- Created by Suchi Govindarajan, last modified by MartinW on Feb 16, 2018
You are viewing an old version of this page. View the current version.
Compare with Current View Page History
« Previous Version 7 Next »
https://help.myob.com/wiki/x/tgyEAQ
At the beginning of each year, you need to manually make a journal entry year to clear Asset, Liability or Equity account balances. MYOB Ledger clears Income and Expense accounts to zero for you. You'll need to set the Workpapers module of Client Accounting to automatically transfer an account balance to other accounts at the end of the financial year. The journal effect can be seen on the Trial Balance.
If you migrated a MAS, Accounts or AO Classic Ledger which already had roll-forward accounts set, they will automatically be set within Client Accounting.
- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the workpaper, select the accounts to update.
- Right-click the selection, and click Set Balance forward account in the right-click menu. The Balance forward window appears.
- In the To Account field, select the balance forward account. You can select the account in the drop-down list, or you can type in this field to search the list of available accounts.
- Click OK to save your changes.
You can also modify and delete Balance Forward accounts.
- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the task bar, click Define Balance Forward Accounts. The Define Balance Forward Accounts window appears.
- To define the source account and balance forward account, click the empty fields and select the account in the drop-down list or type to search available accounts.
A row must have a source account and Balance Forward account. - Click Save.
- In the Define Balance Forward Accounts window, select the account that you want to remove.
- Click Delete. The account's row is removed from the table.
- Click Save.
Generating journals for Balance Forward accounts
When you have set up Balance Forward account for the first period, you can set Client Accounting to automatically generate the journals for the following periods.
To automatically generate a journal, the workpaper period start date must be the same as the first day of the financial year. Journal entries are only generated for accounts that have prior year closing balances.
- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the task bar, click Define Balance Forward Accounts. The Define Balance Forward Accounts window appears.
In the Define Balance Forward Accounts window, click Generate Journal.
This option is only available from within a workpaper, not from the Workpaper tab.
A journal with blank descriptions is created based on the first day of the workpaper period and the closing balances of the previous year.
If a Balance Forward journal already exists and hasn’t been posted, Client Accounting asks if you want to delete the existing entry and regenerate a new journal based on the updated account mappings.
Yes
No
Thanks for your feedback.
