Page Comparison - Historical transactions - New EA (v.6 vs v.7) - MYOB Business

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If you have unpaid invoices or bills at the time you start using MYOB, these are called historical transactions and you can record them in MYOB when you first start using it. Then when you make or receive a payment for these transactions, you'll be able to apply it to the right invoice or bill.

Because historical transactions date from invoices and bills were created before you started using MYOB, to enter them you'll likely need to change your Opening balance date (you can't enter transactions dated before this). Youtheir value won't have been included in the opening balances of your trade creditors or trade debtors accounts. This means when you enter a historical transaction, you'll also need to adjust ensure the opening balances of your Trade Debtors (accounts receivable) and Trade Creditors (accounts payable) accounts to include these outstanding amounts.

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The steps below can only be completed before you've started a new financial year in MYOB. Once you start a new financial year the Opening balance date is locked and can't be changed. Changing the Opening balance date will also impact your account balances and GST reporting, so we recommend speaking to an accounting advisor or MYOB Partner before proceeding (find an MYOB Partner in Australia | New Zealand).

Let's take you through it.

trade debtors or trade creditors accounts include the value of the historical transactions.

When you enter a historical transaction, MYOB will identify that's what you're trying to do and will remind you to include the amount in your account opening balances.

This is how it works:

To be able to enter

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title	1. Change your opening balance date

Enter historical sales and purchases

1. Enter historical sales and purchases

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

Click your business name and choose Business details.

Under Financial year, change the Opening balance date based on the earliest historical sale or purchase you need to enter. For example, if you have a historical sale from July 2018, enter this as your Opening balance date.
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If you've started a new financial year in MYOB the Opening balance date will be locked and can't be changed.

Click Save.

just like any other sale or purchase. The only difference is that the transaction date you enter will be before your Opening balance date (the date you started using MYOB defined in your business settings).

To enter a historical sale, go to the Sales menu and choose Create invoice. See Creating invoices for more information.
To enter historical purchases, go to the Purchases menu and choose Create bill. See Creating bills for more information.

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Depending on how many historical transactions 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, use the original transaction date as the Issue date. For example, if you originally recorded an invoice on 1 January last year, enter this as the transaction date.

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If the Issue date is before MYOB's Opening balance date, the transaction will be identified as historical and a message like this will appear:

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The message also reminds you to include the transaction amount in your account opening balances, which we explain in the next task.

Once you've entered these historical sales and purchases, you'll see them on your Invoices or 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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title	2. Include unpaid invoices and purchases in opening balances

Include unpaid invoices and purchases in opening balances

The opening balances of your 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 the opening balance of your Trade Debtors (accounts receivable) account should be $1000.00.

Likewise, if you have three unpaid bills, for $100, $200 and $400, you have $700 worth of historical purchases. This means the opening balance of your Trade Creditors (accounts payable) account should be $700.

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	3. Record the historical sales and purchase transactions

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.

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 the original transaction date.

Once you've entered these historical transactions, 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 6

New Version 7

Key

1. Enter historical sales and purchases

Include unpaid invoices and purchases in opening balances

Record the historical sales and purchase transactions

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