Forum Discussion

AccountsE's avatar
AccountsE
Experienced Cover User
6 years ago

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
    6 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

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
6 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
    6 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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