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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, 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 are some reports to help.

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AccountRight

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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.

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Run the following reports from Essentials:

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

Choose a method to check opening balances

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

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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.

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• 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

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

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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.

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• 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

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