MYOB Stability – How to Lock a Accomplished Period
Safety How to lock the concluded period soon after month conclusion and common servicing
When you have concluded your thirty day period end processing, it is really proposed that you lock the accomplished period so that you are not able to accidentally change or modify any prior transactions. This could final result in altering your Management Accounts causing them to go out of balance. Your Manage Accounts are accounts these as Debtors, Creditors, GST, Bank generally accounts relating to your Balance Sheet objects.
At the best of your display where it says File, Edit, List, Command Centre, Set up, Studies, Window and Support, click on on Setup. Scroll down and click on on Preferences. This will carry you to a window comparable to your Stories window with several tabs across the top rated. Locate the a person that states Protection. The second selection down reads: Lock Period: Disallow Entries Prior To: Tick the Lock Period and enter the acceptable day. If for some explanation you will need to change or change a transaction in the prior period you can arrive again to this window and unlock the period but you ought to make positive it will NOT affect your Command Accounts. If you had been to enter a transaction in this lock period, MYOB delivers up a pop up observe indicating you are unable to record a transaction in the lock period.
Good housekeeping and general upkeep at the close of each month is to check out that your Manage Accounts balance to your Balance Sheet. It guarantees that if there are any out of balance quantities they can immediately be positioned and set. Very first off print the Balance Sheet for the month. The Balance Sheet lists all the Assets, Liabilities and Equity of the company. With the Balance Sheet in front of you, go to Reviews – Sales – Receivables Reconciliation Summary customise the date to be the very same day as on the Balance Sheet and display. At the bottom of the report there will be a Receivables Account full. Check that this whole is the identical as the Trade Debtors whole in the Asset segment of your Balance Sheet. Do the same for your Creditor overall. Go to Reviews – Purchases – Payables Reconciliation Summary customize the date and show. Check out that the full is the very same as the Trade Creditors total in the Legal responsibility area of the Balance Sheet. And lastly check that your bank statement balance is the same as your doing the job account (this is usually your cheque account) in the Asset segment of the Balance Sheet.
If all the things balances then you can really confidently know that all the things has been entered effectively. If you have an out of balance sum you will need to track down it and appropriate it. Some frequent out of balance amounts manifest when you have posted a payment to a Sale working with the Banking Window – Receive Dollars instead of getting the payment in the Sales Window – Acquire Payments. The exact same can implement when you make a pay out a Purchase utilizing the Banking Window – Commit Dollars in its place of Pay Expenditures in the Order Window. Be careful of these popular errors and make sure that if you enter a Creditor by means of the Purchases Window that you Fork out the Creditor by the Purchases Window. The identical applies for Sales. If you produce a Debtor Bill in the Sales Window then you have to Receive Payments for that sale in the Sales Window.
