old Unbalanced Reconciliation and ways to fix it.

Question

Hi All,

I recently joined a new company from this month. When I looked at the Account Reconciliation, its last date of reconciliation was 2019 with havoc Out of balance and Calculated Statement Balance. We use MYOB AccountRights and do the manual entry.

Can somebody plase help me sort this out;

1) How to clear those unmatched transactions (Bcoz there are lot of it).

2) How to fix that Out of Balance and Calculated Statement Balance.

And also if you could provide some Journal Entry guidance for that, it would be great help.

Thanks.

Dan.

LRBooks61 · Accepted Answer

Hi

Interesting problem

Are the unmatched entries older than the last reconciled date?

Really you need to reconcile the bank month by month year by year

There are issues around existing transactions if BAS has been lodged etc

If BAS has been reported but you need to add transactions or delete transactions this will lead to amendments to the previous BAS lodgements. This can of course be done in the next BAS .

An issue that you can deal with by running GST reports before and after you made the amendments ( You should have previous BAS reports but ensure you do)

I would make sure that the bank  does balance as at the last date reconciled in 2019.

Then manually reconcile month by month and year by year ( are bank feeds being used? make sure they are all matched or allocated) - go into the reconcile bank screen or reconcile from bank feeds

Enter the date you want to reconcile - the transactions relevant to that date will be shown

If they are ticked you can see if it reconciles to the statement , if they don't it may need to be manually checked to see the error. Something it is evident that there is a double up in transactions. Anyway I am sure you know what to do

Work through it and any transactions that are left once reconciled need to be investigated and dealt with

Hope that helps

Lisa