MYOB

[leifindia]

I just wanted to know if anyone knows of a help forum like this for MYOB? This forum is kickarse for excel but I need some MYOB help.

 

[Andrew Fergus]

Hi liefindia
Welcome to Mr Excel. Why don't you post your question here? You may be surprised by who here has experience with MYOB.
Andrew
P.S. online support forum for registered users here.

 

[leifindia]

I only just saw this reply months after the fact. still having the same problem though

I took over a company's bookkeeping a year and a half ago. But we had HEAPS of problems with it, the whole file was riddled with lots of mistakes and a lot of them hard to reverse so rather than combing through the mess we decided to take the balance sheet and the sales and purchases and start fresh for the new year (2005) with an entirely new file in myob v13. I imported the assets and liability accounts and all the cards etc. We had a lot of sales and a few purchases so I maually entered them all through historical sales/purchases. But of course we found a lot of these sales were either not accurate or double ups or just too old to prove they were even owed. So I had to reverse a lot of them out of the system. But everytime I reverse one of these historical sales the balance on the reconciliation summary goes out and I have to put in a journal entry to fix it. Reversing works for all other sales but not the historical sales. Is this a problem with how I started the new year or is it a glitch with the system? Or does it just mean I shouldn't reverse historical sales, is there another way of dealing with them?

any help would be appreciated,
cheers.

 

[Andrew Fergus]

When you enter an historical sale into MYOB what is the resulting journal entry? Does it post both the debit and credit to the debtors control account? Did you try the link I provided in my first post?
Andrew

 

[leifindia]

So a preconversion sale is-

sale amount
Pre $200 DR
Pre $ 20 DR
Pre $220 CR

and the reversal is-

sale amount
rev $200 CR
rev $ 20 CR
rev $220DR

and the Settle Credit is-

sale amount
SC $220DR
SC $220CR

But with a regular Sale reversal it is more like-

sale-

sale amount
Sale $200 DR
Sale $ 20 DR

reversal-

sale amount
rev $200 CR
rev $ 20 CR

Settle Credit-

sale amount
SC $220DR
SC $220CR



Sorry i am mostly self taught with this, so I don't know the best way of putting this. I hope this makes some kind of sense. It seems to me like this should work, but it doesn't. It puts a debit in the sales reconciliation summary

I don't actually have the details for our MYOB registration, the people who worked here before us didn't have good filing systems, so we lost a lot of important information, like the myob disk and numbers, so I can't log into that site. Hopefully we can buy the new myob soon and I will be able to log on for technical support!!

 

[Richard Schollar]

Hi Leifindia

I am not at all familiar with MYOB, but when you say you imported historical sales/purchase, can you explain what you mean? Because I would have thought if you were starting afresh, you should only have started with an opening balance sheet and no historical p&l. Or were you attempting to effectively break down the sales ledger (balance sheet account) between the invoices raised?

Best regards

Richard

 

[leifindia]

I imported the list of accounts which was the asset and liability and equity accounts and their balances as at 31/12, as well as income expenditure etc. without balances.

The recievable and payables had balances, as the company is 5 years old. So you need to enter the sales and purchases that make up these balances so if/when they are finally paid you can attribute the payment to something. So these get entered (manually) through the 'historical' option. before you can do anything else the historical sales and purchases have to add up to the recieveable and payables balances on your balance sheet.

 

[Andrew Fergus]

Ok. Thinking about the original problem, you have a number of 'historical sales' that shouldn't have been there because they were either double-ups or should have been written off. If this is the case, then instead of reversing the historial sales, you should actually post a new document such as a credit note against that debtor. The credit entries will post into the debtors ledger to get rid of the balance and the debits should be charged to a new account in your P&L like 'pre-conversion write-offs'. This is the correct accounting treatment given the previous profits were over-stated. You shouldn't then have to do any adjusting journal entries given you have created new documents within the debtors ledger.

If you try to reverse the historical sale, what you are effectivley saying is that the opening balance of the debtors ledger account and the opening balance of the retained profits account are both incorrect (plus any sales and income tax effects). However, assuming the prior year accounts were finalised such that your starting point was the Balance Sheet at 31/12, then reversing the items in this year is the correct thing to do.

HTH, Andrew

 

[Richard Schollar]

I am in agreement with Andrew on this - trying to muck about with opening balances will likely just cause lots of pain. I know it's easy to say this with the benefit of hindsight, but establishing a valid debtors balance should have been a priority from the beginning (assuming you don't want to post current year CRNs etc).

Are you happy to go ahead with the posting of the credit notes?

Richard