Negetive closing statement balance

Question

Hi,

Kindly assist me with the cause of negative closing statement balance for bank reconciliation. All transactions are ticked off according to the bank statement and the cash book but it's giving me a negative balance for closing statement balance.

Thank you.

Earl_HD · Answer

Hi @myob20261,

That's a tricky one! A negative out-of-balance usually indicates that your bank reconciliation statement’s calculated balance is lower than the actual bank statement balance, often caused by unmatched transactions, deleted entries after reconciliation, incorrect opening balances, or data entry errors. The best move to fix this is to reach out to our back end team for assistance. You can reach our Live Chat team via our virtual assistant, MOCA or by submitting a support case via MyAccount.

Regards,
Earl

myob20261 · Answer

Hi Doreen,

Thank you for your response.

My bad, I mean the OUT OF BALANCE figure is negative after successfully matching off all the transactions on the bank statement. I tried several times undoing and unticking the reconciliation but it still gives me the same negative figure for the OUT OF BALANCE

What would be the possible cause?

Regards,

Jacklyn

Doreen_P · Answer

Hey @myob20261,

The negative closing balance you’re running into often happens when a reconciliation is done using a date earlier than your latest completed one. I've found this Community Forum post with steps on how to fix the negative closing balance. If you run into the same balance after following the steps from the post, you can reach out to our team Live Chat via our virtual assistant, MOCA, or by submitting a support case via My Account. They can also help you with negative closing balance.

Cheers,

Doreen