MYOB Essentials Accounting
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Can I change the opening balance date?
Yes. If you're on the new Accounts list, click Edit accounts at the top of the Accounts list page. Then click your current Opening Balances date to change it. See Adding, editing and deleting accounts for more details.

 

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An opening balance (or starting balance) is the dollar value of an account when you started using MYOB Essentials, or at the beginning of a period (e.g. a new financial year).

If your accounts had balances before you began using MYOB Essentials, you need to assign those balances to your accounts before you can accurately track your business using MYOB Essentials.

Take a look at this quick overview of opening balances:

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Need to change your opening balance date? See the FAQ below for how to change your opening balance date to include older transactions in your current balance.

You can find your account opening balances on a trial balance report, a balance sheet or a profit & loss report prepared immediately prior to when you began using MYOB Essentials. You can either ask an accounting advisor (such as your accountant) to prepare these reports, or find your account opening balances using your previous accounting software or paper-based records.

If you began using MYOB Essentials:

  • at the start of your financial year, enter the opening balances of your asset, liability and equity accounts only. The opening balances of your income, cost of sales and expense accounts should be zero.
  • at any other time during your financial year (for example, in September, when your financial year started in July), enter the opening balances of all your accounts.
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If you're using the old Accounts list, click the Enter opening balances button at the top of the Accounts list page. Then click Change opening balance date. You'll need to re-check your opening balances to make sure they're correct as at the new date.
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On the Settings Image Removed menu, click 

To enter an opening balance

  1. In MYOB Essentials, click your business name and choose Accounts list. The Accounts list page appears.
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  2. Click Edit accounts. The Edit accounts page appears.
  3. In the accounts list, find the account you want to enter an opening balance for.

  4. Enter the opening balance for this account in the Opening balance column.
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    Enter opening balances as positive numbers

    Don’t, for example, enter your liability account balances as negative numbers. Enter negative amounts only if accounts truly have negative balances. As a rule, these will be asset accounts that record accumulated depreciation.

  5. If you want, edit other aspects of the account including Account number or Account name.
  6. Click Save to save your changes.

 

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title(Old accounts list) To enter an opening balance
  1. On the Settings Image Removed menu, click Accounts list. The Accounts list page appears.
  2. Click Enter opening balances. The Enter opening balances page appears.
  3. In the accounts list, find the account you want to enter an opening balance for.
  4. Place the cursor in the Opening Balance column of the account.

  5. Enter the opening balance for this account.

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    Enter opening balances as positive numbers

    Don’t, for example, enter your liability account balances as negative numbers. Enter negative amounts only if accounts truly have negative balances. As a rule, these will be asset accounts that record accumulated depreciation.

  6. If you want, click in the Account name column and edit the name of the account.
  7. Click Save to save your changes.
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If you need to, you can change the opening balances you've entered, with the exception of locked accounts (those marked with a padlock Image Added). For more information on editing your accounts list, see Adding, editing and deleting accounts.

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<h2><i class="fa fa-comments"></i>&nbsp;&nbsp;FAQs</h2><br>
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titleCan I change the opening balance date?

Can I change the opening balance date?

Yes, you can change the opening balance date, provided you don't have any transactions dated before the opening balance date you want to use. If you do, you'll need to delete these first. See Deleting transactions.

Click Edit accounts at the top of the Accounts list page.

Then click your current Opening Balances date to change it. See Adding, editing and deleting accounts for more details.

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titleHow do I enter opening balances for customers, suppliers or employees?

How do I enter opening balances for customers or suppliers?

See Entering historical sales and purchases and Pay history.

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titleRelated topics
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Accounts list

Viewing accounts

Adding, editing and deleting accounts

Importing an accounts list

General Journals

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