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STONE's avatar
STONE
Trusted Cover User
5 years ago
Solved

bank rec

Hi ,    It seems  my bank rec does not balance. followed the  help  steps, but  something is not right.  thoses instructions  dont add up, ?   My previous month is all  balanced . Aug does not.  How can i  correct this please.

thank  you, 

Stone

  • Jesh_D's avatar
    Jesh_D
    5 years ago

    Hi STONE 

     

    Thank you for your post. Can I please confirm if the Help Article you are referring to is: Resolving out of balance bank reconciliations? Have you checked:

     

    • If you set up a bank account and carry over an opening balance? If so, have you performed an initial bank reconciliation? 
    • Did you type the correct figure in the Closing Statement Balance field? You need to type the closing balance from your bank statement, not the opening balance.
    • Did you enter the correct date (that of the closing balance from your bank statement) in the Bank Statement Date field? An incorrect date may prevent some transactions from appearing in the list.
    • Did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.

    • Did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.

    If you have followed the above steps and August is still out of balance, please let us know and we will investigate further for you.

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  • Jesh_D's avatar
    Jesh_D
    Former Staff
    5 years ago

    Hi STONE 

     

    Thank you for your post. Can I please confirm if the Help Article you are referring to is: Resolving out of balance bank reconciliations? Have you checked:

     

    • If you set up a bank account and carry over an opening balance? If so, have you performed an initial bank reconciliation? 
    • Did you type the correct figure in the Closing Statement Balance field? You need to type the closing balance from your bank statement, not the opening balance.
    • Did you enter the correct date (that of the closing balance from your bank statement) in the Bank Statement Date field? An incorrect date may prevent some transactions from appearing in the list.
    • Did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.

    • Did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.

    If you have followed the above steps and August is still out of balance, please let us know and we will investigate further for you.

  • STONE's avatar
    STONE
    Trusted Cover User
    5 years ago

    hi  Jesh ,  thanks for your help.  It all balnaces  now.  cheers

     

  • STONE's avatar
    STONE
    Trusted Cover User
    5 years ago

    Hi    Jesh,  thanks for your reply.  Yes , all the other  months balance.  AUG  does  not. I have doen bank rec s before.  can you suggest  anything else  please ?/

    thanks

  • STONE's avatar
    STONE
    Trusted Cover User
    5 years ago

    I recently clossed off a year.  will this have casued  an issue.  ?? 

  • STONE's avatar
    STONE
    Trusted Cover User
    5 years ago

    it seems  something is wrong with  MYOB.     as previous  bank recs  do  not balance.  And  nothing  was  touched, as  i am the only user of our  file  ?  please  help.   thanks

  • STONE's avatar
    STONE
    Trusted Cover User
    5 years ago

    these steps are wrong  ..., it does not say to select  the bank account only.   when i do this, it  just brings up the printed  report screen.    ??  is  this correct  ??

    thanks  stone.

    1. Go to the Reports menu and click Index to Reports.
    2. From the Banking section click Reconciliation Report.
    3. Enter the date of your previously reconciled bank reconciliation.
    4. Work back until you find a month where the out of balance is zero ($0.00). This identifies that the suspect transaction(s) will have occurred in the following month.
    5. Identify which transaction(s) are causing the out of balance by comparing the Reconciliation Report with the corresponding bank statement.
    6. Correct the transaction(s) causing the out of balance.
    7. Re-reconcile the corrected transaction(s).
    8. Repeat with each subsequent reconciliation until no more out of balances are found.

    If no reports balance it is possible you have changed your account opening balance. You might need to restore an early backup to check the account's original opening balance.

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