This support note applies to:
Article ID: 30749
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:
- Untick Apply Rounding in AE Reporter and generate unrounded reports
- Export the report to Word or excel and manually modify the report
- 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?
- 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.
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.
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?
- From the main Contacts window, highlight the required client and from the Tools menu, select Client File Maintenance. The Client File Maintenance screen appears.
- At the File Group field, type in ACT, then press Enter. Information relating to the Accounting file appears.
- At the Selection prompt, type B for Backup then press Enter. The system will verify and backup this ledger.
- Press F4 to exit Client File Maintenance The Contacts window appears.
- Highlight the required client and click on the DR/CR icon to open the Accounts ledger. The Accounts ledger opens.
- 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.
