This support note applies to:
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AE Reporter (AU)
TIn MYOB Accountants Enterprise Reporter (AE Reporter) you may experience an out of balance of $1 when generating a Balance Sheet Report.
The $1 out of balance amount is a result of rounding amounts.
To clear the rounding amount on the Balance Sheet, complete one of the following:
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Untick Apply Rounding in AE Reporter and generate unrounded reports
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Export the report to Word or excel and manually modify the report
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Identify the accounts with a rounding difference and perform a journal entry to take the difference to Bank Charges account 295
How to identify the account with a rounding difference to the nearest dollar?
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In AE Reporter print a Detailed Balance Sheet with Apply Rounding ticked then print the Detailed Balance Sheet again with Apply Rounding not ticked.
A rounded report and an unrounded report are printed. -
Compare the rounded and unrounded reports starting with an analysis of the Balance Sheet sections Capital, Total Assets and Total Liabilities, to identify the section where a rounding difference to the nearest dollar occurs.
For example:Balance Sheet section:
Rounded report:
Unrounded report:
Rounding difference:
Capital
193983
193983.08
0
Total Assets
263971
263970.64
0
Total Liabilities
70019
70017.56
1
Out of balance
-1
0
The Balance Sheet section where the rounding difference to the nearest dollar occurs is identified.
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From within the Balance Sheet section where a rounding difference was identified compare the rounded and unrounded reports to identify the sub section where a rounding difference to the nearest dollar occurs. The sub sections may be current or non current, individual beneficiaries or individual partners.
For Example:Sub section:
Rounded report:
Unrounded report:
Rounding difference:
Current Liabilities
17459
17458.14
1
Non Current Liabilities
52559.42
52559.42
0
The sub section where the rounding difference to the nearest dollar occurs is identified.
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From within the sub section where a rounding difference was identified perform comparisons to identify the account where the rounding difference to the nearest dollar occurs.
For example:Sub section:
Rounded report:
Unrounded report:
Rounding difference:
Current Liabilities
17459
17458.14
1
Non Current Liabilities
52559.42
52559.42
0
The account where the rounding difference to the nearest dollar occurs is identified.
How to perform a journal entry to take the rounding difference to the Bank Charges account 295?
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From the main Contacts window, highlight the required client and from the Tools menu, select Client File Maintenance. The Client File Maintenance screen appears.
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At the File Group field, type in ACT, then press Enter. Information relating to the Accounting file appears.
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At the Selection prompt, type B for Backup then press Enter. The system will verify and backup this ledger.
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Press F4 to exit Client File Maintenance The Contacts window appears.
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Highlight the required client and click on the DR/CR icon to open the Accounts ledger. The Accounts ledger opens.
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Click on the Transactions tab and add a transaction to remove the rounding difference. In the above example account 901 Bank Overdraft is debited for $1 and account 295 Bank Charges is credited for $1. The journal to remove the rounding difference is added.