RECONCILING BANK REGISTER

Question

Good morning, everyone.&nbsp;When I took over our small business 9 years ago the previous owner advised me NOT TO hit record after applying deposits &amp; withdrawals, so I haven't been.&nbsp; Can somebody explain to me why not, because if I don't "Record" this can potentially mean that if I "Reconcile Account" (under banking command centre) it may not balance then I will need to try and find my mistake. My accountant only noticed this reconciliation problem when she was doing my 25/26 EOFY tax.&nbsp;&nbsp;&nbsp;Also, I don't understand why my "Reconcile" accounts wouldn't balance.&nbsp; I apply deposits/withdrawals a few times a week and the Banking Register ALWAYS balances to my actual bank statement (from bank).&nbsp;I am confused.&nbsp;Have a good week,&nbsp;SharonNAIL EQUIP P/L

princess_r · Answer

Hi NailEquip,
&nbsp;
Good morning! It’s completely understandable that this feels confusing, especially when your Bank Register matches your actual bank statement.
&nbsp;
If your Bank Register matches the statement, that’s a good sign that your cash flow is being recorded correctly. Each real bank transaction should be entered in MYOB once, then reconciled against the matching transaction on your bank statement. The previous owner likely advised you not to select Record to help prevent transactions from being entered twice.
&nbsp;
There are a few things that can cause a reconciliation to be out of balance, such as missing or duplicated transactions, incorrect dates/amounts, or transactions that haven’t been recorded correctly. You may find our guide on resolving an out-of-balance reconciliation helpful when checking this. If you need any further assistance, please reach out to our support team through any of the options available on our Contact page.&nbsp;
&nbsp;
Cheers,
Princess

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RECONCILING BANK REGISTER

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