Creating accounts
Step 6: Enter your detail accounts' opening balances

Step 1 > 2 > 3 > 4 > 5 > 6 > 7


If you haven't already read the Accounts Overview, see Opening balances for more information.

Idea: Enter all your accounts before proceeding

At this point, you've created a single account. If you plan to add many accounts to the MYOB Accounting Plus system -- for example, if you're setting up your company for the first time -- we suggest that you perform the following steps again for each account that you plan to set up:

Choose the type of account you want

Enter basic information about the account


Choose a currency for the account (if you're using Multicurrency)


Enter budgets for the account (optional; detail accounts only)


Then, when you're finished entering all your accounts, continue with these next two steps.

The Account Opening Balances window should be displayed.

  1. If your conversion month is the first month of your financial year, enter the opening balances of your asset, liability and capital accounts only. (The opening balances of all your income, cost of sales and expense accounts should remain zero.)

Note: Important information about a few specific accounts

Some of the accounts in your accounts list require some "special treatment" when you're entering opening balances. Please read the following information carefully.

Current Year Earnings One of your most vital accounts is the capital account called Current Year Earnings. The balance of this account is incremented automatically during the course of your normal Accounting Plus business activity. Although this account doesn't appear in the Account Opening Balances window, don't worry -- it does exist! Since Accounting Plus calculates the balance of this account automatically, you can't enter an opening balance for it.

If your conversion month is the first month of your financial year, the opening balance of your Current Year Earnings account will be zero. This indicates that your company hasn't acquired any income in the current year because the year has just begun.

Retained Earnings If you've just begun using Accounting Plus, enter your company's entire previous year's earnings as the opening balance of your Retained Earnings account.

Main stock asset account If you plan to use Accounting Plus's stock features, don't enter an opening balance for the account you intend to use to track the value of your company's stock items. You'll enter this account's opening balance when you set up your items. See Creating items to learn how to set up your company's items.

  1. Check the field at the bottom of the window that's labeled "Amount left to be allocated:"
  1. If you use Multicurrency, enter an opening balance for each foreign currency account. A message will appear asking if you want Accounting Plus to automatically calculate and enter the opening balance of the exchange account.
  2. Click Calculate Now if you want Accounting Plus to automatically calculate and enter the opening balance of the exchange account.
  3. Verify the information in this window, including the current exchange rate.
  4. Click OK.
  5. If you click Cancel, no opening balance will be entered for the exchange account. If you wish, you can manually calculate and enter the opening balance of the exchange account. See Multicurrency Overview for more information.