- Created by KimP, last modified by MartinW on Jan 23, 2018
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https://help.myob.com/wiki/x/zi13AQ
Great! You've configured a common ledger.
The next thing is to check that the balances in your client's data file are the same as the balances in your ledger.
Before you check balances...
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, we 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.
Checking reconciliations is an optional step, but we recommend it before you check balances.
If you're using... | We recommend you... |
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AccountRight | Run the following reports from within AccountRight:
To help resolve any out of balance amounts, you can run the Company Data Auditor tool from within the Accounts Command Centre.
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Essentials | Run the following reports from Essentials:
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You may need to raise a negative invoice or bill to bring the reports into balance.
Choose a method to check opening balances
Once your receivables, payables and bank balance reconcile, choose one of these options to balance accounts.
Method | Description | Best if... |
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Perform opening review | 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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Modify prior year balances | Lets you adjust the prior year balances in the configured common ledger. This option doesn't post to the client company file. |
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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. |
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