If your accounts had balances before you began using MYOB Accounting Plus, you need to assign those balances to your accounts before you can accurately track your business using Accounting Plus. The balances you assign to your accounts when you begin using the system are called opening balances.
To properly assign opening balances to accounts, you need to enter the balance of each of your accounts as of the first day of your conversion month -- the month you began using Accounting Plus to track your business.
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 Accounting Plus.
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 capital accounts.
If you have a current income statement, you can use the total amounts on that report for the opening balances of your income, cost of sales and expense accounts.
You can track your business's financial progress by using a monthly budget for each of your detail accounts, including detail chebank and detail credit card accounts. You can also set up budget shortcuts for an account so each month incorporates a regular increase in budget amounts. Accounting Plus begins with the January budgeted amount and increases it by the amount or percentage you specify for each consecutive month.
Click below for the step-by-step procedure:Enter your detail accounts' opening balances