Forum Discussion

MyAccountsHat's avatar
MyAccountsHat
Experienced Cover User
6 years ago

Post Dated Transactions Affecting Reconciliations

Hi All    I've attempted a few times to explain this issue here without much success (either I'm being incredibly thick or I'm being told it shouldn't happen) so I've taken some screen caps which s...
  • GDay53's avatar
    GDay53
    6 years ago

    MyAccountsHat

     

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

     

    When you do the Reconciliation the First thing you have to enter is the ending Balance on the bank statement.

    This get entered at Closing Statement Balance.

    In the first screen shot the closing balance is $108.80 but in the second one where you say it is out of balance the closing balance is only $103.95.

    Why have you not entered the same closing balance of $108.80?

    If you had it would show out of balance zero.

     

GDay53's avatar
GDay53
Ultimate Cover User
6 years ago

MyAccountsHat

 

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

 

When you do the Reconciliation the First thing you have to enter is the ending Balance on the bank statement.

This get entered at Closing Statement Balance.

In the first screen shot the closing balance is $108.80 but in the second one where you say it is out of balance the closing balance is only $103.95.

Why have you not entered the same closing balance of $108.80?

If you had it would show out of balance zero.

 

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

    Hi Graeme 

     

    Apologies for the delay in my response. Yes, I see what you mean now.  TBH I've never done it that way because I generally just enter all the transactions and then make sure the figures balance rather than manually entering the statement figure. 

     

    Logically to me it would make sense that the software just takes a 'snapshot' of the balance at the date you want to reconcile to and then ignores all post dated transactions so you can see right away if you have an issue or if the transactions balance but as that's not the case this was very helpful. 

     

    Thank you. 

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