Fields in the Account Opening Balances window

Fields
Account Opening Balances window

Acct # and Name columns
These columns display the numbers and names assigned to all accounts in your accounts list.

The equity accounts assigned to track your company's current-year and retained earnings aren't included in this list. These accounts' amounts are determined automatically by MYOB AccountEdge as you enter transactions into the MYOB AccountEdge system.

Opening Balance column
Use this column to enter the balance of each account in your accounts list as of the first day of your conversion month.

If the first day of your conversion month is the first day of your fiscal year, you'll enter only your balance sheet account balances; profit and loss account balances at the beginning of a fiscal year start at zero.

If the first day of your conversion month isn't the first day of your fiscal year, you'll enter both balance sheet and profit and loss balances.

If you'd like to use a calculator, select the plus sign ("+"), the asterisk ("*"), the equal sign ("=") or the space bar on your keyboard to launch the Calculator window.

Amount left to be allocated
This field displays the difference between the total balance of all your asset accounts and the total balances of all your equity and liability accounts.

To ensure your business records are set up properly, the amount that appears in this field should be zero. If this amount isn't zero, however, that's okay; when you click the OK button, the difference will be assigned to your Historical Balancing account, which appears in the Accounts & Banking Linked Accounts window.

OK button
Click this button to accept the entries you've made in this window.