The Chart of Accounts

Historical Balances

If you wish, you can enter historical balances for your accounts. This enables you to compare this year's accounts to last year's accounts without waiting a year for M.Y.O.B. to collect comparative data. The balances you will enter are the pre-conversion balances for your accounts.

Click on the History button. The following window will be displayed.

For balance sheet accounts (asset, liability and equity accounts), enter the balance at the end of the month for each month.
For profit and loss accounts (cost of sales, income, expense, other income and other expense), enter the net activity for each account for the month.

To move between months, use the Previous button (to go back a month) and the Next button (to go forward a month). You can also use the white arrows in the top right hand corner of the window.

When you enter historical balances for profit and loss accounts, your opening balances are adjusted (the amount of the Historical Balance is subtracted from the opening balance). This occurs because the opening balance in your profit and loss accounts is the total activity for the year so far. For example, if you start using M.Y.O.B. in December and your year end is June, the balance in your sales account (a profit and loss account) will be all the sales from July to December. When you enter a historical balance for July, August, September etc these are subtracted from the opening balance so this shows only the sales made in November.

You cannot enter historical balances for the month before your conversion month, as these are your accounts' opening balances. However, if your conversion month is the first month of your financial year, you can enter the net activity of your profit and loss accounts for the last month of your previous financial year.

 

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