Hep with MYOB Basic Please

cyberdog · Oct 4, 2005

Hi,

I have just setup my software (Business Basics), and I am having a problem.
In the Accounts list under Capital > Owners Capital > Money invested, I have registered the amount I put into the business account to start-up the business.
In the Expense tab under Expenses > Insurance, I want to add the amount that I had to pay out for business insurance for this year. When I try to do this I am told beginning balances from a previous financial year may not be changed for P&L accounts.
Could you please tell me what I am doing wrong.
Thanks :?

YEM · Oct 4, 2005

We have just purchased MYOB accounting so not sure if this will help. When we set up the company file, it asked us for the date in which we wanted to begin entering transactions, you can't enter anything before this date.

Also, if you entered say 2006 as your current financial year, you wont be able to enter anything from an earlier year (if you started last year for exaple)

I think this is the case, if this doesn't help, try the online assistance

Lucy

Alpha · Oct 4, 2005

Do not know the operations of MYOB but the principle is simple enough.

The profit and loss account contains only data for a current year therefore if the date is before thebeginning of the current year as Lucy says it does not belong in the P & L. The whole of the entry should appear in the Balance sheet in an account probably called reserves or Profit and Loss bought forward(B fwd for short).

Note when you complete the year end all of the current postings should be cleared down and posted into this reserve account so that the new year starts with a nil profit and loss account.

Hope it helps rather than confuses

cyberdog · Oct 4, 2005

Hi Lucy,
Thanks for your help. You have sorted it out for me. Thanks again, also thanks to Alan.

YEM said:
I think this is the case, if this doesn't help, try the online assistance

Lucy

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Hep with MYOB Basic Please

cyberdog

YEM

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