Review opening balances

The first stage of the common ledger workflow is to Review your data against your client's data to ensure your opening balances for the year are the same.

This consists of three tasks:

• Configure the ledger
  In this step, you'll learn how to configure your client's AccountRight or Essentials ledger to client Accounting.
• Align opening balance
  In this step, you'll compare the balances in your general ledger to the balances in your client's AccountRight or Essentials file and ensure they align.
• Define Balance forward accounts
  In this step, you'll set up your balance forward accounts so that any account where the balance needs to be transferred to another account at the beginning of the year, a journal will be posted automatically to transfer the balance.

If you're following along with these steps in the product, make sure you're logged into Accountants Enterprise (AE) or Accountants Office (AO) with your MYOB login.

If your client's ledger is a a Trust or Partnership, you may also want to ensure your chart of accounts is set up to report correctly in Statutory Reporter. This will need to be done in the AccountRight or Essentials ledger, so we recommend you do this first, before you configure a ledger.