MYOB Software for Dummies - Australia, 8th Edition

Chapter 3

Setting Up Opening Balances

In This Chapter

Setting up opening balances for customers

Doing the same thing for your suppliers

Sorting out account opening balances

Making sure inventory opening balances are okay

In this chapter, I explain how to record opening balances for customers, suppliers and inventory, as well as how to set up opening balances for all asset, liability and equity accounts. Although some of these activities can be a little daunting if you don't have bookkeeping experience, don't be anxious; I walk you through each stage, step by step.

You only need to read this chapter if your business was already up and running before you started using MYOB. If your business is new and you're using MYOB right from the word ‘go’, you don't have any opening balances to carry forward. You can happily ignore this entire chapter.

Customer Opening Balances

In the first part of this chapter, the aim of the game is to tell MYOB about all the customers who owed you money at the point you started using MYOB — which for most businesses, will be the first day of the current financial ...