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In Client Accounting, if you're going to start using your client's file to prepare financial reports, you may want to check their opening balances first to ensure they align with yours.
There are multiple tools you can use in Client Accounting to help you do this.
One of the methods for checking balances (performing an 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, which may impact reconciliation reports. To avoid this issue, it's a good idea to check your reconciliation reports. This means checking that your client's bank account balance, receivables and payables reconcile at year-end.
Checking reconciliation reports will tell you if you need an adjustment journal to correct the balance.
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Run the following reports from within AccountRight:
You may want to run the Company Data Auditor tool from within the Accounts Command Centre to help reconcile transactions.
Run the following reports from Essentials:
Choose a method to check opening balances
Once your receivables, payables and bank balance reconcile, choose one of these options to balance accounts.
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.
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.|
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.