1. Include unpaid invoices and purchases in opening balancesIf you were in business before you started using MYOB Essentials, you need to enter the balances of all of your accounts in MYOB Essentials, as at the first day you started using MYOB Essentials. 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 sales. For example, if you have two unpaid invoices, one for $700 and another for $300, you have $1000 worth of historical sales. This means that the 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 example, if you have three unpaid bills, for $100, $200 and $400, you have $700 worth of historical purchases. This means that the 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. |