I run a small fencing & martial arts studio, and sad to say I am my own accountant. If that hasn't scared anyone off, here's my question:

I've just started MYOB 1st Edge with this fiscal year (Jan 2009). In Setup I entered my opening checking balance, and a small amount of undeposited funds from last year. That's it - I have nothing more to enter (I think).

I've just received a check for a January invoice and recorded payment, and want to deposit it with the other undeposited funds, aka my historical undeposited funds. But it doesn't show up in the banking window.

Have I missed something obvious?

Thanks-

Sean

quote:

Have I missed something obvious?

Did you try to say: Fiscal year ended December 2009, and Jan. '09 is the conversion month.

If you don't want to show undeposited funds as business income, you can record it as loan from you (credit to owner's equity).

Whatever you tried to set up the historical undeposited funds is the cause of the problem.

Need to hear voices from other experts

Yes, Jan 09 is the conversion month. I was using Quickbooks Mac, but it began to eat my customer data. I've lost several e-mail addresses and other data, and it wiped out a lot of my Address Book data.

What I've decided to do is back out the Undeposited Funds from Opening Balances, enter the old invoices as "historical sales," and then receive the payments. It's only a few checks.

I also noted that I need to put the amount of my Opening Checking Balance in as "Retained Earnings" - is this correct?

Sean

Retained Earnings related to business earnings ion the past period, if your business is a corporation, it's more proper to classify it as a loan from shareholder.

If it's a schedule C (you are the sole propietor), the account is called owner's equity. With this form of business entity, there's no need to distinguish betweeen loan from owner (to the business) or owner equity. After all, it's the owner capital.