Hoping someone can help me. I have established the chart of accounts and put in the opening balances. But my balance is different than the one on the paper. I can see that my opening balance for GST paid is a debit balance rather than a credit balance and my drawings is a debit rather than a credit and this is where the decrepancy lies but I don’t know how to alter this.
Thanks in advance.
For assistance with opening balances, you can refer to page 182 of the student manual. This will assist you in setting up the balances correctly.
You should not use negative amounts unless it is physically a negative. The debit/credit nature of the accounts will automatically adjust in these cases.
However, when the amount is actually a physical negative (such as GST Paid), this should then be entered using the “-” symbol.
I’m just reading the forum to get help on the opening balances for this assignment as my ‘amount left to be allocated’ is $20000, and can i please say that refering to page 182 DOES NOT help at all with understanding why my ‘amount left to be allocated’ isn’t $0.
If you would care to explain further than the book?
When you enter opening ledger balances in to myob system,
- Setup/Balances/Account Opening Balances<span style=”color: #687480; font-family: NeutroMYOB-Regular, Arial, sans-serif; background-color: #f3f3f3;”>.Then t</span><span style=”color: #687480; font-family: NeutroMYOB-Regular, Arial, sans-serif; background-color: #f3f3f3;”>he </span>Account Opening Balances<span style=”color: #687480; font-family: NeutroMYOB-Regular, Arial, sans-serif; background-color: #f3f3f3;”> window appears.</span>
- Enter the balances in the opening balances column.
- Check that the amount in the ” Amount left to be allocated ” field at the bottom of the window displays $0.00. If this field display any amount other than zero , check opening balances again, either you have missed some amounts or you have entered them incorrectly.
I found following link is helpful.
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