Unable to reconcile accounts

Question

New MYOB user.

Have setup same chart of accounts and imported opening balances from our previous system from the day our bank feed was setup.

I can't work out why the bank feed doesn't balance with the calculated balance.

I've reconciled all the transactions from the bank feed match whats shown in the bank.

What is going on?

LRBooks61 · Answer

Hi

Are you manually entering the bank statement balance ( as it appears on your bank statement) into the closing bank statement balance box in the reconcile bank screen?

Do you reconcile as at the opening date?

Are there any entries that were missed prior to bank feeds starting?

Lisa

cfbgo · Answer

Appreciate the reponse Lisa.

I've worked through that process. Will try it again.

LRBooks61 · Answer

Hi

I make the following suggestions

1 Check that the bank reconciles as at the opening date of the balance you entered.

Eg bank feeds started on 3rd Aug 2022

opening balance you entered was $250

Reconcile accounts 2/8/2022 should be $250 Closing bank statement and should equal closing calculated balance

If this all okay change the date to the bank statement balance and check again if it equals the closing balance.

If this does not then check the transactions that appear in that screen

Are they all ticked?

If some transactions are not ticked- verify that they are not duplicates or are they legitimate entries that haven't been matched to a bank feed

Are there any duplicated entries?

Sometimes a transaction can be coded to the incorrect bank account or doubled up.

If this doesn't help, I suggest you manually work through the bank statement  and check off the transactions in the reconcile account screen and see if you can ascertain the error that way

Hope that helps

Lisa