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a month ago
Hi, i have taken over a small business and the previous bookkeeper did a **bleep**py job of entering in myob. i now have to reconcile the past financial year.
issue being, the owner banks cash after paying her 2 employees with cash and her own takings.
what she has reported as sales for the month and the amount that is actually banked is different.
im currently doing the BAS manually atm, because i cant get the sales and banking transactions to match up.
should i be using a clearing account of some sort??
a month ago
Welcome to the MYOB Community Forum, I hope you find it a wealth of useful information
From a strictly technical perspective one way could do this, and you may want to speak with your accountant over whether it is appropriate for you, which is to use a second “bank” account in addition to the main bank account. This second bank account would act as a clearing type account. For ease of understanding lets call this second bank account “cash on hand”
This “cash on hand” account can be used to record the full amount of the sale, and pay the various wages and takings. Once all the various expenses have been recorded then you could use a Transfer Funds transaction to move the balance of the cash on hand account to the normal bank account.
This will allow the sales to be matched up and the amounts deposited into the bank should also match up on the bank reconciliation.
Do let us know how you get on with this, and good luck getting these books sorted.