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.

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.
  
  

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.

 

 

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.