Forum Discussion

Robyn2017's avatar
Robyn2017
Experienced Cover User
6 years ago

MYOB bank reconciliation shows $54.00 less than bank statement withdrawals

I currently cannot reconcile our December 2018 bank statement because I am out of balance by $54.00 - the AccountRight withdrawals balance for December is $54.00 less than what the bank statement wit...
  • LRBooks61's avatar
    LRBooks61
    6 years ago

    Hi Robyn,

     

    Take a deep breath............

     

    I am making the following assumptions

    That there are no outstanding entries in your bank account

     

    As you have undone your reconciliatons to the start of the last financial year,I would start by going into the reconciliation screen as at 30/6/2018 and enter the ending balance as at that date.

     

    At this stage the out of balance should be 0.00. If not it would indicate that the problem is a transaction prior to June 30 2018.

     

    If that reconciles correctly , then proceed reconciling every month .

     

    As all your transactions are there it should be relatively easy.

     

    But what I would advise you to do is to check the cleared balance as you go which will help you identify where the problem is. 

    Sometimed the more you look the less you see.............

     

    eg. Cleared Balance 100

    deposit  250  Balance  sbe 350

    withdrawal  271 balance s/be 79 .

     

    If however the withdrawal was entered incorrectly as 217 the balance in myob will be 133.

     

    If you mark evertthing at once you won't see where the error in the balance actually is .

     

    Failing that..................there is a report inthe accounts section. Audit trail which will show you what transactions have been edited or deleted using session dates and transaction dates . This may be useful too.

     

    So frustrating I know......................rememeber too that you can always lock a period once you have reconciled ( setup, preferences)

     

    Hope this helps

     

    good luck

     

    Lisa

     

     

     

     

Robyn2017's avatar
Robyn2017
Experienced Cover User

Hi Graeme,

 

Thank you for replying to my post - no "dislexic" type errors either so not a case of I've entered transaction/s with the wrong amount as I did check in case it was due to that before I posted on the forum (i'd just forgot to say that in my post) and I've tried multiple times to untick everything and start the reconcilliation again but I still am out of balance on my bank rec by $54.00.

 

I went through cross-checking all the transactions on our bank statement with the bank rec report I printed 4 times and every transaction I have ticked off on the bank statement are all also in MYOB but it still keeps coming up that I'm $54.00 short (out of balance) on the withdrawals made that month even though I have at every time I've tried reconciling December entered in the correct closing statement balance.

Neil_M's avatar
Neil_M
Former Staff
6 years ago

HI Robyn2017

 

Although you mentioned that November has been previously been reconciled, it might be worth comparing the November reconciliation printed off at the time of the reconciliation with the reconciliation report for the same date printed today.

 

In theory these two reports should match, however if they didn’t then it would indicate that a prior transaction has been deleted or changed. When a reconciled transaction is deleted or changed it is removed from the reconciliation and that reconciliation no longer balances. This has the flow on effect of all subsequent bank reconciliations being out as well.

 

Assuming the November reconciliation no longer balanced then the next step would be to go back a couple of months and compare the reports to see whether they balanced. Once you found the last reconciled month that balances the next month should have the missing transaction

  • Robyn2017's avatar
    Robyn2017
    Experienced Cover User
    6 years ago

    Hi Neil,

     

    Sorry has been awhile since you posted your advice for me to try fix my $54.00 out of balance problem.

     

    The November statement closing balance & December statement opening balance on my bank statements equal the same amount - unfortunately I don't print a reconcilliation report as I've balanced each month because I didn't know that transactions could be deleted from a reconciled month if transaction is deleted or changed - I will do this from now on now that I know that problem can occur.

     

    I went right back to undo all reconcilliations for the account I'm having trouble with until & including July 2018 (figured best to go back to the first month of the 2018/19 financial year) and redone the reconcilliations July 2018 through to November 2018 (last bank reconcilliation date).  Then I tried to reconcile again December 2018 (which wasn't previously reconcilled because of the $54.00 out of balance on my withdrawals) and problem is still there.

     

    I still have showing on MYOB the $54.00 less in my withdrawals balance (& therefore our statement closing balance on MYOB is showing $54.00 less than it should according to our December bank statement) )as what is on our December bank balance.

     

    Is there anything else that you know of that I could try or will I need to undo reconcilliations from June 2018 backward as well as issue could be from a transaction deletion/change from 2017/18 financial year?

     

    Thanks.

    Robyn

    • LRBooks61's avatar
      LRBooks61
      Ultimate Cover User
      6 years ago

      Hi Robyn,

       

      Take a deep breath............

       

      I am making the following assumptions

      That there are no outstanding entries in your bank account

       

      As you have undone your reconciliatons to the start of the last financial year,I would start by going into the reconciliation screen as at 30/6/2018 and enter the ending balance as at that date.

       

      At this stage the out of balance should be 0.00. If not it would indicate that the problem is a transaction prior to June 30 2018.

       

      If that reconciles correctly , then proceed reconciling every month .

       

      As all your transactions are there it should be relatively easy.

       

      But what I would advise you to do is to check the cleared balance as you go which will help you identify where the problem is. 

      Sometimed the more you look the less you see.............

       

      eg. Cleared Balance 100

      deposit  250  Balance  sbe 350

      withdrawal  271 balance s/be 79 .

       

      If however the withdrawal was entered incorrectly as 217 the balance in myob will be 133.

       

      If you mark evertthing at once you won't see where the error in the balance actually is .

       

      Failing that..................there is a report inthe accounts section. Audit trail which will show you what transactions have been edited or deleted using session dates and transaction dates . This may be useful too.

       

      So frustrating I know......................rememeber too that you can always lock a period once you have reconciled ( setup, preferences)

       

      Hope this helps

       

      good luck

       

      Lisa

       

       

       

       

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