...

...

Great! You've configured a common ledger.

The next thing is to check that the balances in your client's data file are the same as the balances in your ledger.

Image Removed

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.

Checking reconciliations is an optional step, but we recommend it before you check balances.

...

...

AccountRight

...

Run the following reports from within AccountRight:

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

To help resolve any out of balance amounts, you can run the Company Data Auditor tool from within the Accounts Command Centre.

• Display the account balance and last reconciliation date of your bank, cash and receivables accounts.
• Reconcile invoices and purchases with the linked receivables or payables account.
• Compare value of items with the inventory account
• Scan for future dated, prepaid transactions and deposits paid.
• Reconcile payroll liability payments.

...

Run the following reports from Essentials:

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

You may need to raise a negative invoice or bill to bring the reports into balance.

Choose a method to check opening balances

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

...

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 a .CSV file to import.

...

• You want to display correct prior year balances in the reports without posting to the underlying common ledger.

...

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 third-party software or you don't have a .CSV file to import.

<style>
#container {
    text-align: justify;
    -ms-text-justify: distribute-all-lines;
    text-justify: distribute-all-lines;
    display:inline-block;
    width:100%;
    white-space: nowrap;
    overflow:hidden !important;
    overflow-x:hidden !important;
    margin-left:-5px;
    margin-right:-5px;
    margin-top:-3px;
    margin-bottom:-3px;
}
.box img {
    height:100%;
    width:100%;
}
.stretch {
    width: 100%;
    height: 110%;
    display: inline-block;
    font-size: 0;
    line-height: 0
}
.box {
    display:inline-block;
}
</style>
 <div id="container">
    <div class="box">
        <a href="http://help.myob.com/ps/wiki/x/d44x"><img src="/wiki/download/attachments/21824856/step1.png?api=v2"></a>
    </div>   

Just a sec...

We're taking you to the new workflow!