Hi. I’m switching from MYOB as my business is very basic now. No GST/BAS/Employees. I have set up my COA and entered beginning balances to include my bank balances via the setup pathway. My balance sheet mirrors my MYOB balance sheet, however, my bank balances in the Bank and Cash Accounts tab are at zero. How do the balances migrate to the register without negatively effecting my balance sheet? TIA
This recent thread may give you some insights!
How to fix my bank Account situation? - Manager Forum
If this does not help post a more detailed description of what you have done so far including screen shots.
If you have entered your opening balances by journal entry you should include the opening bank account balances in the journal entry.
Like i understand you want the balance of your bank as of today. Your bank is at $100, so you need to go to Settings Starting Balances Bank and Cash Accounts. For that account you need to add the current amount, like $100, and then when you import your banking file, you can then balance it. the you can bank reconciliations. You bank every month. Hope it helps
Opening Balances were entered in Settings/Opening Balances. When I navigated to Bank/Cash and saw my bank accounts not there, I “added new acct”. When I saw that the beginning balance did not populate to the bank register, I entered a receipt and noted “beginning balance”. This put the $$ on the register but had stuffed up the balance sheet so I deleted the receipts. Balance sheet is correct but register does not show the balances.
How did you “add new acct”? Did you add it in “Control Accounts” or in “Chart of Accounts”. I again refer you to the other thread - more specifically this post.
The thread does not address my problem. My COA looks like:
| Investments | ||
|---|---|---|
| Cash & cash equivalents | ||
| Current Assets | ||
| Bank Accounts | ||
NAB Chq #90241-1110 |
||
Cash On Hand - Issued Shares1-1130 |
||
Clearing Account1-1190 |
Balances entered via Settings/Beginning Balances. Balance shows:
| Assets | |
|---|---|
| Investments | - |
| Cash & cash equivalents | - |
| Current Assets | |
| Bank Accounts | |
| NAB Chq #9024 | 172,727.94 |
| Cash On Hand - Issued Shares | 100.00 |
| Clearing Account | - |
| Total — Bank Accounts | 172,827.94 |
I then went to Bank & Cash Accts tab and created New Banks. Banks show on “register” but have no balance showing. If I input a receipt for the starting balance value, it double dips on the balance sheet.
I added it via the Bank and Cash Accounts tab and selected New Bank.
When a bank account is added via the Bank and Cash Account tab it is linked to the default Control Account “Cash and Cash Equivalents”. This is where all transactions from all your bank accounts will be aggregated and appear on the Balance Sheet/Summary.
If you want each bank account balance to appear separately you need to create a Control Account for each Bank Account.
Settings->Control Accounts->Bank and Cash Accounts
Then go to Bank and Cash Accounts tab and select the Control Account
Then Go to Settings->Starting Balances->Bank and Cash Accounts and input Starting Balance
It will appear on Balance Sheet Like this
Thank you so very much!! That worked. They key step I missed was giving each bank account its own Control Group which enabled the balance to populate the “register”. I have done this and deleted my original starting balance entries and now my balance sheet and my bank register mirror my MYOB.