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AccountsE's avatar
AccountsE
Experienced Cover User
7 years ago
Solved

Bank Reconciliation Issue

Hi Everyone,   Looking for some guidence for AccountRight - One of the Directors has used the Bank Account for deposit and withdrawl of money that wasn't associated to the business. These transacti...
  • GDay53's avatar
    GDay53
    7 years ago

    AccountsE

     

    Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

     

    You need to actually enter the transaction not just hide them.

    As they were for a Director's private use I would be entering them to a Liability account for Director's Loans.

    Use the N-T (not reportable) tax code.

    Once they have been entered you will be able to reconcile.

     

GDay53's avatar
GDay53
Ultimate Cover User
7 years ago

AccountsE

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

You need to actually enter the transaction not just hide them.

As they were for a Director's private use I would be entering them to a Liability account for Director's Loans.

Use the N-T (not reportable) tax code.

Once they have been entered you will be able to reconcile.

 

  • AccountsE's avatar
    AccountsE
    Experienced Cover User
    7 years ago

    Hello,

     

    Thanks for your help I have discussed your solution with the my office collegues however this would mean that the transactions would still show up on our balance sheet - correct?? If so is there a way to avoid this? 

    I apologise I still have a lot to learn about MYOB.....

    • GDay53's avatar
      GDay53
      Ultimate Cover User
      7 years ago

      AccountsE

       

      That is correct all Directors Loans to and from the company MUST appear on the Balance Sheet.

      When a Director uses company funds for private use or gives the company funds, then these transactions are allways treated as loans.

       

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