Page Comparison - Entering historical sales and purchases (v.9 vs v.10) - MYOB Business

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When you start using MYOB, you might have some sales or purchases that you've recorded, but which haven't been paid yet. These are called historical transactions. You need to enter these in MYOBso that when you make or receive the payment, you'll be able to match it to the right invoice or bill.

Because these historical invoices and bills date from before you started using MYOB, they won't affect your account balancesto enter them you'll need to change your Opening balance month. This means that you'll also need to make sure they're included in your opening balances.Here's how you can enter these transactionsadjust the opening balances of your Trade Debtors (accounts receivable) and Trade Creditors (accounts payable) accounts.

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If you're not sure about the following steps or their impact on your accounts, speak to an accounting advisor.

Let's take you through the details.

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title	1. Change your opening balance month

Before you can enter historical sales and purchases, you'll need to change your opening balance month.

Click your business name and choose Business details.
Under Financial year, change the Opening balance month (and year) based on the earliest historical sale or purchase you need to enter. For example, if you have a historical sale from July 2018, you'd enter this as your Opening balance month.
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Click Save.

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title	2. Include unpaid invoices and purchases in opening balances

1. Include

Include unpaid invoices and purchases in opening balances

If you were in business before you started using MYOB, you need to enter the The opening balances of all of your accounts in MYOB, as at the first day you started using MYOB. See Entering opening balances.

If you've got historical sales or purchases, you need to pay particular attention to your Accounts Receivable (sometimes called Trade Debtors) and Accounts Payable (sometimes called Trade Creditors) accounts.

Your Accounts Receivable opening balance should equal the total amount of your historical salesyour of your Trade Debtors (accounts receivable) and Trade Creditors (accounts payable) accounts should equal the amount owing on historical sales and purchases.

For example, if you have two unpaid historical invoices, one for $700 and another for $300, you have $1000 worth of historical sales. This means that the opening balance of your Accounts Receivable account on the opening balances page should be $1000.00.

Your Accounts Payable opening balance should equal the total amount of your historical purchases.

For exampleLikewise, if you have three unpaid bills, for $100, $200 and $400, you have $700 worth of historical purchases. This means that the opening balance of your Accounts Payable account on the opening balances page should be $700.

For more information about entering account opening balances, see Entering opening balances.

To check your opening balances

Go to the Accounting menu and choose Chart of accounts.
Click to open your Trade Debtors (accounts receivable) account.
Check the Opening balance and change it if required. This should equal the value of historical sales.
Click Save.
Click to open your Trade Creditors (accounts payable) account.
Check the Opening balance and change it if required. This should equal the value of historical purchases.
Click Save.

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title	23. Record the historical sales and purchase transactions

2.

Record the historical sales and purchase transactions

You can now enter your historical sales and purchases just like any other sale or purchase. The only difference is that the transaction date you enter will be before the date you started using MYOB.

To enter historical sales, click Create invoice from the Sales menu > Invoices page. See Creating invoices for more information. To enter historical purchases, choose Create bill from the Purchases menu > Bills page. See If you need a refresher, see Creating invoices and Creating bills.

Depending on how many invoices or bills you need to enter, and how you want to track them, you can either:

create an individual invoice or bill for each historical sale or purchase, or
create a single invoice or bill for each customer or supplier, for the total amount owing.

When entering these transactions, make sure you enter a date that is earlier than when you started using MYOB. Transactions before this date are treated as historical and won't affect your account balances, including the opening balances you entered above.When you enter the date, you'll see a message telling you that the transaction is historical, and reminding you that you need to have included the amount in your opening balances, as described abovethe original transaction date.

Once you've entered these historical sales and purchasestransactions, you'll see them on your Invoices and Bills pages, along with the rest of your invoices and bills. You can apply partial or full payments against these transactions in the same way as any other payment. For more information, see Customer payments and Entering payments made to suppliers.

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Customers or suppliers with an opening credit balance

If you're setting up a customer or supplier who has a credit balance, enter the contact's details then create a customer return or supplier return to record their credit balance. When creating the return you'll need to enter the Allocate to account. This account will be specific to your business, so check with your accounting advisor if unsure.

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Entering opening balances

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Versions Compared

Old Version 9

New Version 10

Key

Include unpaid invoices and purchases in opening balances

Record the historical sales and purchase transactions

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