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https://help.myob.com/wiki/x/dwJ3AQ
Now that you have configured a common ledger, check that the balances in your client's data file is the same as the balances in your ledger.
If your client's ledger balances in the prior year and past 5 years is the same as the balances in your general ledger software, you can continue to Define Balance Forward Accounts,
If your client's balances are different to yours, you'll need to post a journal to bring them into alignment. Use the table below to determine the most effective way of updating your client's file, then
| Method | Description | Best for |
|---|---|---|
| Perform opening review | Compares account balances from your current general ledger with the balances in your client's MYOB AccountRight or Essentials common ledger. If there is a variance between the account balances, the Perform Opening Review will post journals to the common ledger to align the balances with that from your general ledger. | If you have previously entered journals using MAS or, have a .CSV file.... |
| Modify prior year balances | Lets you adjust the prior year balances in the configured common ledger. This function does not post journals to your client's AccountRight or Essentials file. The modified balances are stored in your database to be used by Client Accounting only. | If you don't want to post adjusting journals to your client's ledger |
| Process manual journals | 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. | Adjustments to only a few accounts. If you do not have a MAS or .CSV file to compare balances. |
There are three main tasks involved when performing an Opening Review. These are:
- Selecting the general ledger and balances to be updated.
- Mapping the accounts
- Reviewing and confirming adjustment journals to be posted to the common ledger.
Selecting the General Ledger
- Open your client's Client Accounting > Trial Balance (Workpapers) tab.
- From the TASKS bar, click Perform Opening Review.
- Select the general ledger product used for this client.
- If MAS, Accounts or AO Classic GL is selected, click on the ellipses button to search and choose the ledger.
- If Other is selected, click on the ellipses button to browse and navigate to the .CSV import file containing the balances.
From the following options, select the balances to be used for comparison.
Option Description Closing balances for the previous year Compare the accounts and update balances for both the previous year and current year. Closing balances for the current year Compare the accounts and update balances for the current year only. - Click Next to continue to map the accounts. Alternatively, if you wish to continue this process later, click Save as Draft to save your selections and close the Opening Review wizard.
Mapping Accounts
In the Map Accounts screen, you can select the account on the AccountRight or Essentials Account List and assign it to the corresponding account on the chart of accounts in your general ledger. Once assigned, you can compare the balances between the two accounts to ensure they are aligned. Where the balance varies between the accounts, an adjustment journal will be created to align the balances. Have a go at mapping the accounts by following the steps below.
- From the Map Accounts screen,
3. Upon completion of the steps, a journal will be posted to the AccountRight or Essentials to make the balance in the client ledger the same as the accountant's ledger.
- Open your client's Client Accounting > Trial Balance (Workpapers) tab.
- From the TASKS bar, click Modify Prior year balances. A message is displayed asking you to select the prior year for which you would like to modify the account balances.
- Select the required year for which account balances are to be modified, then click OK.
- Enter
Use a Trial Balance report from your general ledger software to work out how much you need to debit or credit an account in your client's AccountRight or Essentials ledger to ensure your client's balances match the balances in your general ledger software.
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