Bank Reconciliation

Question

We opened a new G/L code for a new bank account in June22 & have recently started doing bank feeds. Last week we ended up with an amount of $5,420 in the Calculated Statement Balance even when everything is 'unticked'. We have unreconciled all the way to the beginning of June (ie before the g/l code was created) and the $5,420 remains in the Calculated Statement Balance.

I have checked that nothing is in the opening balance of the account (in account profile) and have also extended the dates to see if anything was perhaps posted in say year 2202 instead of 2022 and no joy there either.

There is 1 transaction of $5,420 entered as a 'Spend Money', but there doesn't appear to be anything wrong with it. I deleted the transaction anyway and re-entered, but no change.

Any help would be appreciated.

Craig

komal_s · Answer

Hi&nbsp;CraigGP&nbsp;Can you please delete that spend money transaction again, but do not re-enter it, and check if the balance is then correct? If not, please check the reconciliation reports to see if this transaction is sitting as outstanding and also confirm if you're using AccountRight or MYOB Business.&nbsp;

craiggp · Answer

Thanks for your reply. When I deleted the transaction the balance remained incorrect. I am not sure what you mean by the 'balance sitting as outstanding'. When all transactions are unticked, the calculated statement balance shows $5420 whether that transaction is entered or not.

We are using Account Right & have recently gone to the cloud. Something I noticed was that when closing down the file, it said that I hadn't backed up for 48 days, but this is not the case - the file was backed up earlier in the day. When I tried to back up it said that I was over-riding a file of the same name, so the back up did happen. Could this be some sort of synchronisation problem?

komal_s · Answer

Hi&nbsp;CraigGP&nbsp;
&nbsp;
Thanks for confirming. As you're using AccountRight, sometimes this can happen due to a glitch in the reports. So we can confirm that's the issue, can you please do the following:
&nbsp;

Check&nbsp;Last Reconciled date&nbsp;on&nbsp;Reconcile Accounts&nbsp;window.
Go to&nbsp;Reports &gt; Banking &gt; Cheques and Deposits &gt; Reconciliation Report
&nbsp;Select&nbsp;Advanced Filters
&nbsp;Select Individual bank account &gt; OK
&nbsp;Select&nbsp;Change Entered Statement Date&nbsp;to&nbsp;List of Recorded Statement Dates&nbsp;and Run Report
Click on&nbsp;Statement Date&nbsp;to see all statement dates

&nbsp;

&nbsp;
If the latest date on this report does not match the last reconciled date on the reconcile accounts window, that means there is an issue with the report. In order to correct it, take a backup of your file, and
&nbsp;

Go to&nbsp;Banking &gt; Reconcile Accounts
Enter a fake date after the latest statement date: e.g. 01/08/2023. Ignore the message about the transaction being future-dated.
Enter the Calculated Statement Balance into the Closing Statement Balance field, so that the Out of Balance is $0.00
Press the&nbsp;Reconcile&nbsp;button. This should then allow you undo the 'fake' reconciliation and any other future dated transactions and should display everything correctly.&nbsp;

Forum Discussion

Bank Reconciliation - Calculated Statement Balance

Looking for something else?

Related content

Calculated Statement Balance is incorrect

Receivables reconciliation

Reconcilation - Calculated Statement Balance is incorrect

Bank Reconciliation - Calculated closing balance problem

Difference between Closing Statement Balance and Calculated Statement Balance

Calculated balance differs to closing statement balance

Calculated Statement Balance is incorrect from the very beginning