There are two possible reasons this could have happened:
1 It is likely that an employee has been paid out using the Holiday pay (HP) code thereby reducing the balance of holiday pay. When the system completes a Holiday Anniversary update the Holiday pay balance should return to zero. However if any amounts have been paid out of Holiday pay the balance will be negative by this amount. To check whether this has occurred run a Period report by Employee/Paycode selecting the Holiday Pay code. The Maintenance Audit report by Employee is also useful as this will show what Holiday Pay balances were changed by the user and by the system update.
2 If the Annual Holiday update has not been run on time, then a problem with the leave can occur. If a pay has been finalised before the Leave update is scheduled to be run, then the balances of both the Annual Leave and the Holiday Pay can be affected.
In both of the above situations, a manual correction is the only solution. Use the Period Reports to check the balance of the Gross Pay and manually calculate the value of the Holiday Pay. Change the figures manually to correct them and type a note of what you have done under Maintain Employee in the ‘notes’ section.
If you need to reconcile holiday pay and leave balances, we suggest once done you print a Holiday Pay accrual report and have each employee sign that their balance as correct.
Question: I would be interested to have customer credit terms defined as I have had difficulty assigning the correct terms.
For example: If I wanted a customer to pay on the 20th of the month, would I choose: – On a Day of the month and enter 20th in Balance Due date, or – In a given number of days and enter 20 in Balance Due Days, or -No of days after EOM and enter 20 in Balance Due Days, or -Day of the month after EOM and
enter 20th in Balance due Date? It would appear that ‘balance due date’ versus ‘balance due days’ are the confusion!
Answer: If your customers are meant to pay you on the 20th of the month after invoice date, which are the most common terms for NZ businesses, then choose either:
1. No of days after EOM (End of Month) and enter 20 in Balance Due Days, or,
2. Day of Month after EOM and enter 20th in Balance Due Date.
To ensure you get the correct ageing on your statements you need to do the following BEFORE you print your statements:
Go to Setup, Preferences then Reports & Forms tab
Alter the number of days in the previous 3 months to reflect the actual number of days (use daily ageing terms)
eg printing statements as at 30 Sept then enter 30 days (30 days has Sept) then 61 days (Aug + Sept) then 92 days (July, Aug, Sept)
Seems a hassle but it works and ages just fine.
Question: The balance of my inventory account happens to be negative. Can you tell me why? Have I done anything wrong? I did error checking every time before closing the MYOB data file.
Answer: Unfortunately, yes you have done something wrong or inherited a problem. The general ledger balance of the inventory account (s) can only go into negative if:
Review the transactions that have gone through the inventory account to see where the offending entries are. You may need the help of your accountant or a certified consultant to help you fix this problem.