Before you check balances...One of the methods for checking balances (performing the 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. This may impact reconciliation reports. To avoid this issue, we it's a good idea to check your reconciliations. This means checking that your client's bank account balance, receivables and payables reconcile at year-end. Checking reconciliations will tell you if you need an adjustment journal to correct the balance. Here's some reports to help. 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 balancesOnce your receivables, payables and bank balance reconcile, choose one of these options to balance accounts. Method | Description | Best if... |
---|
Perform opening review | 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
| Modify prior year 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
| |