Calculated balance incorrect for an account
I have a clearing account that for some reason will not reconcile. The calculated balance is -$2613.63 whereas I need for it to be nil, otherwise it won't balance. I have undone all recs on this ac...
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The account was reconciled numerous times since its creation in 2016. I don't know why it went out of balance though. I ended up undoing all recs back to day one in the hope the problem would clear itself when I then reconciled, but it hasn't.
The account is unreconciled - all transactions are accounted for and debits equal credits - its just the calculated statement balance that is wrong.
If you start the reconciliation from the start
Put the date as at the beginning of the account. Make sure everything is unticked and see if the calculated balance is zero
if it is start reconciliation year by year and see if there is a problem as you go
if there is go back month by month to see where the issue is
its a bit crazy
lisa
I did that when I undid all the recs, I went through month by month, all transactions are accounted for.
This whole thing is crazy, I just don't understand why this is happening.
The only thing that has happened to our Myob file that I am wondering about is that our accountant rolled over our financial year and I think they may have purged records (I did do a backup so I have the old records).
Do you think that maybe something in that process is preventing me from reconciling?
Rolling over a year should not affect your balance sheet items and if your clearing account is set up as an asset than it should be fine
if your accountant has made a journal entry to that account it may make it not reconcile - however if you are reconciling correctly you would see this entry as it won't reconcile with anything or it will leave something else unrexonciled.
by all means check your accountants entries
sorry that I have been unable to help. Perhaps a moderator can assist
Lisa
Lisa, you have been fantastic to offer so much help to me, I really appreciate it.
There are no accountant entries in this account, I was clutching at straws when I made that statement :-)
Thank you so so much for your help, you are a legend!
