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In Client Accounting, if you're going to start using your client's file to prepare financial reports, you may want to check their opening balances first to ensure they align with yours.

There are multiple tools you can use in Client Accounting to help you do this.

One of the methods for checking balances (performing an opening review) may post to bank, trade debtor and trade creditor accounts if there's a variance between your account balances and your client's balances, which may impact reconciliation reports. To avoid this issue, it's a good idea to check your reconciliation reports. This means checking that your client's bank account balance, receivables and payables reconcile at year-end.

Checking reconciliation reports will tell you if you need an adjustment journal to correct the balance.

If you're using...We recommend...

AccountRight

Run the following reports from within AccountRight:

  • Bank Reconciliation report.
  • Payables Reconciliation report.
  • Receivables Reconciliation report

You may want to run the Company Data Auditor tool from within the Accounts Command Centre to help reconcile transactions.

Essentials

Run the following reports from Essentials:

  • Bank Reconciliation report.
  • Sales Reconciliation report.
  • Purchases Reconciliation report.

Choose a method to check opening balances

Once your receivables, payables and bank balance reconcile, choose one of these options to balance accounts.

MethodDescriptionBest if...

Compares account balances from your current general ledger with the balances in your client's MYOB AccountRight or Essentials common ledger. Fixes any differences by posting to your client's ledger.

  • You've used MAS, Accounts or AO Classic General Ledger to prepare end-of-year accounts in prior years.
  • You have balances to import from a third-party software to compare with your client's balances
Lets you adjust the prior year balances in the configured common ledger. This option doesn't post to the client company file.
  • You want to display correct prior year balances in the reports without posting to the underlying common ledger.

Process manual journals

Manually prepare and post journals into the AccountRight or Essentials file to align the balances between your general ledger and your client's common ledger.

  • Prior year accounts have been prepared in a third-party software and you don't have account balances to import for comparison
  • Account balances have been maintained or there are few or minor adjustments to be made