Accounts

Opening balances

If your business accounts had balances before you began using MYOB Premier Accounting, you must assign those balances to your MYOB accounts before you can accurately track your business using Premier Accounting. The balances you assign to your accounts when you begin using the system are called opening balances.

You can enter opening balances in three windows.

When you enter (or change) an amount in one of the windows, the amount in the other windows is changed.

Keep in mind, if you activated the Use Audit Trail Tracking preference, all changes to opening balances are recorded. (Changes and entries recorded by Audit Trail Tracking)

Using the balances as of your conversion month

To properly assign opening balances to accounts, enter the balance of each of your accounts as of the first day of your conversion month -- the month you began using Premier Accounting to track your business.

To recall your conversion month, choose Company Information from the Setup menu. This entry was made when you created your company's file using the MYOB Premier Accounting New Company File Assistant and can't be changed.

Using recent report balances

You can determine your accounts' opening balances from reports you may have recently created. If you have a Trial Balance report for the month prior to your conversion month, each account's ending balance for that month is the opening balance you should enter into Premier Accounting.

If you have a current balance sheet, you can use the total amounts on that report for the opening balances of your asset, liability and equity accounts.

If you have a current profit and loss statement, you can use the total amounts on that report for the opening balances of your income, cost of sales and expense accounts.

Entering positive numbers

Enter your account balances as positive numbers. (Don't, for example, enter asset amounts as positive numbers and liability amounts as negative numbers.) Premier Accounting knows whether each account should have a debit or credit balance. Enter a negative amount only if an account has a negative balance.

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