It's a good idea to check the information in MYOB on a regular basis to ensure your books are in order. There's a handy review tool in MYOB that checks the integrity of your data for a specified date range. When you run a review, you'll instantly see if any issues are found. You can then view one of the exceptions reports to dive in deeper to help identify the issue—and fix it. You can run a review at any time. But like any check-up, if the gap between reviews is too long, it might take more work to find and fix issues. | UI Text Box |
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| Need help finding and fixing issues? Invite your advisor into your file. They can access your file directly and help resolve out of balance issues. |
OK, let's show you how to run a review on your MYOB file. | UI Expand |
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| title | To review your MYOB file |
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| To review your MYOB fileGo to the Reporting menu and choose Exceptions dashboard. Choose the period for the review. Click Run review to start the review. If a review finds any exceptions, the number of exceptions will be shown for that review. A green tick means no exceptions were found.
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| Available reports are based on your plan If there's a report listed below that you need, go to My Account to upgrade your plan (click your business name > My Account > Manage my product). |
What does each review look for? | Review task | Description |
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| Transaction reviews | | Receivables reconciliation exceptions | Compares the total balance of your customers' outstanding invoices to the current balance of the linked receivables account. If any exceptions are found, click Receivables reconciliation exceptions to analyse the report. | | Payables reconciliation exceptions | Compares the total balance of your unpaid bills to the balance of your linked payables account. If any exceptions are found, click Payables reconciliation exceptions to analyse the report . | | Inventory value reconciliation | Compares the total value of all on-hand inventory to the current balance of the linked inventory accounts. If any exceptions are found, click Inventory value reconciliation to see details in a report. | | Future dated transactions | Finds any transactions dated later than the review date range. If any are found, click Future dated transactions to see the transactions in a report. | | Prepaid transactions | Finds any sales or purchases with payments dated earlier than the invoice or purchase date. If any are found, click Prepaid transactions to see the transactions in a report. | | Payroll liability exceptions | Compares the total value of unpaid payroll accrual transactions to the balance of the linked accrual accounts. If any are found, click Payroll liability exceptions to see the transactions in a report. | | Tax reviews | | Tax amount variance | Identifies if there's a difference between the calculated and posted tax amounts for your transactions. If there is a difference, click Tax amount variance to see the details in a report. | | Tax code exceptions (cash transactions) | Looks for any spend and receive money transactions with no GST code or with a GST code that doesn't match the default GST code. If any are found, click Tax code exceptions (cash transactions) to see the details in a report. | | Tax code exceptions (invoice transactions) | Looks for any sales and purchase transactions with no GST code, or a GST code that doesn't match the default GST code. If any are found, click Tax code exceptions (invoice transactions) to see the details in a report. | |
Receivables and payables exceptionsIf exceptions are found in your receivables or payables, here are some guidelines to find a resolution. | UI Expand |
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| title | If your receivables are out of balance |
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| If your receivables are out of balanceReferring to your Receivables reconciliation exceptions report, check the following: | UI Text Box |
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| Having trouble finding an out-of-balance amount? Run the Receivables reconciliation exceptions report for prior dates until you find when the out of balance occurred. On the date the report goes out of balance there will be a transaction matching the possible causes below. |
| What to look for | Possible cause | Solution |
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| Wrong account used on a sale | The receivables linked account (sometimes called the Trade Debtors account) has been incorrectly used on a sale. Remember to never post directly to the receivables linked account, otherwise it won’t update the individual customer accounts. | Delete the sale and enter it again using the correct allocation account. This is typically an income account. | | Wrong feature used to record a sale | Recording a customer payment using receive money instead of an invoice payment. | Delete the transaction and record it again using the correct feature. If the payment relates to an invoice, record it using an invoice payment. | | Incorrectly allocated journal entry | A journal entry allocated to the receivables linked account. Remember to never post directly to the receivables linked account, otherwise it won’t update the individual customer accounts. | Delete the general journal entry and enter the transactions correctly as an invoice or customer payment. | | Timing issue | A customer payment or credit may be dated earlier than the invoice to which it has been applied. This will create a false out of balance. | To check if you have a false out of balance run the Receivables reconciliation exceptions report at a future date. For example "31/12/9998". If the report balances on this date look for any transactions dated in the future by mistake. You may need to delete the transaction and enter it again using the correct date. | Still out of balance?Check the following: - The opening balance of your receivables linked account may have been changed. If it's been changed, change it back to its original value.
- The account you use as your receivables linked account may have been changed. Check by going to the Accounting menu > Manage linked accounts > Sales tab, then check the Asset account for tracking receivables. If this account has been changed:
- change it back to the correct linked account.
- determine the value of sales which have been recorded while the wrong linked account was set (this is likely to be your out of balance amount)
- record a journal entry to transfer this value from the wrong linked account to the correct linked account.
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| title | If your payables are out of balance |
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| If your payables are out of balanceReferring to your Payables reconciliation exceptions report, check the following: | UI Text Box |
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| Having trouble finding an out-of-balance amount? Run the Payables reconciliation exceptions report for prior dates until you find when the out of balance occurred. On the date the report goes out of balance there will be a transaction matching the possible causes below. |
| What to look for | Possible cause | Solution |
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| Wrong account used on a purchase | The payables linked account (sometimes called the Trade Creditors account) has been incorrectly used on a purchase. Remember to never post directly to your payables linked account, otherwise it won’t update the individual supplier accounts. | Delete the purchase and enter it again using the correct allocation account. This is typically an expense or cost of sales account. | | Wrong feature used to record a purchase | Recording a bill payment using spend money instead of a supplier payment. | Delete the transaction and enter it again using the correct feature. If the payment relates to a bill, record it as a supplier payment. | | Incorrectly allocated journal entry | Recording a journal entry to allocate directly to the payables linked account. Remember to never post directly to the payables linked account, otherwise it won’t update the individual supplier accounts. | Delete the general journal entry. If it’s an adjustment, enter the transaction again as a negative purchase and settle it against the original bill. | | Timing issue | A payment or supplier credit may be dated earlier than the bill to which it has been applied. This will create a false out of balance. | To check if you have a false out of balance run the Payables reconciliation exceptions report at a future date. For example "31/12/9998". If the report balances on this date look for any transactions dated in the future by mistake. You may need to delete the transaction and enter it again using the correct date. | Still out of balance?Check the following: - The opening balance of your payables linked account may have been changed. If it's been changed, change it back to its original value.
- The account you use as your payables linked account may have been changed. Check by going to the Accounting menu > Manage linked accounts > Sales tab, then check the Asset account for tracking payables. If this account has been changed:
- change it back to the correct linked account.
- determine the value of purchases which have been recorded while the wrong linked account was set (this is likely to be your out of balance amount)
- record a journal entry to transfer this value from the wrong linked account to the correct linked account.
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