Forum Discussion

kristycallen's avatar
kristycallen
Member
2 months ago

Bank Reconciliation and account discrepancies

I have reconciled a client’s bank account, and the reconciliation is correct with no outstanding transactions, but when I run a balance sheet report the bank account balance is $11k less than the bank rec report. Why is this happening if there are no transactions unreconciled?

 

A little bit of background on this account: This bank account has historically had a POS system sending journals and transactions into the account. There are a large number of transactions in and out of this account and the client has also hidden transactions that they thought were doubled.

I want to know the following:

  1. Why would the balance be lower than the reconciled amount?
  2. And then how do I correct this without going back and unreconciling.

1 Reply

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    2 months ago

    Hi kristycallen,

     

    Thanks for posting. I can imagine how confusing it is when the bank rec looks spot-on but the balance sheet is telling a totally different story. When the balance sheet doesn't match the bank rec, it usually means there are a few hidden or edited transactions hanging around. Things like old POS imports, journals posted straight to the bank account, or entries that were changed after being reconciled. Those can sneak in and shift the balance without anything to show as unreconciled. Here's a handy article that walks through the common reasons and fixes for an out-of-balance bank account: Fixing out of balance bank reconciliations.

     

    Once you've checked those bits and it's still the same, feel free to reach out to our live chat support through our virtual assistant, MOCA, or submit a case via My Account. The team can double-check the file and confirm if there's anything else causing the mismatch.

     

    Regards,

    Sai

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