enter $7,560 and press the Tab button. The opening balance of the NAB check account is now set. Note that in the lower part of the screen, amount left to be allocated is 7560. Let's now use our arrow down to go down to the trade debtors account. We need to type in 3340. Use your Tab button.
Any amount left to be allocated has changed to $10,900. This is the same amount that will appear in the historical balancing account for now. Later on it will be allocated to another equity account. Let's click onto the OK button and return to the Command Center.
- Creating a company file
- Setting up tax codes
- Adding accounts
- Creating customer and supplier cards
- Performing a bank reconciliation
- Recording transactions
- Invoicing a customer
- Processing payments
- Entering and paying bills
- Recording cash sales
- Reconciling check accounts
Skill Level Beginner
1. Getting Started with MYOB
2. Working with the Accounts List
3. Adding Cards
4. Entering Historical Balances
5. Performing an Initial Bank Reconciliation
6. Backing Up and Restoring a Company Data File
7. Spending Money from the Cheque Account
8. Invoicing a Service Customer
9. Recording Customer Payments
10. Entering and Paying Bills
11. Receipting Cash Sales
12. Reconciling the Cheque Account
Next steps1m 56s
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